Private pension pot 'market place'..?

RainbowsInTheSpray

Hi everyone. I've decided finally, after a few years of deferment and continuing to pay in, to take my main private pension in some form.

A few years ago, I did this with a very small pension and, at that time, there were websites you could go to see if you could get a better offer than the institution you were with was making. Can anyone tell me whether this is still the case and suggest a commonly used one? Alternatively, an explanation as to what is commonly done would be welcome.

dunstonh

What type of pension is it and what type of income is it providing (scheme pension, annuity or drawdown)?
What method of income is your preference?

RainbowsInTheSpray

It's a standard 'stakeholder' with Standard Life. I have no preferences at the moment but simply want to understand my options. I had assumed that I could ask for an illustration from SL and then compare this with other possibilities.

preston03

Definatley look around ... by virtue of it being Standard Life - you know it won't be the cheapest

Have you looked at the ongoing charges for running the pension ?

RainbowsInTheSpray

Precisely what I'm asking is: HOW do I 'look around'..?
What do you mean by 'running the pension? 

dunstonh

I had assumed that I could ask for an illustration from SL and then compare this with other possibilities.

No.   That would have been if you were buying an annuity.   Hardly anyone does that now.   They tend to use one of the income  drawdown methods instead.

by virtue of it being Standard Life - you know it won't be the cheapest

I notice on another thread that you are moving from SL to HL.  HL's platform is more expensive than Standard Life's platform.  So, perhaps that isn't a fair comment on your part.

Precisely what I'm asking is: HOW do I 'look around'..?
What do you mean by 'running the pension? 

I think you need to book a pension wise appointment and if you are still stuck use an IFA.

RainbowsInTheSpray

Thanks. So I have to hire the services of an IFA and there is nowhere online where I can offer up the accrued pension pot for 'bidding'..? That doesn't happen any more..?

Somehow I was sure that I had the option of moving it to another provider...

xylophone

'bidding'..

I think you may be referring to checking annuity providers for the best  quote for an annual income from a  pension pot.

Example

https://www.hl.co.uk/retirement/annuities/best-buy-rates

This is not the only way to take your pension.

https://www.pensionwise.gov.uk/en   would be a starting point to explore your options.

RainbowsInTheSpray

I can see I need to get savvy about this. Things seem to have changed over the last five to ten years.

dunstonh

RainbowsInTheSpray said:

I can see I need to get savvy about this. Things seem to have changed over the last five to ten years.

Massively changed.   Well, technically, the options existed before 2015 but were typically used with larger fund values (£100k+).  Now everyone can use them.

Dazed_and_C0nfused

RainbowsInTheSpray said:

I can see I need to get savvy about this. Things seem to have changed over the last five to ten years.

They have.  There is much more flexibility now and with the right provider you can keep your pension pot intact and essentially take what you need when you need.  Subject to the pot running out.

With an annuity you give up the pot in return for a fixed income for the rest of your life.  There are various options with this route which will impact what you can get.  For example inflation proofing will result in a lower initial annuity. 

You can probably get some useful suggestion of here if you can explain what your preferred option is.  Do you really want an annuity?