Value of Endowment plummets

barryd999

Thanks. This may have been covered but I guess if I Was to move the current fund we are debating here into another of L&Gs funds that presumably is straight forward enough but what if I decided to move it to a fund outside of L&G?  What is the procedure for that?  Presumably if I cash in the ISA with L&G and move it to my bank I have to start again with the ISA and therefore the allowance so I guess there is a way to move it to another provider?
Ill stick my neck out here and see if anyone wants to offer advice.  These are L&Gs funds. What does "the panel" think would be a safe enough bet under the current climate?    Impossible to answer probably but even more impossible for me.  https://www.legalandgeneral.com/investments/funds/full-fund-range/
I see the FTSE All share index is continuing to rise.  Its driving me nuts now.  

AnotherJoe

But what if I decided to move it to a fund outside of L&G?  What is the procedure for that?  Presumably if I cash in the ISA with L&G and move it to my bank I have to start again with the ISA and therefore the allowance so I guess there is a way to move it to another provider?

=====

Correct, if you want a fund that L&G doesnt have, you can transfer the ISA. And the quickest way to do that though you'd be out of the market for a couple weeks, is sell the funds in the ISA so its pure cash,  and then transfer the ISA That way you retain your built up ISA allowance rather than start again.

A world equivalent of the FTSEA index you have is their

"Global Equity Index Fund"

And dont focus on micro movements of the FTSEA every day.

From what i can see L&G have a wide enough range of funds theres plenty to choose from and no need to jump ship except perhaps for charges (I have no idea what they charge compared to others, they might be good bad indifferent)

badger09

barryd999 said:

Thanks. This may have been covered but I guess if I Was to move the current fund we are debating here into another of L&Gs funds that presumably is straight forward enough but what if I decided to move it to a fund outside of L&G?  What is the procedure for that?  Presumably if I cash in the ISA with L&G and move it to my bank I have to start again with the ISA and therefore the allowance so I guess there is a way to move it to another provider?
Ill stick my neck out here and see if anyone wants to offer advice.  These are L&Gs funds. What does "the panel" think would be a safe enough bet under the current climate?    Impossible to answer probably but even more impossible for me.  https://www.legalandgeneral.com/investments/funds/full-fund-range/
I see the FTSE All share index is continuing to rise.  Its driving me nuts now.  

I'm not going to recommend a specific fund, either L&G or any other.

I really think you need to look at the overall picture of your investments, including your pension, rather than view this 'pot' (which is now not needed for the purpose it was originally set up) in isolation. Depending on the amount you have invested in your pension it might be advisable to consult an IFA with the emphasis on the I - meaning Independent. So not someone from L&G, not someone from your bank (both can only sell you products from their own range) and not your friend who apparently fell for some pension scam! 

As for the mechanics, if you decide to move the funds currently held in your S&S ISA with L&G elsewhere, you would first open a new S&S ISA with another provider then ask the new provider to arrange the transfer for you. If you want to keep the money in its tax free ISA wrapper, you must not withdraw it from L&G to your bank account and then pay it into a new ISA. 

barryd999

badger09 said:

barryd999 said:

Thanks. This may have been covered but I guess if I Was to move the current fund we are debating here into another of L&Gs funds that presumably is straight forward enough but what if I decided to move it to a fund outside of L&G?  What is the procedure for that?  Presumably if I cash in the ISA with L&G and move it to my bank I have to start again with the ISA and therefore the allowance so I guess there is a way to move it to another provider?
Ill stick my neck out here and see if anyone wants to offer advice.  These are L&Gs funds. What does "the panel" think would be a safe enough bet under the current climate?    Impossible to answer probably but even more impossible for me.  https://www.legalandgeneral.com/investments/funds/full-fund-range/
I see the FTSE All share index is continuing to rise.  Its driving me nuts now.  

I'm not going to recommend a specific fund, either L&G or any other.

I really think you need to look at the overall picture of your investments, including your pension, rather than view this 'pot' (which is now not needed for the purpose it was originally set up) in isolation. Depending on the amount you have invested in your pension it might be advisable to consult an IFA with the emphasis on the I - meaning Independent. So not someone from L&G, not someone from your bank (both can only sell you products from their own range) and not your friend who apparently fell for some pension scam! 

As for the mechanics, if you decide to move the funds currently held in your S&S ISA with L&G elsewhere, you would first open a new S&S ISA with another provider then ask the new provider to arrange the transfer for you. If you want to keep the money in its tax free ISA wrapper, you must not withdraw it from L&G to your bank account and then pay it into a new ISA. 

Thanks. Your comments dovetail nicely into what I was looking into this afternoon.  L&G suggested I use https://www.unbiased.co.uk/ to find a suitable advisor which led me to a recommendation to being recommended https://www.flyingcolourslife.com/ which led to someone from that company calling me which led to him putting me in touch with one of their advisors and a profile and other information being sent through.  I think it will involve an initial session on the phone. Thats as far as I got. I have not looked into this company yet so I have no real idea if they are any good or not.  Ill go through the motions and see what they have to say / offer.

badger09

I've never heard of them, but that doesn't mean anything.

There are a few IFAs who post on here, notably dunstonh. Perhaps one of them will comment. 
Please update thread when you know more

(A very quick search came up with this from 2016)
https://forums.moneysavingexpert.com/discussion/5542797/flying-colours-investments

dunstonh

L&G suggested I use https://www.unbiased.co.uk/ to find a suitable advisor

Unbiased used to be a directory of IFAs.    That is no longer the case.  It is a lead generation site where advisers buy the referrals made via unbiased.   They also include FAs now and not just IFAs.  Most of the IFA firms I know no longer pay towards unbiased.

Nowadays the PFS - Find an advisor or adviserbook are good options.  Google also gives good responses as these include firms that do not pay to advertise on lead generation sites.

barryd999

Thanks
I just have no idea what to do or who to trust really. i figured Unbiased would be something along those lines. Im thinking I am just going to transfer this pot into a secure cash ISA for now if that is possible and try and find something safer for my Pension which I have to decide on by the end of this month.