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Merge Pensions
g0009348
Posts: 113 Forumite
Hi All,
I have got an existing Group stake holder pension with about £4000 in from my previous employment. I have recently moved jobs and have joined the company scheme provided by scottish life. I would like to just have one pension for ease of management etc, however dont know if I would be losing out by moving it. What are the key things to look for when deciding if its worth the HSBC one to the scottish life one. The only things I can think of are:
How much it will cost to move
Management fee
Any others?
I'm under 30 so not anywhere close to retirement age if that makes a difference.
I have got an existing Group stake holder pension with about £4000 in from my previous employment. I have recently moved jobs and have joined the company scheme provided by scottish life. I would like to just have one pension for ease of management etc, however dont know if I would be losing out by moving it. What are the key things to look for when deciding if its worth the HSBC one to the scottish life one. The only things I can think of are:
How much it will cost to move
Management fee
Any others?
I'm under 30 so not anywhere close to retirement age if that makes a difference.
0
Comments
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Its a stakeholder so it wont cost anything to move it away from HSBC. Its just costs moving it into Scot Life.
Scot Life have a large range of funds. These include stakeholder funds (internal funds) as well as personal pension funds (external). So, in theory, it should cost not more. However, it does depend on the terms set up with the scheme. Scot Life offer group personal pensions and run occupational pensions. So, you will need to check with the scheme IFA/administrator with regards to cost.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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