Need advice pension

stef999

Proposed transfer of business from Legal & General to ReAssure, after 37 years of investment in pension about anther 1 million member will be switch to this company in November, are we are safe with our money or we going massive lost , I will better find different provider or just wait for outcome please advice THANKS

xylophone

https://forums.moneysavingexpert.com/discussion/5921216/l-g-proposed-transfer-to-reassure

SonOf

stef999 wrote: »

Proposed transfer of business from Legal & General to ReAssure, after 37 years of investment in pension about anther 1 million member will be switch to this company in November, are we are safe with our money or we going massive lost , I will better find different provider or just wait for outcome please advice THANKS

I would be happier with ReAssure than with L&G.

L&G, for a long time, haven't wanted their life and pensions book and have not funded it like most others.

A 37 year old pension contract has a 4 in 5 chance of being poor quality compared to a modern option.

stef999

THANKS for your replay, if have the possibility of transfer to different provider can you advice the most secure company THANKS

MEM62

stef999 wrote: »

THANKS for your replay, if have the possibility of transfer to different provider can you advice the most secure company THANKS

The security of you pension is linked to your choice of investment funds, not the company that administrates it. The companies are regulated and there are safeguards in place.

Doshwaster

I just got the letter from L&G about the ReAssure deal today. I need to do some thinking about my options which as far as I can see are

1. Do nothing and accept the transfer.

2. Transfer the L&G pension to HL is my current workplace provider and where my S&S ISA also is (too many eggs in one basket?

3. Transfer to somewhere else.

The pension is question is a collection of previous workplace pensions which I have merged over the years plus personal contributions. Value is about £125,000.

Albermarle

I need to do some thinking about my options which as far as I can see are

First you need to do a bit of research about the different pensions:
1) What are the charges for Reassure: your HL employer pension and possible alternatives ?
2) Do they offer an adequate choice of investment funds for your needs ?

Otherwise you are just guessing in the dark .
With the charges sometimes there is a charge for the pension provider and then a separate charge for the investment funds . Sometimes there is just one charge . Also can be discounts for larger sums. You may have to call them to get a definitive answer.
Typically the total charge can be between 0.5% and 1.5% .

Soulo

Not sure if this is the right place to ask this question but i have just been having problems with ReAssure who took over my pension from L&G.

Are they legally obliged to provide a statement annually? I have not had one since March 2017. Previously i had received one on the 1st of March every year since 1992. After numerous phone calls the have still not provided me with a statement and they have been unable to give me a satisfactory reason for this. They have still managed to send out the annual increase in my contributions though.

xylophone

https://www.pensionsadvisoryservice.org.uk/pension-problems/avoiding-problems/what-you-have-the-right-to-ask-your-scheme

If your scheme is a defined contribution scheme, it must send you a statement telling you about your pot automatically once a year.

After numerous phone calls the have still not provided me with a statement and they have been unable to give me a satisfactory reason for this.

Make a formal complaint in writing.

Doshwaster

Albermarle wrote: »

First you need to do a bit of research about the different pensions:
1) What are the charges for Reassure: your HL employer pension and possible alternatives ?
2) Do they offer an adequate choice of investment funds for your needs ?

Otherwise you are just guessing in the dark .
With the charges sometimes there is a charge for the pension provider and then a separate charge for the investment funds . Sometimes there is just one charge . Also can be discounts for larger sums. You may have to call them to get a definitive answer.
Typically the total charge can be between 0.5% and 1.5% .

Yes, I just need to find a wet evening to go through everything. There was a lot of reading material which came with the L&G letter.

Currently paying 0.4% on my L&G Stakeholder with the funds split 60:40(ish) between fee-free UK and US trackers. Paying in £200/month gross out of my own pocket. If the consensus is that ReAssure is OK then I would be happy to leave things as they are.

The HL SIPP is 0.45% a year. Currently with £20k invested in Vanguard LifeStrategy 80%. Paying in £600/month (employer + own salary sacrifice contributions)

I've also heard that we may be changing our workplace pension provider next year

It's not as if the decision is urgent. Even if I allow the transfer to ReAssure to go through I could always move it in the future if I'm not happy with them.

Albermarle

The HL SIPP is 0.45% a year. Currently with £20k invested in Vanguard LifeStrategy 80%

So it is 0.45% + the charge for the VLS 80 ( 0.22% ?)