Help with my pension choice

frankraz

I have two small pension pots one with 5k in Standard life and one 24k with fidelity. I want to combine these pensions into just one of them neither charge for transfer in or out. I just want to know which one is better but do not know what yo look for to make a decision. Any help is appreciate it or any opinion on which two company are better
Thanks

DrHyde

It's a good idea to consolidate!
What do you want to achieve though? Do you want to start contributing into one of the pensions? If so, how much per month or per year? And which funds would you want to invest in?
In my view, the best thing to do is put money into a target retirement fund of vanguard. Check how much standard Life or fidelity charge for this -if at all they offer them in the first place (there's a platform charge and a fund charge - compare the 2).
You can also consolidate to a platform you're not currently with. Eg, AJ bell offer the target retirement fund of vanguard. You could open an account with them and invest through them. Their charges are reasonable and I think they'd also cover your transfer out costs if there were any

xylophone

Do you have an existing workplace pension?

Alexland

DrHyde wrote: »

the best thing to do is put money into a target retirement fund of vanguard.

VTR funds are for people who are likely to do a lump sum withdrawal such as to buy an annuity. For those likely to go into drawdown they reduce risk too fast leaving the investor at risk of not getting enough growth to support an inflation linked income. They should really be renamed Vanguard Target Withdrawal funds to avoid confusion.

For the OPs question it's not about if SL or Fidelity are better. Consider the charges and investment options carefully. Personally I would have a bias to moving anything small like these into your current workplace scheme to tidy up.

Alex

dunstonh

I just want to know which one is better

probably neither. Standard Life are selling their old life and pensions book to only focus on Elevate platform and Wrap platform.

Fidelity workplace schemes are basic but can be good value but I tend to find modern alternatives are better. If its Fidelity platform then its software is marmite. You either love it or hate it.

It's a good idea to consolidate!

Are you sure we have enough info to make that call?
Are there any safeguarded benefits for example?

In my view, the best thing to do is put money into a target retirement fund of vanguard.

What if either of the existing funds has cheaper and better alternatives?
The TR funds are also niche and more expensive. Not a particulary desirable option for most.

frankraz

Dear All

Thanks for ll the responses. I just want to see what to look for. I am not contributing to wither of the two schemes as I have left those employers. My current employee pension does not allow transfer in and I wanted to see what is my best option , to consolidate them into one or leave them as it is. Standard Life have told me as the value of my pension is under 10k I can take the money out at age of 55 (I am currently 54). Fidelity said I cant not take my pension out until 60.

I do not want to effect my lump sum allowance by taking the 5k out but not sure what I have to look for in order to transfer from One to another. They both do not charge for transfer in or out.

Thanks again