How do I compare L&G "with-profits" performance with a SIPP?

Elika0215

I've been looking at my pensions for a while now and need some help (explain like I'm 5!) on how to compare the performance of a L&G "With-Profits" pension with a SIPP I also hold. 
With the SIPP, it seems simple: there are percentages of growth/loss, the amount invested, the term and the current value. The with profits fund doesn't seem to do this. I can't find simple like-for-like information as I can in the SIPP. It talks about bonuses, MVA's (which I do get), terminal bonuses (I have no idea how much this is), CIA's and so on. 
So, back to my original question, is there a way of being able to compare the pensions in order to make an informed decision on whether to consolidate? Thank you.

MarkCarnage

A like for like comparison is very challenging. Your SIPP investments will be valued on a 'mark to market' basis, and what you see is what you get in terms of valuation.
With profits is pretty opaque, and you won't really know the outcome until it matures or you surrender it. If you surrender early, you will probably be penalised in some way. The idea is that the annual bonus represents a part of the investment gains during the good years, but that there is also a bonus in less good years (or at least nothing is taken away, but the MVA might do that anyway!). The concept of smoothing of returns is the theory. However, it's not transparent, and the underlying investment performance of the WP fund is not always easy to determine, and even if it is, it's only of limited relevance. Most WP funds are quite heavily fixed interest based, to ensure that bonuses declared can be paid, and ensure the solvency of the fund itself. However, this also means that they will tend to provide lower returns over the long term that a fund with a higher % of shares in it, which may be what you hold in your SIPP? 

Dox

To add to the helpful answer above, there is a more detailed (but still basic) explanation at https://www.moneyadviceservice.org.uk/en/articles/with-profits-funds

atush

With profits is a 'smoothing' investment in that like some trusts it withholds some profits in good years to help pay out in bad years.  But alos it locks in revious gains.  So in really bad years like a crash it doenst go down- it may just not increase as normal.  So is a 'safer' investmepnt if you like.

A sipp can hold anything (incl investment trusts) so is just a package/wrapper and you'd need to say what you invest in within the sipp to know how to compare it rationally

Albermarle

With Profits schemes are mainly older as they fallen out of fashion, partly because of the opacity and the charges , although even here the charges are not very clear and all wrapped up in the product somewhere. 
I still have one old Scottish Widows DC pension which is mainly invested in a with profits fund. I decided to keep it as a defensive investment as I am near to retirement but probably not suitable for someone in an earlier growth stage . Although to be fair the returns are not bad , just not very exciting

Elika0215

Thank you. Yes, it is an old policy. It was taken out in '92. There's some comfort in being told it's hard to compare as I was trying and getting totally lost.
I think I'll just leave it as a separate safe(ish) pot. 
Thanks - I appreciate everyone on here "in the know" who give up their time, without reward, to help others.