Old Mutual Collective Retirement Account Advice

wroughtironron

Hi,

Late last year (I'm 63 and in receipt of four occupational pensions totalling £16000) I converted my pension savings account with Old Mutual into a Collective Retirement Account with them, (drawing out my tax-free lump sum to reduce my mortgage (£25k) leaving me with £32350 invested in Blackrock Cash U2 Fund.

I don't need to access the money, as I still work 3 days a week and earn £30k pa from that (and I'm using some of it to further reduce my mortgage - I have no other debts).

Each month I check the balance of my Blackrock investment, and after around 8-9 months, it really hasn't moved at all - with my pension savings account it did fluctuate a noticeable amount.

I've enquired with Old Mutual and am told that the aim of the fund is to maintain the balance with minimal risk, and that I can swap to another fund if I desire.

Can anyone recommend an alternative fund - I'm not averse to choosing something a bit more speculative?

Many thanks

dunstonh

Each month I check the balance of my Blackrock investment, and after around 8-9 months, it really hasn't moved at all - with my pension savings account it did fluctuate a noticeable amount.

its a cash fund. you expect it to virtually stand still. Its the sort of fund you use for holding money for the very short term (i.e. weeks or months whilst you make a decision or pending a withdrawal).

Can anyone recommend an alternative fund - I'm not averse to choosing something a bit more speculative?

There are around 30,000 investment options on the LSE and funds. You have given us nothing to filter down from that. What has your own research led to in respect of alternatives?