Deferred DC Pension Standard Life

coyrls

kbfanclub wrote: »

That was what my first question was. I wanted opinions on whether to 1)leave as is then transfer after 5 years, 2)stop the Annuity Purchase bit and use say the Multi Asset bit then transfer after 5 years or 3) transfer the whole fund now but that would lose the guarantee bit.

The annuity purchase bit is not actually purchasing an annuity, it will be a fund (probably long term gilts), designed to mirror annuity costs. After 5 years, no annuity would have been purchased and you will be given the option of buying an annuity or transferring. You could contact them to see if you can come out of the lifestyle option and specify your own fund mix without losing guarantees or incurring costs.

OldMusicGuy

dunstonh wrote: »

Or ask SL for the transfer value or ask your IFA (if you had one) what it is.

I did, and it was the same as the online valuation. When I said I wanted to transfer the pot to my SIPP they started giving me a load of waffle about how they couldn't guarantee I would get all of the final bonus if I actually went through with the transfer. Maybe I was naive, and it was before I was on here, but the SL helpline said the only way I could get a confirmed transfer value including the final bonus was to actually action the transfer but ask to have the value of the transfer confirmed prior to transferring the money.

Maybe it was the ignorance of the people on the SL helpline and I also suspect they were trying to put me off making the transfer. I did not find them impressive, and their online platform and fund choice was also less than impressive. Hence the desire for the transfer. Which I have done with the full value of the final bonus.

dunstonh

When I said I wanted to transfer the pot to my SIPP they started giving me a load of waffle about how they couldn't guarantee I would get all of the final bonus if I actually went through with the transfer.

That is a technical risk warning as theoretically, the final bonus can be reduced or even removed. It is subject to daily movements just as unit linked prices are.

Maybe I was naive, and it was before I was on here, but the SL helpline said the only way I could get a confirmed transfer value including the final bonus was to actually action the transfer but ask to have the value of the transfer confirmed prior to transferring the money.

Again, that is technically correct but seeing as you know investments are subject to daily movements, this was a bit overkill. The only way the final bonus would be reduced or removed is if the investment values fall.

Maybe it was the ignorance of the people on the SL helpline and I also suspect they were trying to put me off making the transfer.

I'm not a fan of insurance company call centres. You get a few decent workers spread around but so many nowadays do not know what they are talking about unless it tells them on the screen. Even then, they may know they have to give a risk warning but don't necessarily understand what the risk warning relates to.

I did not find them impressive, and their online platform and fund choice was also less than impressive. Hence the desire for the transfer. Which I have done with the full value of the final bonus.

I am no fan of SL and had issues with their staff a number of times over the years. However, their platform is very good and is full whole of market with anything quoted on the LSE available (about 30,000 investment options. It's cheaper than HL too. So, I cant agree that their choice is less than impressive. That said, from the sound of it though, you were not on their platform but an old fashioned legacy pension. No old fashioned product, irrespective of provider, is going to have to have a decent web interface. Indeed, some of the early platforms are starting to look at bit long in the tooth and facing very large bills to update. Everything gets old at some point!

OldMusicGuy

dunstonh wrote: »

That said, from the sound of it though, you were not on their platform but an old fashioned legacy pension. No old fashioned product, irrespective of provider, is going to have to have a decent web interface. Indeed, some of the early platforms are starting to look at bit long in the tooth and facing very large bills to update. Everything gets old at some point!

My bad as the young folks say. It was all legacy pension stuff, They had recently improved the usability of the platform but it was still clunky and frequently down.