Transfer pension or restart payments?

bobi22

Well, actually I was here a while ago, but now I have more relevant info I hope that you can help.

1. I have an occupational pension (I pay 3.9% my employer pays 5.1%)
This has life benefits of twice salary PLUS a pension for my dependants purchased with the accumulated fund value at date of death.
My employer pays all fees associated with managing the fund.
The value of units held s of 31/03/06 was £27500 approx.
I have had the pension since 1997.

2. Prior to my occupational pension I had a personal pension with Equity & Law (now Axa)
As of 31/03/06 it had a plan value of £37500.
No contributions have been made since 1997.
I had a recent Transfer value of £36300 (which I thought wasn't too penalising)
In the normal managed fund.
Charges are £2.25/month plus 1% annual charge & a 4% bid/offer spread (whatever that means)

I earn approx £40K/pa

Quite simply, IYHO, is it worth me transferring the Axa pension into my occupational one, or re-starting monthly contributions into the axa on top of keeping the occupational one? (I could probably only afford £50/m at the moment but this could rise significantly in the relatively near future ((ie within 5 years time))

One last thing.
I have looked on the citywire fund performance site to check if my occupational pension fund is/has been performing ok but cannot find it?
Its with BGI & is the "Lifepath 2023 fund"
Any help here would be nice.

regards,

bobi22

opinions would be nice, not advice.

ta,

clairehi

I too have looked on the Citywire site and havent been able to find details of BGI (Aquila) funds. Also some of the funds listed on Citywire have similar, but not identical, names to those in DHs stakeholder scheme booklet. I have a horrible feeling that there are 100s of funds with v similar names and could be looking at totally the wrong ones so would be interested if anyone can shine any light on this.

bobi22

clairhi,
After a bit of digging I managed to get hold of the Aquila fund website.

http://www.barclaysglobal.com/products/europe/dcmembers/dc_index_funds.jhtml

Hope that helps,

regards,
bobi22

EdInvestor

My employer pays all fees associated with managing the fund.

Charges are £2.25/month plus 1% annual charge & a 4% bid/offer spread (whatever that means)

:mad:

Ouch!

Quite simply, IYHO, is it worth me transferring the Axa pension into my occupational one?

Absolutely.Do it ASAP.Awful charges.

The BGI Aquila funds are low cost index trackers ( which is probably one reason your employer is paying the charges.)

You may like to spread the money round a selection of the trackers rather than just one.

Are you doing any other saving/investing?

bobi22

It was just as I expected; just needed a 2nd opinion ta.

Are you doing any other saving/investing?

I have a wife,
two teenage daughters,
a dog (bit*h)
a cat (female)
a cockatiel (hen)
a rabbit (dunno)
lots of fish (dont care)
and Tallulah the tortoise! (guess)

I overpay on my mortgage & have no other big debts, apart from that I don't have a chance to save anything apart from receipts!! :eek:

regards,