Pension novice - Aegon pension & fund options

marcofoo

Hoping for some assistance...

I have started an Aegon pension through my job. 4%/4% company/employee contributions. Balance is under £500.

My old Aviva pension from my previous job is around £3.5k.

I am about to merge the Aviva balance into my new Aegon pension.

As an absolute novice on pensions I am looking for guidance regarding switching of Aegon funds. Is a financial advisor the only way to obtain advice? Preferably I would like gain a good understanding of pension funds so that I can make my own calculated decisions in the future.

Thanks in advance.

bigadaj

Won't be economic to use an ifa on those contributions.

At low value you need to go for a varied multi asset fund, so combination of shares, bonds and other assets as the difference in performance will be small in pound terms. Once you get up to the low tens of thousands then more attention tion will be needed, do some background reading in here and monevator for example to understand asset allocation, risk and other factors.

You can list your choices on here and may get some feedback on what might be appropriate.

marcofoo

Thank you.

The list of funds are detailed here, should anybody be in a position to recommend a specific fund.

https://www.aegon.co.uk/funds

dunstonh

Is a financial advisor the only way to obtain advice?

yes. No-one else can provide advice as advice carries a liability and requires the person to be regulated when dealing with regulated products.

Preferably I would like gain a good understanding of pension funds so that I can make my own calculated decisions in the future.

Also possible but it will require you to do your own research. The funds list posted above is a start but if you are not experienced and the amounts are low then dont waste your time trying to build a portfolio. Go with the multi-asset fund that matches your risk profile. That is what they are there for.