Old Pension

Nickynoo1

Hi,
I took out a private pension in 1990 with Cannon and Lincoln and contracted out of serps.

It has since changed companies to Lincoln and and then Sun Life of Canada. (i assume they bought each other out because I havent transferred them)

The latest statement I have shows :

Personal Pension £1400.21 invested in Bal Man 3 Pen and European Pens

Personal Pension £9943.74 invested in North American Pen (this policy started in 2000)

Appropriate Pension (serps) £12932.30 in Bal Man 3 Pen and European Pens.

I'm trying to figure out
1) the charges of maintaining this policy
2) if I should look at changing the funds (i never haver since policy started)
3)If I should transfer to a new provider- perhaps to Pru AVC as I have a LGPS

Where do i start? any tips or pointers of what to look for?

Thanks
Nicky

dunstonh

1) the charges of maintaining this policy

ask them

2) if I should look at changing the funds (i never haver since policy started)

If it doesnt fit with your investment strategy then yes. If it does then no.

3)If I should transfer to a new provider- perhaps to Pru AVC as I have a LGPS

What would you be looking to achieve by that?
Are the alternatives better and for what reason?

Nickynoo1

Ive been looking around their website and can't see anything so guess I'll have to ring them.


This is a policy that has had no attention paid to it, I never realised I had a potential £25 k and am wondering if i should be looking to invest more wisely. I have sat down and gone through every statement I have and apart fro 2008 and 2011 the value has increased. I don't know if it fits with my strategy as I'm unsure of what the figures are telling me. It may then be better to leave it where it is and start a separate AVC? Ive not paid anything in since 2005 so any increase over the last 10 years is pure growth?

So much to take in with pensions its hard to know where to start.

dunstonh

Ive been looking around their website and can't see anything so guess I'll have to ring them.

You wont find your product on the website. Charges on old plans are personal to you. You need to ask them.

This is a policy that has had no attention paid to it, I never realised I had a potential £25 k and am wondering if i should be looking to invest more wisely.

Ok. Good question to ask. However, how, where and why?

It may then be better to leave it where it is and start a separate AVC?

Possibly. I have seen plans of theirs worth keeping and others not. That is why I am being particularly vague as it is really hard to say without doing a proper analysis.

Nickynoo1

Thanks for replying! How can I do diy analysis? what should I be looking for?

If I transferred the value it would potentially be into a Prudential AVC. (part of the LGPS for Hampshire county). Will be investing for another 15 to 20 years.

I've been looking at the funds Pru offer on my scheme and I'm probably looking at medium to high risk at the moment - Drawn to Baillie Gifford overseas equity fund or Black rock global equity, mixed with Pru Index linked fund.

I don't want to screw up the £25 k accumulated tho by not knowing what I'm doing.
Thanks

greenglide

If I transferred the value it would potentially be into a Prudential AVC. (part of the LGPS for Hampshire county). Will be investing for another 15 to 20 years.

I have never heard of anyone being able to transfer into an AVC fund? Normally you cannot do this.

They are normally linked to the plan retirement age of the main pension therefore making it harder if you want to use it to fund reirement before the scheme age?

xylophone

You have a secure defined benefits pension (LGPS) so the DC pension is to enable you to retire from Local Government before scheme pension age if you so wish?

Are there any penalties for transferring out of the DC pension?

Are there any guaranteed benefits with the DC pension?