Novia SIPP

killerski

The company is called The pension plan from domun. They are based in East sussex.

Aegis

killerski wrote: »

The company is called The pension plan from domun. They are based in East sussex.

If it's this company, then they are not authorised to give financial advice, which would include telling you to transfer a pension and telling you how to invest.

jem16

killerski wrote: »

The company is called The pension plan from domun. They are based in East sussex.

They are not regulated to provide financial advice. They are introducers and being paid £250 for each referral.

Avoid them and find yourself a proper adviser if you feel it's something you need/want.

killerski

Thanks for that. I have two more old pensions. One frozen at Capita transfer value £10,000 and £1700 at Avia. I am 51 years old and at 55 would like to draw 25% from these if that is possible. Would it not be easier if these were all in one pension fund or just leave them has they are.

jem16

killerski wrote: »

Thanks for that. I have two more old pensions. One frozen at Capita transfer value £10,000 and £1700 at Avia.

You talk about a frozen pension but this is very unlikely to be the case. What kind of pension is it? If it's a final salary pension moving it may not be the best choice.

I am 51 years old and at 55 would like to draw 25% from these if that is possible. Would it not be easier if these were all in one pension fund or just leave them has they are.

Taking 25% would not be a problem whether it's one fund or three funds. There may be other reasons why it's better to move the pensions or leave them as they are though.

dunstonh

Another cold calling pension review using unregulated companies to do things that sound pretty dodgy.

jamesd

killerski wrote: »

Actually come to think about it they contacted me. Should I forget about this and leave me my pension with Scottish Widows?

Easy answer, then: never deal with any financial services company that cold calls you. Never. Whatever they say. It's the land of scammers and illegitimate companies that start out by breaking the rules even to make first contact with you.

A UK stock market tracker fund can expect to get around 5% plus inflation after 0.1% costs, or around 8-9% not subtracting inflation. That's completely routine and not in any way special.

You do not need to pay anyone to transfer a pension pot to a tracker fund, all you need to do is pick a destination and fill out their transfer form.

killerski wrote: »

Thanks for that. I have two more old pensions. One frozen at Capita transfer value £10,000 and £1700 at Avia. I am 51 years old and at 55 would like to draw 25% from these if that is possible. Would it not be easier if these were all in one pension fund or just leave them has they are.

A little easier but you can gain from that now if you want, just pick a place and send off a couple of transfer forms. No cost to you required and some places will even pay you a little to transfer to them.

No problem to draw the 25% tax free lump sum at 55 from any modern pension plan. You can just leave the rest in income drawdown and taking no income. No need to buy an annuity with it. However if you're still working it'd probably be best to take the maximum permitted income from that portion and recycle it into more pension contributions. That way you can build up a second tax free lump sum.

jem16

jamesd wrote: »

A little easier but you can gain from that now if you want, just pick a place and send off a couple of transfer forms. No cost to you required and some places will even pay you a little to transfer to them.

If that Capita frozen pension is a Defined Benefit pension, then it will not be quite as simple as it will require an IFA to sign it off.

jamesd

If it's defined benefit it's even easier because no transfer will be necessary or appropriate.

killerski

Recently received this email reply from the pension plan company when I quizzed them over one or two things which the forum brought to light.



Novia’s SIPP will allow you the opportunity of receiving 8% growth per year on your pension, therefore as your fund is £34,155.24 today if you retire at the age of 65 with compound growth of 8% your pension has the potential to increase in value to approximately £ 104,000.00. The annual management fees for the SIPP are very low at just 0.5%. Having your money in a SIPP will allow you much more freedom and flexibility when you decide to draw your pension, you can draw it out as a cash lump sum, smaller lump sums as and when you choose or buy an annuity which will give you a guaranteed income for life. You will also have the benefit of being able to start contributing into the pension again if you wish.





It is very important before transferring any pension to make sure you are fully protected at all times by the Financial Ombudsman therefore all companies you deal with should be fully regulated by the Financial Conduct Authority. Also, you should receive the services of a regulated Independent Financial Advisor who will have the final say as to whether it is in your best interest to transfer, If he feels it is not in your best interest then he will not approve the transfer. Novia Financial will only accept applicants that have been referred and approved by a regulated Independent Financial Advisor. I have attached to this email the client agreement form which outlines the terms and conditions of the firm that will act as your Financial Advisors for you to read.





For the Financial Advisor to act for you he needs the signed client agreement form (attached), a new letter of authority and the signed risk assessment questionnaire you completed over the telephone along with certified copies of 2 forms of ID. One is proof of address which can be a utility bill or bank statement dated in the last 2 months or this year’s council tax bill and the other is for proof of identity which must be a full UK driving licence (plastic and paper part) or valid passport. The post office offer a certifying service for a small charge of £7.15, you will need to take with you the originals and copies and they will stamp the copies and give you a letter (copy attached) to clarify they have seen the originals.





Please rest assured that you are not signing to transfer your pension anywhere, you are only signing to allow the regulated Independent Financial Advisor to be appointed to you.




Not sure what to make of this.