Transferring pension funds

OldMusicGuy

Bear in mind you will not transfer to "another fund manager". You will transfer it to another pension platform. You then have to decide which funds to invest the money in, or you need to pay an independent financial adviser to do this for you.

Part of your decision about which pension platform to use is the range of funds they offer.

I have transferred six pensions in this way myself, all at zero cost.

dunstonh

@dunstonh: The 2.8% was a typo, I meant to write 2.28%. Aviva says the funds I'm in charge 1% p.a.; I arrived at the 2.28% by calculation (last year I paid £660.65 in charges, on a transfer value at end of year of £29,649).

That method will give you a higher percentage than you actually paid as the final three months of 2018 saw a fall in value. (just as it would understate if you increased in value)

Are you using internal funds (Aviva in-house funds) or external funds? (name will include the fund house)

Is this a stakeholder pension or a personal pension?

ProDave

I had a pot with Aviva that had ended up there as the original provider it was with got swallowed up by them.

I transferred it to a HL SIPP.

I first had to instruct Aviva to convert the entire fund to cash before it could be transferred. It lost a few £ in the transfer but only a tiny amount.

marinheiro

Are you using internal funds (Aviva in-house funds) or external funds? (name will include the fund house)
Is this a stakeholder pension or a personal pension?

Its a Stakeholder Personal Pension Plan , in '5 Year Lifestyle' made up of:



AV Pre-retirement fixed interest FP (89% of total)

AV Cash FP
AV Fixed Interest FP


According to my last statement, the AMC on each of these is 1% a year.


G.

Albermarle

According to my last statement, the AMC on each of these is 1% a yea

r
From my understanding the max charge for an Aviva stakeholder is 1% all in , so not sure where these figures of 2% plus came from .

dunstonh

Its a Stakeholder Personal Pension Plan , in '5 Year Lifestyle' made up of:

In which case, it is physically impossible for the charge to exceed 1.0%. Plus, many of the Aviva stakeholder versions had fund based discounts. (Original Aviva plans and Friends Provident stakeholders did. ex AXA Sun Life (later Friends Life) plans didnt).

marinheiro

@dunstonh:

In which case, it is physically impossible for the charge to exceed 1.0%

I've come to the conclusion it was my misreading of the Avviva website. which says:

During this statement period the total management charge deducted was £660.05. It was paid for by deducting £660.05 worth of units from your unitised funds . The charge is calculated daily but it is deducted monthly in arrears.

Since almost everything else on this and related pages is annual, I assumed this was an annual total. But it appears that it actually covers 2017-2019, as they didn't send me a statement in 2018, and so it needs dividing by 3 (which does indeed match a 1% AMC)


Sorry for misleading people, and thanks for all the help and advice.



Graham