Pensionbee newbie

RiverGuy

Hi there

I'm trying to tidy up my partner's old pension pot currently £21k with ReAssure. It is an old product – paper-based and high in charges. I've been looking at transferring to Pensionbee for simplicity's sake (web-based interface) and then maybe transferring that in to a SIPP(?) later on.

Does anyone have experience doing this kind of thing – and can detail pitfalls or caveats (or successes!)
Many thanks
RiverGuy

wjr4

RiverGuy wrote: »

Hi there

I'm trying to tidy up my partner's old pension pot currently £21k with ReAssure. It is an old product – paper-based and high in charges. I've been looking at transferring to Pensionbee for simplicity's sake (web-based interface) and then maybe transferring that in to a SIPP(?) later on.

Does anyone have experience doing this kind of thing – and can detail pitfalls or caveats (or successes!)
Many thanks
RiverGuy

1) What are the charges?
2) Are there any guarantees or protected PCLS?
3) Why Pensionbee?

RiverGuy

Hi @wjr4

Thanks for the reply.
1) £300 PA
2) No guaranteed special rates or premiums.
3) Convenience. Sick of dealing with ReAssure's archaic and slooow paper based workflow.

xylophone

Does your partner currently contribute to a pension?

Would a transfer in be a possibility?

Or a SIPP might be a possibility now? For a very modest pot, HL would be worth consideration and their web site/administration is excellent.

https://monevator.com/low-cost-index-trackers/

RiverGuy

@xylophone
Contribute: yes, but has been putting in tiny amounts (£40 pcm) – hence the disparity between charges.
Not sure what a 'transfer-in' is?
Will read those links. Thanks!

beamyup

I transferred my reassure to pensionbee. Not without some issues though please see post #23 on this thread
https://forums.moneysavingexpert.com/discussion/comment/75550337#Comment_75550337

xylophone

Not sure what a 'transfer-in' is?

If your partner has a current pension (a workplace pension perhaps), the provider might accept a transfer in of the Reassure pension.

Might be worth checking.

HL link

https://www.hl.co.uk/partners/search/sipp?theSource=PCHLS&Override=0&adg=G+HLBS+HLS&gclid=EAIaIQobChMIgbXL2vSa4QIVQSrTCh0R_wKiEAAYASAAEgJf1vD_BwE

tony4147

Slightly of topic, but still pensionbee, I find the pension calulator on pensionbee to be very optimistic to the point of being misleading when I compare it to other calculators such as HL, SL etc

RiverGuy

Thank you all for your helpful replies! I have me some reading to do…