Can I use part of my Aegon pension to invest in Bitcoin for my future pension?

magpie1962

Before we start and I really want to keep this short and to the point, yes I know it's volatile, yes I am mad(though I am not), it's not a real thing, too risky, yes I have heard all the downsides before  and yet done all my own research since 2015 and all I need to know is there a way of doing this.
I am now in my 50's and have a substantial pension pot with Aegon pension and am looking at using a sizable portion of my pot to invest in Bitcoin as part of my pension fund, is there anyway I can do this.

El_Torro

I’ve never heard of Axiom pensions. A quick google search didn’t make me any wiser. Probably best to ask your pension provider if you can invest in Bitcoin. I know getting hold of people on the phone is a pain with most businesses at the moment though.

Also when you say you want to invest a sizeable portion of your pension in Bitcoin, I’m hoping that sizeable portion isn’t more than 5% of your pension. If it is then, well, all I can say is good luck to you.

MDMD

The only mention of Axiom I can find is I relation to pension “liberation” scams.

https://www.pensions-ombudsman.org.uk/sites/default/files/decisions/PO-1837.pdf

Dazed_and_C0nfused

Maybe the op was employed by a company called Axiom and actually has a DB pension, not an actual pot as such?

magpie1962

Sorry, mind was somewhere else.. Meant Aegon

Alice_Holt

Dazed_and_C0nfused said:

Maybe the op was employed by a company called Axion and actually has a DB pension, not an actual pot as such?

     Or perhaps the OP has confused the name of the pension scheme and means AXA, Aegon, or Aviva.

Alice_Holt

Alice_Holt said:

Dazed_and_C0nfused said:

Maybe the op was employed by a company called Axion and actually has a DB pension, not an actual pot as such?

     Or perhaps the OP has confused the name of the pension scheme and means AXA, Aegon, or Aviva.

      The OP has just amended their post and which now doesn't refer to "Axiom", but instead to "Aegon".   

magpie1962

Please people do not get hung up about the name which I  have just corrected by the way, am I able to do this even it means transferring to someone else?

LHW99

There are funds that do this eg

https://www.bitcoinmarketjournal.com/cryptocurrency-funds/

I (don't want to) know anything about them. Doubt Aegon would offer any of them, though some Sipps might. Doubt any regulated pension would allow direct holding of cryptocurrency but happy to be corrected.

Malthusian

Before we start and I really want to keep this short and to the point, yes I know it's volatile, yes I am mad(though I am not), it's not a real thing, too risky, yes I have heard all the downsides before  and yet done all my own research since 2015 and all I need to know is there a way of doing this.

Not at the moment. If a Bitcoin ETC ever gets off the ground that would be your best bet. But as yet none have managed to get past securities regulators.

That means you potentially have a few more years to come up with a way of generating the returns that you are hoping Bitcoin will give you by magic that might actually work. Retraining and finding a new line of work, increasing your target retirement age, that kind of thing.

I'm not going to tell you that investing your pension in Bitcoin is unlikely to work because you've made clear you already know that ("it's not a real thing, too risky, I have heard all the downsides before"). What I think you have overlooked is that gambling your pension on a desperate attempt to recover your finances is a bad idea because pensions are protected from bankruptcy. That means that desperate get rich quick schemes should be carried out with your own money or borrowed money (if they must be carried out at all), as in the worst case scenario (bankruptcy) you still keep the pension.

magpie1962

LHW99 said:

There are funds that do this eg

https://www.bitcoinmarketjournal.com/cryptocurrency-funds/

I (don't want to) know anything about them. Doubt Aegon would offer any of them, though some Sipps might. Doubt any regulated pension would allow direct holding of cryptocurrency but happy to be corrected.

Thanks
I am little annoyed(and I mean just a little), I am already invested in crypto and have been for 5 years onwards now. I first contacted Aegon around a year ago with the same request and never really pushed it as I was fobbed off. In that time my financial would have made me 300% in that short time. So next time I asked am brushed I will start getting a more  annoyed, there is now hedge funds and all sorts in the crypto world right now and some big names are getting involved, to not give this option for people like me is criminal as I watch my pot deflate on their books