Advice charges vs DIY

lollynerd

Hello,
I have a number of pensions with the following companies:
Aegon (Employer DC pension)
Standard Life (Employer DC pension)
Aviva (Employer DC pension)
Prudential (Private with profits pension)
Fidelity SIPP

I also have a good value company DB pension, which I won't be moving.

I want to consolidate the above pensions into one or two Flexible Access Drawdowns. Based on previous performance and charges, I am leaning towards The Pru, Aviva and/or Fidelity.

My question is, which providers are willing to take the transfer and let me manage the investments as a DIY FAD without mandating advice charges? (Those above or other recommendations are welcome).

Are these advice charges legally mandated, or is it a feature option of the provider?

Thanks for your Advice.

Linton

Given that you want to diy a SIPP, (which may or may not be the best answer), it is interesting that you do not mention the main diy SIPP providers eg HL, AJ Bell, BestInvest etc etc. Previous performance (if you mean investment return) should not be a factor since performance is almost entirely dependent on which funds you choose rather than the provider. Any mainstream provider will be be able to offer all or almost all,available mainstream funds and much else beside.



Simply transfering a DC pension into a SIPP is straightforward and should not require an IFA. You just ask your chosen provider to transfer it in.


It may be sensible not to transfer the Pru with profits as although the long term returns are not the highest you can get they are steady in good times and bad. Such a holding could form a useful balance alongside riskier funds in your SIPP.

Albermarle

I understand that with Standard Life you can transfer to A FAD product without any advice .
The charges will probably be a bit higher than some SIPPS ( assuming same funds ) but they are quite significantly discounted if the pot gets bigger ( over £50K I think and then again over £100K/£250K )
I can only speak from personal experience that their customer service is very good and quick and helpful.
I agree with Linton that although With Profits funds are seen as old fashioned , they can be a good defensive fund to be in if there is a big market drop .

dunstonh

I want to consolidate the above pensions into one or two Flexible Access Drawdowns. Based on previous performance and charges, I am leaning towards The Pru, Aviva and/or Fidelity.

One of those I would lean towards but only one of their products. The other two I would not use as they are not good enough.

My question is, which providers are willing to take the transfer and let me manage the investments as a DIY FAD without mandating advice charges? (Those above or other recommendations are welcome).

None of them directly.

Some of them will allow you to bypass an IFA but they will increase their costs. Sometimes by a higher amount than what the IFA would charge. Sometimes by replacing the IFA with an in-house FA but again having advice charges.