Transferring Virgin Money Pension

thematrix12 · 7 October 2018 at 9:48AM

Hi all,

I'm looking for a good platform to transfer my Virgin Money Pension to. I'm fully aware that Virgin's fees are high (1%); I only signed up to them as it was what a past employer was paying into at the time.

I was looking at Vanguard as I hold stocks and shares with them but they don't seem to offer a pension. I'm after a platform that has a few simple options - I'm only 23 so plan is to go into something mid-risky without having to keep dipping in and swapping funds etc

Thanks :j

Albermarle · 7 October 2018 at 10:48AM

Usually with a pension there is a charge for the platform and then separate charges for the funds that you invest in. However in some cases the charge is just rolled up into one . If the total charge for the Virgin Money pension is 1% that is in fact not that bad , especially if you have only a modest sum invested ( say less than £50K ) .
Also there is probably a facility in your current pension for changing funds to something with a different risk level. Have you checked if that is the case or not ?
It could well be a good idea to move to a new pension provider but then again it can be the current provider is actually not a bad option.