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Move from Peoples Pension to Royal London?

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Move from Peoples Pension to Royal London?

4 replies 360 views
Tomo10Tomo10 Forumite
2 posts
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:

Replies

  • Andrew31Andrew31 Forumite
    152 posts
    100 Posts Name Dropper
    If its performing well and competitively charged, no real reason to move it.

    Other than less paperwork, but 2 pensions is fine.
  • AlbermarleAlbermarle Forumite
    6.2K posts
    1,000 Posts Second Anniversary Name Dropper
    ✭✭✭✭
    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 .
  • cobsoncobson Forumite
    89 posts
    Third Anniversary 10 Posts
    With a pot of 110,000 The Peoples Pension will be charging 0.25% if you want to compare with RL
  • 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.
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