Advice appreciated

bakerbird

greenglide wrote: »

Why do you "need" to transfer it?

Can you not change the funds there? Costs too high? To be honest I haven't asked. However I don't think that AL has a very good reputation?? They didn't offer that as an option when I spoke to them about transferring the pension.

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

I don't believe so.

dunstonh

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.

Abbey life are a unit linked fund provider. They have many funds available on their pensions. Why do you think it is doing badly? it is doing badly against similar alternatives? Is it badly invested in terms of asset allocation? (i.e. an incorrect asset allocation)?

The cost is around £1500 which should be recoverable.

So, you will have £1500 to exit and another £1500 for advice. And the fund charges may not be that bad already with Abbey Life.

I am not saying it will be right to keep or transfer but you jumping to transfer out because you believe a fund amongst many is not good is probably not the right thing either.

atush

I too want to know what your AL pension is invested in. Our pensions have been doing well.

bakerbird

atush wrote: »

I too want to know what your AL pension is invested in. Our pensions have been doing well.

It's Abbey Pensions International Series 3

dunstonh

bakerbird wrote: »

It's Abbey Pensions International Series 3

Right on the sector average consistently. So, its neither good or bad. its exactly in the middle.

Why do you think its bad? (its grown 45% in last 3 years)

it will certainly be volatile given its asset makeup but that is not necessarily a bad thing if you are a long way from retirement.

bakerbird

dunstonh wrote: »

Right on the sector average consistently. So, its neither good or bad. its exactly in the middle.

Why do you think its bad? (its grown 45% in last 3 years)

it will certainly be volatile given its asset makeup but that is not necessarily a bad thing if you are a long way from retirement.

Thanks for the information and for all the replies. I've decided to see an IFA next week, one I used to see a few years ago. He charges for the 1st appt and then 3% of the fund value if the pension is managed by him or transferred etc.

FatherAbraham

bakerbird wrote: »

Thanks for the information and for all the replies. I've decided to see an IFA next week, one I used to see a few years ago. He charges for the 1st appt and then 3% of the fund value if the pension is managed by him or transferred etc.

Hold back from seeing the IFA. Spend some time finding out about pensions yourself. Your existing pension sounds okay for now.

Unless you're absolutely determined to throw money away.

Warmest regards,
FA