Group Flexible Retirement Plan

AVAGO_2

I work or a company that setup a group personal pension for all employees, the company pay 5% of my salary and I match it, I along with all the other employees have received a letter informing us that the company has setup a new standard life group flexible retirement plan., we have the option to join, but we have no information about our current plans with standard life, i.e will all our funds move to the new plan, or does the old one stay as it and this is a new plan with charges, £270 to set it up and £270 annual and it reads like we will be charged 0.5% of the fund form management
Does anyone know about this plan, currently I'm in the group personal pension:question:

dunstonh

Standard Life offer bespoke group schemes with different charging structures which means that we cannot really say what yours is like.

Have the company appointed a servicing IFA? if so, these are the sorts of questions that should be raised at the meetings. Or it could be that the company have gone direct to standard life to arrange this, in which case you usually find there is no real advice on offer but you would should be given a list of options either way.

Debt_Free_Chick

AVAGO wrote: »

I work or a company that setup a group personal pension for all employees, the company pay 5% of my salary and I match it, I along with all the other employees have received a letter informing us that the company has setup a new standard life group flexible retirement plan., we have the option to join, but we have no information about our current plans with standard life, i.e will all our funds move to the new plan

Not without your permission. You have a personal pension plan - it belongs to you, so you decide what happens to it. Your employer could not arrange for any automatic transfer.

and this is a new plan with charges, £270 to set it up and £270 annual and it reads like we will be charged 0.5% of the fund form management
Does anyone know about this plan, currently I'm in the group personal pension:question:

Your current plan will have some charges too - but it might be difficult to compare those charges with the new plan. One option is to get an illustration of the projected pension at retirement for each plan and to look at the "reduction in yield". This tells you that the effect of the plan's charges is roughly equivalent to an x% lower return, which makes the comparison slightlier easier - though no foolproof. You would need to have a "like for like" comparison e.g. for each plan, if you paid £x per month.

Do you have details of the charges under your current plan?