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Old Co-op (CIS) serps pension now transferred to Royal london group?

Hi,

Bit of a funny post this,

With all the recent news etc about Co-op bank being in trouble, bailed out etc got me thinking about an old SERPS funded pension I had invested with them. I know pensions should be ring fenced and still safe if the company goes bust but I'm still not 100% sure that is ever safe from some crooked business owner.

So thought I would do a bit of digging via google and now i see my pension is no longer with the CIS but that part of company was sold onto another mutual called 'Royal London Group'.

Now how good these are I don't know as never heard of them so did think about swapping it to one of the same companies as my other pensions, either legal and general or prudential.

Got a transfer value of them which is £34 k but do I move or keep it there to spread risk?

Few things that do bug me are I cannot access/ view pension online to see day to day prices.
Even after asking them what the fees are I'm still uncertain as one part of letter says they only charge you if you actually pay into fund and this pension has been frozen for approx last 10 years. But find it hard to believe they don't charge even if they receive no money from you that year.
Also I wish to get to my pension pot at 55, but they say if I do that then I loose the guaranteed cash bonuses part of pension.

So all in all I'm confused and unsure what to do.

Anyone else also who used to be with the CIS and now been swapped to the Royal London Group?

Comments

  • amandajc
    amandajc Posts: 217 Forumite
    edited 11 December 2013 at 9:59PM
    Hi. I have a CIS S&S ISA and a Platinum Bond that have now been transferred over to Royal London but all the documentation suggests that terms and conditions, fund managers etc have remained exactly as they were. I can see the information about my investments online in the same way that I always could when they were with CIS and have been receiving statements etc through the post as expected. I'm afraid I can't give any more info/reassurance /advice about your pension as my investments are different but personally I have not lost confidence or have any worries about the fact that CIS investments are now being managed by Royal London. Maybe the best thing is to give them a ring? I have phoned them several times recently and found them very helpful.
  • You'll probably get paid out in Co-op stamps lol
  • dunstonh
    dunstonh Posts: 118,545 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I know pensions should be ring fenced and still safe if the company goes bust but I'm still not 100% sure that is ever safe from some crooked business owner.

    Whilst it is very unlikely apart from some old with profits based pensions. There is also FSCS protection for investments.
    Now how good these are I don't know as never heard of them so did think about swapping it to one of the same companies as my other pensions, either legal and general or prudential.

    Royal London are one of the biggest pension providers going. They are the biggest provider of income drawdown for example. Why do you think the dinosaurs of L&G and Pru could be better?
    Few things that do bug me are I cannot access/ view pension online to see day to day prices.

    Is it invested in a way that you need to see daily prices?
    But find it hard to believe they don't charge even if they receive no money from you that year.

    There are some that do this. It is unusual but it does happen. However, chances aer if its a with profits fund, that the charges are internal on the fund rather than on the contract itself. So, they are there but are implicit rather than explicit.
    Also I wish to get to my pension pot at 55, but they say if I do that then I loose the guaranteed cash bonuses part of pension.

    If there are guarantees involved, then you do need to be careful. They can be highly valuable at times.
    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.
  • ^opm^
    ^opm^ Posts: 150 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thank you for answers DunstonH.

    To answer question, I don't need to see daily prices on the pension but every few months I may check, plus I find the ones that are online then allow you to view things like its performance etc in easy to view graph form etc.

    Quick question to you, when this was originally being funded It was I think 1988 and then it was funded by me being opted out of serps until about 2004. At that point my official retirement age was 65, now they are still saying my age for access to this pension is 65, is this right or will it have increased to 68 like the normal old age pension or is this different having originally been my serps pension pot?
  • dunstonh
    dunstonh Posts: 118,545 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    o answer question, I don't need to see daily prices on the pension but every few months I may check, plus I find the ones that are online then allow you to view things like its performance etc in easy to view graph form etc.

    But is it an investment fund that works that way? It probably isnt. Hence why you dont need it. Now, if you want one that works that way then yes, it is useful information to have.
    Quick question to you, when this was originally being funded It was I think 1988 and then it was funded by me being opted out of serps until about 2004. At that point my official retirement age was 65, now they are still saying my age for access to this pension is 65, is this right or will it have increased to 68 like the normal old age pension or is this different having originally been my serps pension pot?

    The state pension age has no impact on the date you wish to retire or the date the individual scheme is currently showing.

    Had you been contracted in, then it would have done as the contracted in benefits match state pension age. Contracted out benefits are free to be taken between 55 and 75.
    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.
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