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Moving pension funds with the same provider
fuyu_2
Posts: 2 Newbie
Hello Folks
I'm new to the pension section of the MSE website (I'm more of a shopper than a saver ;-)
I have some modest GPP pension savings with Friends Life and am about 25 years from retirement. Currently my savings are invested in medium risk funds, 75% UK or EU based.
As I am a fair way from retirement I'd like to move some of these into higher risk funds based in emerging markets.
Can any one give tips on the best way to do this?
I understand how to do the paperwork, but I'm wondering if timing makes a big difference? Since I'd be moving from funds holding EU/UK assets to funds holding far east etc assets, do the fund values fluctuate according to exchange rates? If so presumably I'd be better off transferring when the pound/euro are relatively strong.
Thanks in advance for any answers!
I'm new to the pension section of the MSE website (I'm more of a shopper than a saver ;-)
I have some modest GPP pension savings with Friends Life and am about 25 years from retirement. Currently my savings are invested in medium risk funds, 75% UK or EU based.
As I am a fair way from retirement I'd like to move some of these into higher risk funds based in emerging markets.
Can any one give tips on the best way to do this?
I understand how to do the paperwork, but I'm wondering if timing makes a big difference? Since I'd be moving from funds holding EU/UK assets to funds holding far east etc assets, do the fund values fluctuate according to exchange rates? If so presumably I'd be better off transferring when the pound/euro are relatively strong.
Thanks in advance for any answers!
0
Comments
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If you are going to stay with Friends Life then first off, you need to know what funds are available for you to move into - request this information from Friends Life. You also need to know if there is any charge for a fund switch - again Friends should provide this information.
What you would be doing is buying units in a fund that invests in the emerging markets, so the exchange rate wouldn't make any real difference with the amount of money and term so I wouldn't get too concerned about that. I would be more inclined to look at the make up of the new fund that you are looking to invest in. Look at https://www.trustnet.com and look at the funds that are available. You can see how they have performed over the past 1,3 or 5 years (however past performance in no guarantee to the future) and this will also give you a good breakdown of the fund.
Are you still a member of the GPP or have you left the scheme? If you are still a member there should be an advisor connected to the scheme who could possibly give you this information.Used to be an advisor but no longer!
Still qualified and active in the FS industry!!!0 -
As said, if you're still working for the company, you wouldn't want to transfer the pension, you'll be giving up free money (assuming they contribute to it for you).
Give Friends Life a call and they'll let you know what sort of high-risk funds are available to you.0
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