pension transfer???? What to do??

patty-hig

I currently have a pension with Aviva, I have been approached by another company Sanlam who are recommending that I switch my pension pot to them as it will perform better with them. He has shown me an illustration of what it could achieve compared to my current Aviva which looks favourable but it would do to me I have no idea what i'm looking at!!!!They are also telling me that there is a charge over £1000 to switch and then yearly charges to manage the fund that will be taken from my pension fund. Is this usual and has anyone else had any dealings experience of this company???? I am very confused about what to do please help!!

tanith

Do nothing till you get some advice, someone will be along to help you out..

dunstonh

I have been approached by another company Sanlam who are recommending that I switch my pension pot to them as it will perform better with them.

They can make no such comment. It would be a breach of FSA rules.

He has shown me an illustration of what it could achieve compared to my current Aviva which looks favourable but it would do to me I have no idea what i'm looking at!!

Get a local IFA to look at it. Do not use a sales rep from an insurer. Especially one that hasnt got a great contract.

If you are on a legacy Aviva contract then it is possible (indeed probable) that a modern plan can come in cheaper. That is the measure personal pension transfers are treated. You can then invest on the basis of greater potential but there is no guarantee that alternatives will be the existing plan.

You should get the pension reviewed but it should be an IFA not an insurance company agent. An IFA can recommend the Sanlam contract if they felt it was best from the hundreds available. A sanlam sales rep can only recommend their own.

TH1878

dunstonh wrote: »

They can make no such comment. It would be a breach of FSA rules.

Sanlam have an advisory arm - used to be Buckles in North Wales

Get a local IFA to look at it. Do not use a sales rep from an insurer. Especially one that hasnt got a great contract.

If you are on a legacy Aviva contract then it is possible (indeed probable) that a modern plan can come in cheaper. That is the measure personal pension transfers are treated. You can then invest on the basis of greater potential but there is no guarantee that alternatives will be the existing plan.

You should get the pension reviewed but it should be an IFA not an insurance company agent. An IFA can recommend the Sanlam contract if they felt it was best from the hundreds available. A sanlam sales rep can only recommend their own.

As far as I'm aware, they do have an independent arm but this is a distributor influenced fund (DIF) so it's more profitable for them to place business there.