Moving Pension Provider

smiffy

Many years ago I contracted out of SERPS with Clerical Medical. I suspect that I could find a current provider whom would be able to offer lower annual fees etc.

Is this possible?

Where should I start to find/compare current providers?

dunstonh

Is this possible?

Yes. Although CM towards the end of the sole business period did run some very cheap pension products that would be hard to compete with on a like for like basis.

smiffy

They are charging me 1% on the £32k that the government have paid in since I contracted out in 1990.

I believe that from this April no more funds will be paid over as the government rules are changing.

There are also exist fees of around £700 - though as it's with profits fund then they would pay £3k more.

Is this still competitive?

dunstonh

There are also exist fees of around £700

You say "also". Are you sure you are reading it correct. i.e. is the £700 from the 1%?

Is this still competitive?

1% is the benchmark (for internal funds).

smiffy

I only spoke to a team member on the phone - the exit fees don't seem to be mentioned in my annual paperwork.

They stated that there are two different fees to transfer the fund to another provider - approx £700. I'm assuming these are deducted from the current balance.

I'm not sure what you mean by "internal" funds.

Thanks