Transfer from Virgin pension?

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
3 replies 1.8K views
PossessionPossession Forumite
3.3K Posts
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Many years ago I thought I'd better do something about a pension towards my distant old age. A Virgin stakeholder looked easy. I paid in £300 a month and forgot about it.
A quick scout of this board and it looks like that was a big mistake. So I presume I need to think about transferring it.
It currently has a value of about £95K.
I work part-time and my employer is tiny and doesn't have a pension (yet).
I'd like to educate myself to manage my own investments but I am a beginner (obviously!), so I might switch again in the not too distant future.
I am 45 so still have a way to go until retirement and am happy to invest with medium risk.
Any advice on the key points I should be looking for to make a better decision this time?

Replies

  • greenglidegreenglide Forumite
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    Part of the Furniture Combo Breaker Hung up my suit!
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    A quick scout of this board and it looks like that was a big mistake.

    The biggest mistake would have been to not make any savings.

    £95k at age 45 is a lot better than most people achieve.

    The problem with Virgin tends to be the costs. Have a look to see what the management costs are and compare with plans from other providers.

    You don't need to actually manage the investments if you don't feel you are not experienced at doing this. The one thing you don't want to do is make foolish investments which could impact your pensions savings.
  • dunstonhdunstonh Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    It isn't a big mistake. Until you get to around 15k, it doesn't really matter that much how you invest.

    The biggest issues with Virgin is that you are paying more than in charges than you would on an advised pension. It is daft to pay more for DIY. Plus, the fund choice is dire. It is either very low risk or high risk. Yet, most people are in between.
    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.
  • PossessionPossession Forumite
    3.3K Posts
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    Well it's good to hear I'm not quite as stupid as I thought I was! I shall have a scout around to see what other charges are like.

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