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Any risks of transferring an old Halifax Stakeholder pension to my II SIPP?
silvermum
Posts: 266 Forumite
I have a Stakeholder Pension - set up about 20 years ago and not added to for about 15 years. It has variously changed from Equitable Life to HBOS and is now administered for Halifax by Scottish Widows.
I reviewed it a few years ago and altered the underlying funds a bit. However my sense is it is a bit 'old-fashioned' and inaccessible to manage and I should probably move it.
I can only access information in writing and by phone (not online) and it seems hard to get detailed information about charges etc. However I called them recently and established that all five of my funds held have an underlying Annual Management Charge of 0.9%, which given two of them are trackers seems high.
I vaguely remember that Stakeholder Pensions were set up with the promise that fees would never be more than 1%, so I suspect that is related to that?
Over the last year or so I've established a SIPP with Interactive Investor, so I'm now thinking that I should just transfer the Halifax one over and manage a single pot -and get the AMC down for any tracker funds!
I suspect that the funds will have to be sold and a cash sum transferred, as I can't see the same funds available on the Interactive Investor site.
Is there anything I am missing here? Any risks I should be aware of? Do Stakeholder Pensions have any special status I will lose if I transfer across?
I reviewed it a few years ago and altered the underlying funds a bit. However my sense is it is a bit 'old-fashioned' and inaccessible to manage and I should probably move it.
I can only access information in writing and by phone (not online) and it seems hard to get detailed information about charges etc. However I called them recently and established that all five of my funds held have an underlying Annual Management Charge of 0.9%, which given two of them are trackers seems high.
I vaguely remember that Stakeholder Pensions were set up with the promise that fees would never be more than 1%, so I suspect that is related to that?
Over the last year or so I've established a SIPP with Interactive Investor, so I'm now thinking that I should just transfer the Halifax one over and manage a single pot -and get the AMC down for any tracker funds!
I suspect that the funds will have to be sold and a cash sum transferred, as I can't see the same funds available on the Interactive Investor site.
Is there anything I am missing here? Any risks I should be aware of? Do Stakeholder Pensions have any special status I will lose if I transfer across?
0
Comments
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Do Stakeholder Pensions have any special status I will lose if I transfer across?
Only differences are the price cap guarantee and FSCS protection is different.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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