Only freedom will do

NorthernMonkey1

Thanks to the influence of this thread, and the how much per day calculations, I'm now in the process of sorting my pensions out. I can't work out where I need to go without working out where I am.

So I've started transferring my more expensive pensions into a cheaper pension. My work aviva pension only charges 0.32%, and the two I'm transferring cost 0.8 and 0.9%.

There is a 4th one, which is a little more difficult to transfer, so I'm waiting until these ones are all sorted out before I tackle that one, although at 0.5%, there isn't the same advantage available in getting it sorted out.

Hopefully I'll know in the next few days where I stand. It's my 36th birthday coming up, and it's time to get this sort of stuff lined up.

edinburgher

So I've started transferring my more expensive pensions into a cheaper pension. My work aviva pension only charges 0.32%, and the two I'm transferring cost 0.8 and 0.9%

Well done you, that sounds like a very reasonable charge and your future self says thanks

Did you consider a SIPP? The larger providers of workplace pensions (your L&G and Avivas of this world) usually seem to have a fairly limited choice of funds/low cost funds.

Firegirl

What a great win!!!! Is it going to your mortgage or do you plan a wee treat??:T:T:T:T

edinburgher

Firegirl wrote: »

What a great win!!!! Is it going to your mortgage or do you plan a wee treat??:T:T:T:T

I'm an odd MFWer in that I don't OP my mortgage!

We have a compressed mortgage (started out at 25 years in 2012, currently at just under 16 years now).

I invest using a S&S ISA instead

NorthernMonkey1

edinburgher wrote: »

Well done you, that sounds like a very reasonable charge and your future self says thanks

Did you consider a SIPP? The larger providers of workplace pensions (your L&G and Avivas of this world) usually seem to have a fairly limited choice of funds/low cost funds.

I can choose from about 2000 funds using their website, it's quite good tbh. Some funds attract charges in addition to the 0.32% though.

I keep clicking refresh every 2 hours during the day to see if the balances have transferred, so I can find out how much I have

edinburgher

2000? That's a totally different beast to my workplace pension, excellent.

NorthernMonkey1

I think I'm going to put 80% of my contribution into the default fund, and then 10% into a couple of higher risk funds to see how they go.

I'm contributing 788 per month, so thats £78 per month into each of the higher risk funds

edinburgher

What is the default fund? Do they provide a breakdown of the proportion of equities/bonds etc.? At only 36, it might be a little conservative for you needs.

NorthernMonkey1

It's all invested in this fund

http://www.fundslibrary.co.uk/fundslibrary.dataretrieval/documents.aspx?user=Aviva_lifecust&type=packet_lp_fund_unit_doc_factsheet&Lipper=77003418

edinburgher

What I would point out is that that particular fund has a massive bias to the UK. I try to base my investments on overall global capitalisation and we are a relatively small fish in a big pond. It has roughly double the amount invested in UK companies than I hold in either my pension or ISA. Fine if the UK does well, but perhaps not very representative? Not saying this is right or wrong, but it merits further research.