Financial adviser

loveprada

dunstonh said:

loveprada said:

Thrugelmir said:

Why couldn't you effect the switch between holdings yourself. 

I contacted all three pension providers, I cannot move them into any one of them, I could only move them to an active workplace pension and since I'm not working I dont have that option. I could move them into a new pension plan, that's where I was hoping to receive advice.

If you have legacy schemes you wouldnt want to pay into those in most cases even if you could.      
Providers also tend to retail via intermediaries (FAs or IFAs) or retail direct to consumer.  Not many have both distribution channels available to them or if they do, they often use different products.   So, if you are trying to top up an intermediary product on a DIY basis, that is why it would likely fail.

I wasn't trying to top up as such, just to get a "health check" to see if they're performing as well as can be expected and to move elsewhere if there's a better option. 

loveprada

Albermarle said:

This seems a bit odd . Especially the last comment . Probably good to clarify this with Fidelity. Normally they are keen for you to transfer in other pensions to them .

Thanks, I already had this conversation with Fidelity last year, they suggested I take up a SIPP, but what do I know about investments and staying on top of them?!

loveprada

eskbanker said:

loveprada said:

I'm 63, not working and not drawing a pension, I just want to improve the state of my pension and cash ISA before I'm officially retired.

Perhaps worth sharing how you believe consolidating pensions at 63 will improve your situation?  Multiple smaller pensions can be an advantage....

That's a very good point you've raised. I didn't mean consolidate for the sake of it, but also to check if there is scope for improvement by moving elsewhere.

loveprada

Albermarle said:

Such as what are all these pensions you mention ? and how much are they worth approx .? Do any of them have guaranteed benefits such as a guaranteed income or are they all just simple DC pots ?
Regarding the cash ISA - do you want to keep this in a safe savings account , as opposed to investing it ? and again some idea of how much it is would help.

One of the pensions pays a guaranteed rate of either 3% or 4% and having spoken to the Pensions Advisory service and the IFA I mentioned, both thought I may as well keep this in place. With the other two, one is from when I was working at a Magic Circle law firm and the other in another city firm so I'm sure they're performing ok although I wouldn't know how to guage it.  These two are newer that the one with a guarantee yet they've outperformed it!

loveprada

How much later did you get back to him? 

A matter of weeks or maybe a month or so, it certainly wasn't something like 6 months later

loveprada

eskbanker said:

Still puzzled - what specifically are you looking to achieve by consolidating pensions?  Are you going to be returning to work and joining another scheme?  When do you plan to start drawing down the pension money and is the ISA money to be used to live on until then?

I see your point, I wasn't necessarily hoping to consolidate although it might be easier to have everything together. I was just hoping to get a better return in the next few years before I start drawing on it, say in a few years time.  Likewise with the cash, since interest rates are so poor.  Maybe I should have done this exercise 10 years ago.

loveprada

Thrugelmir said:

Why couldn't you effect the switch between holdings yourself. 

I was hoping to, I spoke with all three providers they were very black and white about it. Not many options, either to drawdown or move to an active workplace pension. Fidelity suggested I take up a SIPP with them but I wouldn't know what to do with it!

loveprada

Albermarle said:

 I'm amazed people have been so quick to try to give me detailed advice, as all I expected was more roundabout advice.

This seems a bit odd . Especially the last comment . Probably good to clarify this with Fidelity. Normally they are keen for you to transfer in other pensions to them .

Fidelity suggested I take up a SIPP with them. This was an off the cuff comment rather than formal advice. I wouldn't know how to look after a SIPP though!
Your comment about Premium Bonds is interesting. With the interest rate being so low I can't imagine getting much back.  Do people generally win a steady stream on a par with the interest rate while hoping to win a biggie?

eskbanker

loveprada said:

eskbanker said:

loveprada said:

I'm 63, not working and not drawing a pension, I just want to improve the state of my pension and cash ISA before I'm officially retired.

Perhaps worth sharing how you believe consolidating pensions at 63 will improve your situation?  Multiple smaller pensions can be an advantage....

That's a very good point you've raised. I didn't mean consolidate for the sake of it, but also to check if there is scope for improvement by moving elsewhere.

loveprada said:

eskbanker said:

Still puzzled - what specifically are you looking to achieve by consolidating pensions?  Are you going to be returning to work and joining another scheme?  When do you plan to start drawing down the pension money and is the ISA money to be used to live on until then?

I see your point, I wasn't necessarily hoping to consolidate although it might be easier to have everything together. I was just hoping to get a better return in the next few years before I start drawing on it, say in a few years time.  Likewise with the cash, since interest rates are so poor.  Maybe I should have done this exercise 10 years ago.

How much control do you have over the two pensions without a guarantee, i.e. are you able to see specifically what they're invested in and choose alternative funds within the same pension?  Do you have visibility of all the costs you're being charged?  In terms of "hoping to get a better return in the next few years before I start drawing on it, say in a few years time", you may find that you need to separate some of the money into short/medium term and the rest into longer term, making investment choices accordingly, but you will really need to have some sort of plan as to when you'd access the ISA money and when you'd need the pension money, so that you pick the best places for the various pots based on your needs and objectives (and risk tolerance).

An IFA would be able to take you through a structured process to help you crystallise that starting position and future direction, but you might find that the cost of such advice to be high as a percentage, given the relatively modest size of the pots concerned.

loveprada said:

Your comment about Premium Bonds is interesting. With the interest rate being so low I can't imagine getting much back.  Do people generally win a steady stream on a par with the interest rate while hoping to win a biggie?

The return on Premium Bonds is inherently variable from month to month so isn't particularly well suited if you're after a 'steady stream' of regular predictable income, but with a decent-sized holding over a period of a year or more, your rolling average return should be reasonably close to 0.9%, which is comfortably better than equivalent (easy access) cash ISAs or other savings accounts.

Albermarle

 I wouldn't know how to look after a SIPP though!

As mentioned in the above post , your current pensions will have investments inside them . You should be 'looking after' them already , or at least be aware what they are.

A pension itself does not perform , it is the investments inside the pension that bring the gains ( or losses) .

So just switching from one pension to another to hopefully get a better result is pointless unless you compare the investments inside the pensions.