Transferring pension pot

BigCatz

Hello,
I've got a retirement pot value of £47,170.79 in my NEST pension. I've recently changed employer and have been enrolled in a pension with Royal London. I know nothing about pensions, and my question is, should I transfer to my Royal London pension or leave it where it is?
Thanks!

MallyGirl

not enough information.
what are the fees for each one?
what choice of investments do you have in each?
does RL accept transfers in?
does Nest charge for transfers out?

ivormonee

Royal London is likely to be a defined benefit scheme whereas I think the NEST ones are defined contribution. Not sure if they would be able to accept a transfer that way round but maybe ask your employer for details of the Royal London scheme and see what it says. It should have information to answer this sort of question, maybe in the FAQs. There's not enough information in your post to be able to give any opinion and it's the sort of question best directed towards a financial adviser.

dunstonh

Royal London is likely to be a defined benefit scheme whereas I think the NEST ones are defined contribution.

Royal London is a pension provider. It doesn't do DB schemes unless it is for its staff members.

should I transfer to my Royal London pension or leave it where it is?

If it is better to then yes.  If not, then no.    Without knowing the details of each, we cannot answer.

Albermarle

As you are taking an interest in your pensions ( maybe for the first time ?) then I suggest more of a priority is to address this issue.
 I know nothing about pensions,
https://www.moneysavingexpert.com/savings/discount-pensions/
https://www.pensionsadvisoryservice.org.uk/
Whether you combine pensions or not, is normally not that important compared to how much you money you contribute and how that money is invested . For example upping your contributions will have a lot more effect on your retirement income than whether you have one or five pensions.

xylophone

Your new employer is providing a workplace pension through Royal London?


What details do you have of this pension?

Have you been provided with a Guide to your pension?

https://www.royallondon.com/pensions/workplace-pensions/

https://www.royallondon.com/articles-guides/pensions-and-retirement/your-pension-questions-answered/

You can transfer pension savings from other pension plans. This could make it easier for you to keep track of them.

Transfer payments from one pension plan to another don’t receive tax relief. Transferring may not be in your best interests as you could lose valuable benefits which can’t be replaced.  You should speak to a financial adviser before you make a decision.

https://www.nestpensions.org.uk/schemeweb/memberhelpcentre/transfers/transfer-money-out-of-nest.html

garyelder

I’m thinking of going to pensionbee I want a draw down I have a pot of 520k the fees don’t seem to bad 0.30 yearly 
I have an independent advisor I asked him his costs and his words negotiable which don’t give me a lot of confidence, he has a good name but he says he should get a better return 5/ 6% yearly 
Any advise please
thanks 
 

[Deleted User]

We really need a wiki listing books providing solid information on pensions and investments to posters like this. 

Start with Edwards.
Personally,  I don’t like any products from RL. I particularly dislike their misleading classification of what  constitutes balanced, aggressive and conservative.

AlanP_2

garyelder said:

I’m thinking of going to pensionbee I want a draw down I have a pot of 520k the fees don’t seem to bad 0.30 yearly 
I have an independent advisor I asked him his costs and his words negotiable which don’t give me a lot of confidence, he has a good name but he says he should get a better return 5/ 6% yearly 
Any advise please
thanks 
 

What's better about Pensionbee than your current pension provider, or Vanguard, or Fidlelity or any of the other well known massive companies that have been doing pensions and investments for years?

It may be better, but have you compared and decided it really is better for you or is it just one you have heard of through marketing?


BTW - You are better starting your own thread than hijacking someone elses as your answers don't help them and their answers don't help you/