How to: Transfer three pensions into a fourth

Alexland

kidmugsy wrote: »

My similar experience with HL was also good. My only reservation is that with more than £70k the OP might be able to find some other satisfactory provider that is a bit cheaper. The balance between service standards and costs is his to make.

£70k is a nowhere-land value for a SIPP - so much that percentage based platforms look expensive and not enough for a fixed fee platform to look attractive. If there were going to be further contributions or we expected rapid market growth then it would probably be worth the OP going with Interactive Investor (as Halifax / iWeb charge for each transfer-in) but otherwise Cavendish would be fine for a few years. Or HL if the OP values the enhanced telephone support.

Alex

dunstonh

That does crop up in the papers quite often. What happens to the legacy customers? Sold on to Phoenix or the like?

You can imagine Phoenix or ReAssure being interested. Pru is currently in the process of selling its annuity book. It undertook a restructure last year which made it easier to segment its business to allow bits to be sold off in different directions.

What would happen to someone who has a Pru with-profits annuity?

I would be concerned. Pru has done an excellent job on its WP returns. If the new owner retained the people and the funding, it would probably be ok. If they try to cost cut and consolidate staff, then you would have to be concerned.

pip895

I would add my voice to the suggestion to move everything to a SIPP and like others have had a good experience with HL in consolidating a bunch of DC plans into a SIPP.

If the OP is willing to take on a potential bit more hassle/doesn't trade funds often and is willing to accept an often reduced range of investments then he has the choice to save himself a couple of hundred a year going for a fixed percentage operator such as iWeb.

simond83

Great info. Thanks all. I think i'll leave the Pru pension as it is, and look to move the other 3 into a SIPP whilst boosting my new pension with my current employer.

Many thanks, Simon

simond83

Turns out i had 4 old small pensions. Filled out the HL form, opened a SIPP, they took care of the move from old provider to HL and now after a couple of months invested, i'm up 11%!

Thanks for all the advice