Time to transfer ?

Sparkymark70

Hi folks. I have a Standard life pension with aprox. £80k in which I don't make regular contributions to, which started in 2004 and concerned about fees which are currently almost 2%. I have a frozen final salary scheme with previous job and another with current employer which will accept transfers in. I hope to retire in around 14 years time. I might starting drawn down in 8-10 years if going part time. Do I transfer the £ 80k into another lower charges new scheme eg. Nutmeg ?

AnotherJoe

AFAIK Nutmeg isn't that cheap either. Nor does it have a great range of investments. You can do better than that I'm sure. Even the oft maligned for being expensive,  HL, woudlnt be that much, and if you didnt use funds but ITs and ETFs woudl be much cheaper as would many others.

Are you sure the SL fees are 2%? I have a SL pension which is much less than that.

Sparkymark70

AnotherJoe said:

Are you sure the SL fees are 2%? I have a SL pension which is much less than that.

The fees show as 1.97% after a discount which seems high to me. I thought high fees related to personal pensions dating from 1980's ? or were those even worse......

Brynsam

Sparkymark70 said:

AnotherJoe said:

Are you sure the SL fees are 2%? I have a SL pension which is much less than that.

The fees show as 1.97% after a discount which seems high to me. I thought high fees related to personal pensions dating from 1980's ? or were those even worse......

Which funds are you invested in within your SL pension?

Sparkymark70

SL Fidelity Global Special Situations Pension Fund & SL Fidelity Special Situations Pension Fund  split almost equally.

dunstonh

SL Fidelity Global Special Situations Pension Fund & SL Fidelity Special Situations Pension Fund  split almost equally.

Those are expensive externally managed funds.  If you are 100% in those then it suggests the investment decision was made many many years ago (back on the Bolton days).    How much do the internal standard life funds cost? (they are the closet match to nutmeg).

Szczesciarz

I agree with this

Albermarle

The standard charges for these funds is 2.17% , There is a standard discount for a pot of this size of 0.3% ( you only seem to getting 0.2%)
The basic standard life funds are 1% to 1.1% , so with the discount = approx. 0.75%
It is possible the more expensive funds are performing well but the overall charge is high.
So you could transfer , or you could speak to SL and transfer to a new SL pension ( newer pensions are better when you come to take the money ) with cheaper funds . 

LHW99

You could compare charges with your current employer pension, and see if they are better, if it will take transfers in.

And the final salary scheme will likely just be "deferred" and will get uprated over the years, according to its rules.

Sparkymark70

LHW99 said:

You could compare charges with your current employer pension, and see if they are better, if it will take transfers in.

And the final salary scheme will likely just be "deferred" and will get uprated over the years, according to its rules.

Will take a look at what current employer scheme (also final salary) will offer for transfer in.

Albermarle

Sparkymark70 said:

LHW99 said:

You could compare charges with your current employer pension, and see if they are better, if it will take transfers in.

And the final salary scheme will likely just be "deferred" and will get uprated over the years, according to its rules.

Will take a look at what current employer scheme (also final salary) will offer for transfer in.

Normally final salary schemes will not accept transfers in but you can always ask.