Move from Peoples Pension to Royal London? 13 January 2020 at 6:48PM edited 30 November -1 at 12:00AM in Pensions, Annuities & Retirement Planning 4 replies 360 views

Tomo10

Hi,
The company that I used to work for enrolled me into the Peoples Pension, which appeared to be a good performer in the top ten rankings. My Boss has since sold the company to a larger one which has set up a Work Place Pension with Royal London, which is also performing well so far. I previously moved (rightly or wrongly) my small pension pots into the People's Pension after advice (not payed for but reliable).
Question: should I now move my Peoples Pension pot over to Royal London? It totals about 110,000 atm.
Thanks in advance. :beer:

Andrew31

If its performing well and competitively charged, no real reason to move it.

Other than less paperwork, but 2 pensions is fine.

Albermarle

You should first compare the charges to see if there is any significant advantage/disadvantage from this point of view .
A large employer will probably have been able to negotiate a decent discount , although it might not be obvious from the paperwork. You will need to enquire , probably with RL direct.
Also although most workplace pensions will accept transfers in , you will need to check before making any decisions.
As said above though , if there is no obvious reason to transfer , then no big problem having two pensions, especially if they are not just piddling amounts .

cobson

With a pot of 110,000 The Peoples Pension will be charging 0.25% if you want to compare with RL

Tomo10

Thankyou all for your input. I will investigate further. I just don't like paying unnecessary admin charges which offsets any positives for having multiple pensions.