Utmost Pension

wllcnur

Many years ago I opted out of my NHS pension, however it was later found the advice to do this was wrong. The rules at the time wouldn't allow the opt-out amount to be transferred back into the NHS scheme. An AVC policy was set up with Equitable Life which has been transferred to Utmost Life & Pensions. As it is a group pension policy I have to contact Utmost every time I want an update on the policy value. I've read a lot of bad reviews about Utmost charges etc & wonder if I should transfer it to another scheme such as Pensionbee for ease of access etc. The last policy value was just over £8000. Any had any experience with either company? Thanks

dunstonh

I've read a lot of bad reviews about Utmost charges etc

And were the reviews about the same Utmost product you have or a different product?   Were the reviews actually relative to your situation (a lot of reviews are not).  Revies on financial products are largely pointless to look at most of the time.   Legacy companies or companies dealing in legacy contracts often get more negative reviews than good because they are dealing with old style policies that cannot do what modern policies can.   Whereas most positive reviews tend to come at sign up of new business where the person hasn't actually experienced anything other than the sales process and is often badgered into doing a review.

So, a company with no new business and large legacy business would be expected by default to have more negative reviews.

Effectively, the old Eq Life product remains to be the same product under Utmost.   There is very little difference in service levels.  So, very little has really changed.

If pensionbee is better then go with that.  If something else is better, go with that.  It Utmost is better, stay with that.

Its only £8000 so in the scheme of things, its not a big deal who you are with.

sevenhills

I came across this, not sure if it relates to the OPs situation.

The WTW report and its recommendations have now been considered by the Trustees and it has been decided that the funds currently held with Utmost be transferred to Fidelity.

https://www.bbc.co.uk/mypension/news/220620

[Deleted User]

Utmost gives a very limited number of options. Their charges are not outrageous but high compared to many alternative. And yes, getting updates is painful.  

Not familiar with PensionBee.  Of the brokerages I looked at, Vanguard, X-O and AJ Bell provide much better value.  Vanguard is likely best for a small fund like this.  Pick an all in one multi-asset fund.   You don’t want complexity for 8k

wllcnur

Thanks. I wasn't aware that funds with Utmost were being transferred to Fidelity. The NHS Trustees don't communicate with policy holders & I actually only found out about the transfer to Utmost by accident. Most if the reviews I read were regarding charges & poor performance. 

Marcon

wllcnur said:

Thanks. I wasn't aware that funds with Utmost were being transferred to Fidelity. The NHS Trustees don't communicate with policy holders & I actually only found out about the transfer to Utmost by accident. Most if the reviews I read were regarding charges & poor performance. 

Did the (alleged) charges and poor performance relate to the funds where your AVCs are invested?

woolly_wombat

sevenhills said:

I came across this, not sure if it relates to the OPs situation.

The WTW report and its recommendations have now been considered by the Trustees and it has been decided that the funds currently held with Utmost be transferred to Fidelity.

https://www.bbc.co.uk/mypension/news/220620

The link refers to BBC AVCs.

The OP worked for the NHS.

sevenhills

woolly_wombat said:

The link refers to BBC AVCs.

The OP worked for the NHS.

Yes, it says that quite clearly.

wllcnur

Did the (alleged) charges and poor performance relate to the funds where your AVCs are invested?

The reviews didn't specify however because it is classed as a group pension individual policy holders aren't able to choose funds (as far as I'm led to believe)