Personal Pension confusion!

AnnKB

Hello
I have a Standard Life (SL) PP which was opened about 14 years ago. I just left a job which I was in for 8 months and wanted to transfer the small amount I paid in to that pension to the SL personal pension which I thought would be straightforward!

My SL pension hasn't been reviewed for a long time due to lack of sensible advice. The AMC is currently 0.84%.(is this high?) SL are trying to get me to transfer to their new active money plan but the charges seem complex and I'm not sure if its the best thing to do.

I have had 2 BAD IFAs in the past so am unsure about contacting any more. Obviously SL will only give out what is in their best interests. Anyone have any advice on the best way to proceed?
I am tempted by pension brokers but presumably you have to understand all about them which I def. don't.
any advice gratefully received.thanks

Ginger_Red

AnnKB wrote: »

Hello
I have a Standard Life (SL) PP which was opened about 14 years ago. I just left a job which I was in for 8 months and wanted to transfer the small amount I paid in to that pension to the SL personal pension which I thought would be straightforward!

My SL pension hasn't been reviewed for a long time due to lack of sensible advice. The AMC is currently 0.84%.(is this high?) SL are trying to get me to transfer to their new active money plan but the charges seem complex and I'm not sure if its the best thing to do.

I have had 2 BAD IFAs in the past so am unsure about contacting any more. Obviously SL will only give out what is in their best interests. Anyone have any advice on the best way to proceed?
I am tempted by pension brokers but presumably you have to understand all about them which I def. don't.
any advice gratefully received.thanks

Could you try to find a decent IFA by personal recommendation ?

Any of your friends or family got a good one they can put you in touch with ?

dunstonh

The AMC is currently 0.84%.(is this high?)

its below the 1% amc benchmark.

SL are trying to get me to transfer to their new active money plan but the charges seem complex and I'm not sure if its the best thing to do.

SL operate a tied sales force if you go direct to them.

I have had 2 BAD IFAs in the past so am unsure about contacting any more.

Out of around 30,000 IFAs out there who are currently running with less than 2% of complaints at the FOS despite handing the majority of regulated pension transactions. I wouldnt bother with the lottery with your bad luck.

I am tempted by pension brokers

Or to give them their proper title...IFAs.

To be honest, transferring it to the SL AMPPP is likely to be cheaper than incrementing the old plan (an option that may not be possible). Although whether the AMPPP is better than the other options out there is impossible to say. Its not good for managed funds. Its ok for trackers Buying it through SL is likely to be more expensive than buying through an IFA.

AnnKB

Funnily enough I don't buy lottery tickets!
You would laugh at all the companies I've worked for that have gone bust, merged, been abolished, or closed offices. I am a jinx. Hopefully this will wear off sometime soon....:)

Am asking around for IFA recommendations. Got to be better than a SL sales pitch.

thanks

cashbackproblems

dunstonh wrote: »

its below the 1% amc benchmark.



SL operate a tied sales force if you go direct to them.


Out of around 30,000 IFAs out there who are currently running with less than 2% of complaints at the FOS despite handing the majority of regulated pension transactions. I wouldnt bother with the lottery with your bad luck.


Or to give them their proper title...IFAs.

To be honest, transferring it to the SL AMPPP is likely to be cheaper than incrementing the old plan (an option that may not be possible). Although whether the AMPPP is better than the other options out there is impossible to say. Its not good for managed funds. Its ok for trackers Buying it through SL is likely to be more expensive than buying through an IFA.

Im also looking to start a SL PP, why would it be more expensive to buy it direct than through an IFA?

dunstonh

Im also looking to start a SL PP, why would it be more expensive to buy it direct than through an IFA?

Standard Life sales force sells on full commission. An IFA can do it less than that.

The SL PPP isnt necessarily the cheapest option. It tends to do better on smaller values but loses out to the other providers with fund based discounts to a greater level. Its not bad on insurance company trackers but the managed funds are typically more expensive.