HSBC 1% charge

daithestag

Hi this might be a silly question but go easy on me guys - I am self employed and currently have 2 pensions - 1 with friends life and 1 with HSBC - now I'm not entirely sure what % I'm paying friends life but I know I am paying 1% on my HSBC. Now my question is this - can I use another company to manage my HSBC pension which would charge me a lower fee or is it just a case of transferring my HSBC to another provider and is that easy to do ? I am currently putting in £150 into my HSBC and I'm 52 years of age
Any help would be much appreciated

dunstonh

can I use another company to manage my HSBC pension which would charge me a lower fee or is it just a case of transferring my HSBC to another provider and is that easy to do ?

HSBC dont pay commission to other companies. So, you would have to go fee based. However, 1% for the pension and fund is above the market norm nowadays. So, there is scope for the charge to be reduced on a new pension and cover ongoing remuneration to the firm you wish to manage it.

I am currently putting in £150 into my HSBC and I'm 52 years of age

That is a low figure for someone that is self employed and low for a 52 year old. Obviously, budgeting is a consideration but just pointing out that you would expect more.

You may find there are not many firms willing to offer ongoing management if the values are low. However, advice on a transactional basis (one off) may be the solution here.