L&G selling my Partnership pension to Fidelity

ladaowner55

I work for Public Health England (yes the very people fighting COVID) I earn 40k a year and have 40k in a partnership pension and I am 45 year old.  Today I received a letter saying L&G want to transfer my pension to Fidelity.  Is this a good idea or should I seek some else out? Attached are the fees but I am at a lose if those a high or how one would choose another provide if these are very high charges, all I know is 1.4 is very high and 0.3 super low.  Please can I ask for the kind help of the wonderful people on the forums.

MX5huggy

Do you actually have a choice if you want to keep contributing? Seems it is a marginal reduction in fees. 

ladaowner55

so I am hearing just accept the automatic change over and continue making contribution as the fee are not super high.

jamesd

Which investments are you using? Which do you want to use? Once you know that you can compare the costs for those investments at various places.

You can eliminate confused.com from the possible choices because they don't offer pension products.

ladaowner55

confused is me?!?  I have no ideas, that is the problem.

I am just going to press transfer as this is way too complex unless someone else says those fees look terrible.

MX5huggy

ladaowner55 said:

so I am hearing just accept the automatic change over and continue making contribution as the fee are not super high.

What are the advantages of using this Partnership Pension over a straight SIPP which you could get at a lower fee? Does your employer add anything? Is it Salary Sacrifice? Or anything else?

MX5huggy

Are you also a member of a DB (final salary or CARE) scheme? 

ladaowner55

employer add £400 (cost me 0)? And Salary Sacrifice 3% matched by me and employer 

Not final salary just what I put in.

xylophone

What are the advantages of using this Partnership Pension over a straight SIPP which you could get at a lower fee? 

It's the OP's workplace pension scheme.
https://www.civilservicepensionscheme.org.uk/media/624972/partnership-scheme-guide-march-2020.pdf

The L&G scheme is an occupational scheme under a Master Trust. You do not have to make any payments to have a partnership pension account as your employer will make contributions anyway. If you do choose to contribute, your employer will match your payments up to a further 3% of your pensionable salary.

I don't think that the administration of this CS Money Purchase pension scheme is passing to Fidelity.

Presumably the OP has previously had a choice of L&G  managed funds within the pension but the management of these funds is being transferred to Fidelity?

ladaowner55

@xylophone sounds about right. 


Does that mean I can ask Fidelity to invest my fund in for example higher risk stocks?

xylophone

Does that mean I can ask Fidelity to invest my fund in for example higher risk stocks?

https://www.civilservicepensionscheme.org.uk/media/624972/partnership-scheme-guide-march-2020.pdf

You have a  selection of funds from which you can choose? 
You would choose the higher risk options if that suits your objectives.