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Lisabeth
Posts: 1 Newbie
Can I move a cash pension fund to a fixed interest account when the pension provider does not have one? Where can I move it?
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If your provider doesn't offer such an account, then no. You could move pension to a provider which does operate fixed rate cash accounts if you like, but at the moment the rates are generally woeful.Can I move a cash pension fund to a fixed interest account when the pension provider does not have one? Where can I move it?I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
A fixed interest account you use for your savings and a fixed interest fund offered by a fund manager or pension provider are two different things.Can I move a cash pension fund to a fixed interest account when the pension provider does not have one? Where can I move it?
A fixed interest account is a savings account which pays a fixed rate of interest and is capital safe. You can't lose money.
A fixed interest fund typically invests in fixed interest securities, such as gilts and corporate bonds. The market for such assets changes and therefore your capital isn't safe. The fund does get a fixed rate of return on such investments, the coupon, as it is known.
Ensure you get professional advice if you are looking to change providers.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
What does the title have to do with the content of this thread?!0
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A pension is just a tax wrapper that can hold certain types of investments. Some providers (typically very old pensions) may only offer one investment option. Some may offer 10 investment options. Some may offer nearly 30,000 investment options.
There are providers that offer deposit backed options. However, you will still be paying product charges and with interest rates so low, it may not be cost effective to hold deposits. It really depends on your timescale involved and why you want to move to cash.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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