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Pension: What would you do
Gareth2020
Posts: 32 Forumite
I am about to leave Lloyds Banking Group and have an approx pension of around 5K. I am 26 year old and leaving for another company who's pension scheme does not accept a transfer in. My question is therefore, should I consider changing this into a SIPP or leave it invested in the LBG pension pot? Regarding growth, its actually done not to bad considering the low value and has been running for around 2 years.
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Comments
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You should find out what the fees are going to be once you are no longer paying in. That will help you make an informed decisionI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.1 -
No fees for this size of pot if I do not pay anything inMallyGirl said:You should find out what the fees are going to be once you are no longer paying in. That will help you make an informed decision
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The rate of return would be the same whether its a small value or a large value. So, that bit is irrelevant.Gareth2020 said:I am about to leave Lloyds Banking Group and have an approx pension of around 5K. I am 26 year old and leaving for another company who's pension scheme does not accept a transfer in. My question is therefore, should I consider changing this into a SIPP or leave it invested in the LBG pension pot? Regarding growth, its actually done not to bad considering the low value and has been running for around 2 years.
Is the LBG staff pension you are in better than the SIPP you are looking at or worse? That is what it really boils down to at the end of the day.0
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