Advice appreciated

bakerbird

Hi
I have had a pension with Abbey Life for several years now but stopped paying into it a while ago. I know I need to transfer it but therein lays the problem.

The amount isn't huge - between £40000 and £55000. I spoke to a FA who wanted to charge £2400 to advise and to his credit, suggested that he was probably too expensive.

I have a workplace pension which has only just been set up and I am perhaps looking to transfer in there as they offer the flexibility of lifestyle funds and also the ability to pick funds but they are slow getting back to me and aren't quick to answer the phone either. I know what my risk profile is and I have a S&S ISA where I have chosen the deals (with a little help from hubbie). I am 48 if that helps.

What I would like is the ability to join a decent pension provider without having to pay out for a FA at the moment. Does anyone have any recommendations for providers? LV want to charge £1500 for this service but Standard Life don't charge but I don't know what their service is like.

Thanks in advance and any advice appreciated - pensions make me fell like this :eek:

Jo

mania112

The best place to DIY is here: http://www.cavendishonline.co.uk/pensions/

But you might find it's better to seek proper financial advice and reap the long term rewards in exchange for a short term cost (the adviser fee can be paid for out of the transferred funds by the way).

You will probably find an IFA who will work with you for 3% (£1,500 on £50k). Others might have a fixed fee, perhaps call some others you find here: https://www.unbiased.co.uk

xylophone

Consider transfer to SIPP?

Does your S&S provider offer a SIPP?

http://monevator.com/compare-uk-cheapest-online-brokers/

bakerbird

xylophone wrote: »

Consider transfer to SIPP?

Does your S&S provider offer a SIPP?

Yes - they offer a SIPP but I not that confident in choosing my own funds!

I've looked at unbiased - that's where I got the other FA from.

Standard Life you don't need one and LV charge £1500 - does any one have any comments about either provider? My workplace one is with L&G.

Thanks again.

mania112

They're all as good/bad as each other - from the 3 you mention i'd probably stick it with L&G so your old and new pensions are together.

But a lot depends on investments and charges. If you can transfer to L&G or Standard Life for free i'd write off LV instantly, not worth losing £1,500 to go with them.

atush

I'd look to transfer to the work pension, depending on charges. They have lifestyling funds, and you know your risk level?

bakerbird

atush wrote: »

I'd look to transfer to the work pension, depending on charges. They have lifestyling funds, and you know your risk level?

If only they would answer the phone or reply to my secure message!!

bakerbird

Thanks for all your replies. I will give L&G another day to reply and then I'll start looking at other choices in more depth.

greenglide

I know I need to transfer it but therein lays the problem.

Why do you "need" to transfer it?

Can you not change the funds there? Costs too high?

Are you sure you wouldnt give up valuable guarantees if you moved?

dunstonh

I know I need to transfer it but therein lays the problem.

Why do you need to transfer it?

I spoke to a FA who wanted to charge £2400 to advise and to his credit, suggested that he was probably too expensive.

Very good chance that the advice would be not to transfer it as well. I have seen many Abbey Life ones over the years and not found justification on a good number of them and the advice was to leave them where they were. The transfer penalty being the key reason (not enough time to recover the transfer penalty)

LV want to charge £1500 for this service but Standard Life don't charge but I don't know what their service is like.

The charge is for advice. You are just replacing an IFA with a tied sales rep. And that £1500 could easily be more expensive than the IFA charging £2400. That said, i suspect an IFA would be possible on £1500.

bakerbird

dunstonh wrote: »

Why do you need to transfer it?

It is doing really badly. Both the FA I spoke to recently and a FA a few years ago (which I didn't act on, stupidly) said I should transfer.



Very good chance that the advice would be not to transfer it as well. I have seen many Abbey Life ones over the years and not found justification on a good number of them and the advice was to leave them where they were. The transfer penalty being the key reason (not enough time to recover the transfer penalty)
The cost is around £1500 which should be recoverable.


The charge is for advice. You are just replacing an IFA with a tied sales rep. And that £1500 could easily be more expensive than the IFA charging £2400. That said, i suspect an IFA would be possible on £1500.

Yes, I agree. I will look into another IFA who might be a little cheaper.