Transferring Scottish widows pension.

Pikeman1

Probally a stupid question but can I open another sipp with another proveder.

Pension_Geek

Pikeman1 wrote: »

Probally a stupid question but can I open another sipp with another proveder.

You could have several if you wanted to. My employer has a scheme and I put money into a SIPP separately.

ex-pat_scot

I think you are approaching this from the wrong direction.
The questions you ought to be considering, in order, are:

1. what's your attitude to risk, time horizon etc.
2. what investment (not platform) is best suited to your ATR?
3. which investment fund is the lowest total cost for your required investment?
4. which platforms offer this investment fund(s)?
5. which are the lowest cost platforms?
6. of the lowest cost platforms, are the service levels/ experience/ snazzy websites sufficient for your needs?

I am in a similar position to you, in that my current employer GPPP is with SW, and i maintain a SIPP for legacy employment pension pots.
I would like to select a global vanguard ETF (VWRL) for my current contributions into SW's GPPP, but Vanguard is not amongst the fund options.
I therefore have selected a proxy set of funds that mimic VWRL profile from those available on SW.

I will investigate partial transfer out (as Bowlhead99 has indicated), once I can confirm that the ongoing SW fees are indeed more expensive than my SIPP.

Service is a distant consideration really. Whenever I have had to contact SIPP or SW, both have responded adequately, and accurately. Transfers have been acceptable. Websites are both extremely clunky (think late '90s era design and functionality), but frankly I don't want to pay more for fancy tools I can source elsewhere or calculate myself.

Pikeman1

Did a quick search on sw pensions. I think mine is managed pension fund 2. Looking at the charges seems to be 1.2 per cent. Will give them a ring after easter.

dunstonh

Pikeman1 wrote: »

Did a quick search on sw pensions. I think mine is managed pension fund 2. Looking at the charges seems to be 1.2 per cent. Will give them a ring after easter.

Are you sure? That seems high for SW. Most of their legacy schemes (historic) were adjusted to match stakeholders in 2001. Their post 2001 plans are usually 1% or less when using in-house funds.

Don't use an external body to find out your charges. i.e. trustnet/morningstar. They will show the default and most people are not on the default.

Pikeman1

Thanks for reply not sure I'll give them a call tuesday

Pikeman1

Just a update if anyone interested. Phoned sw value as from yesterday is up to £22.328. Annual charge 1.06 percent. No exit fees and no guarantees to loze Don't seem to bad to be fair.