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PENSION B
Sarahjane25
Posts: 2 Newbie
Can anyone tell me if they have used Pension B, where you combine all your pensions into one? is it a good thing? Any feedback would be appreciated. Thanks
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Comments
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Do you mean Pension Bee?
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Can anyone tell me if they have used Pension B, where you combine all your pensions into one?
People transfer their pensions regularly to all sorts of providers. Most retail pensions accept transfers in.
is it a good thing?It is when it is the right thing to do. Its not if it is the wrong thing to do. Pensions are not all the same. So, transferring a pension that is better into one that is not as good would not be a good thing.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Depends what you're trying to achieve. Worth reading this before doing anything more: https://www.thisismoney.co.uk/money/pensions/article-3550085/STEVE-WEBB-merge-small-pension-pots.html0
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Pension Bee has the advantage of being simple for people lacking in knowledge about pensions.
So it might not be the absolute best option in strict financial terms but it is a valid option , especially if the amounts involved are not that large.1 -
I cannot say whether it is right for you or not - don't have the information and am not qualified or experienced. I did transfer one DC pension to PensionBee to facilitate early retirement and enable me to withdraw money monthly for 5 years to take me up to receiving other DB and state pensions. The transfer process was slow as PensionBee left my application on a desk. Once transferred the whole process of withdrawing monthly is straightforward (although you cannot set up a regular withdrawal the process each month is easy). The staff are excellent, you are allocated a 'BeeKeeper' who you relate to for everything and mine is very good and supportive. As I wanted as risk free investment as possible it was ideal as they have such a fund. There are only a limited number of options for investing.0
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As I wanted as risk free investment as possible it was ideal as they have such a fund
All pension will have low risk/low growth fund(s) you can choose. Not just pension Bee.
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Agreed but read in the context of the whole post makes senseAs I wanted as risk free investment as possible it was ideal as they have such a fundAll pension will have low risk/low growth fund(s) you can choose. Not just pension Bee.
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