Considering moving my HSBC stakeholder pension

NEH

I had a stakeholder pension with Marks and Spencer that is now HSBC's stakeholder pension-International Mananged Pension fund....

Anyway their customer service has been appalling over the last couple of years and everything including changing address has been a mammoth effort which i can ill afford....As for getting updates on my pension it's like getting blood out of a stone and often they don't get sent.

Is it possible to transfer a stakeholder pension? If it is do i need to see a financial advisor to do so and what would the costs be?

What is the best performing Pension at the current time?

I don't really know much about pensions and it's a little confusing...Thanks

dunstonh

Is it possible to transfer a stakeholder pension?

yes

If it is do i need to see a financial advisor to do so and what would the costs be?

You dont need to use one. If you do want advice then you should use an IFA and not an FA.

What is the best performing Pension at the current time?

There is no such thing. Pensions do not perform. The investments you put in the pension perform. The best performing investment of the last x years is unlikely to be the best performing in the next x years. Trying to pick funds that way usually ends up with poor quality investing.

I don't really know much about pensions and it's a little confusing...Thanks

Get a local IFA to see you and discuss it. At worst, it will be a little cheaper than what you have. At best it could be a lot cheaper and/or better quality depending on what you are after.

NEH

dunstonh wrote: »

yes



You dont need to use one. If you do want advice then you should use an IFA and not an FA.



There is no such thing. Pensions do not perform. The investments you put in the pension perform. The best performing investment of the last x years is unlikely to be the best performing in the next x years. Trying to pick funds that way usually ends up with poor quality investing.



Get a local IFA to see you and discuss it. At worst, it will be a little cheaper than what you have. At best it could be a lot cheaper and/or better quality depending on what you are after.

Thanks, how much does it cost to see an IFA?

It may be the better way to go i suppose given i need to look at the managment charges as well....

dunstonh

Thanks, how much does it cost to see an IFA?

The cost can vary depending on location and the work involved. However, you can cover the cost within the product just as you are at the moment with the HSBC pension. So, you can get the advice, use the pension to pay the IFA and still end up cheaper than the pension you have.

NEH

dunstonh wrote: »

The cost can vary depending on location and the work involved. However, you can cover the cost within the product just as you are at the moment with the HSBC pension. So, you can get the advice, use the pension to pay the IFA and still end up cheaper than the pension you have.

Thanks will look into it....