Thinking of transferring

MoneyWorry

i posted a couple of years ago when I was considering taking my SL pension at 60. I’m now 60 and not looking to take it immediately or this year.  My query is would it be a good idea to transfer it to a more modern personal pension for the last 18 months to 3 years. It’s currently invested as follows:

Pension with Profiits One 55.7%
SL BNY Mellon Multi Asset Growth 26.47%
SL BNY Mellon Real Return 4.21%
SL Fidelity European 0.94%
SL Fidelity Global Special Situations 11.36%
SL Property Pension 1.32%

Current transfer value is £199k and as stated before it’s my main pension. Charges are 1.229% then I get a discount of 0.222% against this. Am not sophisticated enough to manage a SIPP, but wanted to know if it would be advantageous to move to a more modern personal pension. 

Thank you 

MoneyWorry

Think this got lost among other posts. Any thoughts would be much appreciated. 

Marcon

Depends what you're hoping to achieve. A wider choice of funds? Lower charges? Greater flexibility in terms of how you can access your pension, assuming your current contract doesn't allow drawdown?

Croeso69

Is this the only pension you have?

MoneyWorry

Thanks for replies. I have a very small DB which gives me £2500 pa approx at 65 and I have a £7k DC pot with my current employer. Have checked with SL and with this pension, I have to purchase a annuity. The general advice still seems to be that annuities are very bad value, before 65, but I will certainly want to access before then. 
 
As it’s my major source of pension apart from state, I want to make the best use of what I have. 

ewaste

The charges aren't horrible but could probably be cut in half on some of the cheaper platforms. As you've mentioned you don't want the hassle of a SIPP it leaves fewer options, the most obvious would be to consolidate the pension into your current workplace pension if the fees are lower and the setup more flexible e.g. allowing Drawdown.

You would still need to consider fund choices if transferring into your current workplace pension.

Would you be giving up any Guaranteed Annuity Rates or similar by transferring?

Albermarle

One option is to transfer to more modern SL pension if you want to stay with them . 
In this case there would probably be limited scope for a major reduction in the fees , although you might be able to get a better discount ? You can always ask and mention you are also looking at alternatives .
You can make a SIPP as simple or as complicated as you like . Some people just hold one fund and never do anything .

xylophone

I have a very small DB which gives me £2500 pa approx at 65 

Have you obtained a state pension forecast?
https://www.gov.uk/check-state-pension

and I have a £7k DC pot with my current employer. 

The pension provider is?

MoneyWorry

My work pension is with Aegon. It is a group stakeholder invested in SE Universal 2025. 

MoneyWorry

I will get a full state pension at 66 and 8 months. On my latest forecast I was just 25 pence short. 

MoneyWorry

Had a look at the charges on my works pension and the yearly charge is 0.72%.