Virgin Personal Pension

nonolerigolo

I have got around 100£ in a virgin personal pension (not my employer). The charge are 1% yearly. Is there cheaper alternatives? Which ones? Is it easy or possible to transfer this pension fund to another provider

dunstonh

Is there cheaper alternatives?

Yes. Virgin is expensive. its actually more expensive than equivalent advised options where you include the cost of advice. That is largely pointless when you DIY as the point is to save money then. Not pay more.

Which ones?

Most of them nowadays.

Is it easy or possible to transfer this pension fund to another provider

yes it is.

nonolerigolo

which ones would you recommend?
Is their one at HSBC or Llyods, as I have my bank their, and I do not REALLY want to have money in a lot of different portal

jem16

nonolerigolo wrote: »

Is their one at HSBC or Llyods, as I have my bank their, and I do not REALLY want to have money in a lot of different portal

Banks are not the place to go for investments as they are generally poor quality and very limited. They also tend to be expensive juts like the Virgin one.

There are many DIY platforms that will offer pensions although many tend to be SIPPS which you probably don't need. A simple PP would probably be your best bet.

Try Cavendish Online - they have stakeholders and PP through a few providers such as Aviva and Friends Life. They also do a SIPP through Fidelity.

http://www.cavendishonline.co.uk/pensions/

jamesd

With just £100 it's not worth doing anything other than leaving it where it is. More work for you than benefit. £100 will also be below the minimum account opening transfer value for most places.

The main exception is if you have an employer pension or other pension that you could easily transfer it to. Then it might be worthwhile just to simplify your life. Or if you plan to add more it'd be worth doing some more work with it.

The Virgin pension has the advantages of accepting even small payments in and not having charges that are excessive for the low value pension pot sizes. Not so good when the sizes get larger.

dunstonh

Is that £100 total value or your monthly contribution?

Are you likely to increase on this? It may be that sticking with Virgin until the amount gets a bit bigger may be the easiest solution. at 1% its not costing much in monetary terms but as the pot gets bigger, the price differences start to bite. That is when you could move it.