Phoenix Life and L&G transfer to SIPP?

handful

I have recently opened a sipp to divert savings previously paid to SJP (I know) and I'm thinking it's probably a good time to move a couple of other "pots" that I hold. I will move my SJP over as they reach 6 years and the charges drop off.

The first is a small one with Phoenix Life which was originally NPI. It's only worth around £20k and invested in Phoenix NPI Pens Managed Series 1, Initial and Ordinary.

According to the statement, there is an AMC of 4.5% of the fund for the Initial and 1% for the Ordinary. this seems incredibly high to me?

The other is much larger, with L&G, currently worth £124k and invested in L&G PMC AAA-AA-A Corp Bond Over 15 Yr Index 3 and L&G PMC Global Equity Market Weights 30:70 Index 3

The L&G on seems to have done pretty well to be honest so may be worth keeping where it is for now? For info I am 58 and probably thinking of retiring in 5 years. I know I can't have direct advice based on just that info but any comments would be welcome. Thanks

dunstonh

According to the statement, there is an AMC of 4.5% of the fund for the Initial and 1% for the Ordinary. this seems incredibly high to me?

1% AMC seems about right for the era on an old NPI plan.    The 4.5% initial is not an AMC.

The L&G on seems to have done pretty well to be honest so may be worth keeping where it is for now? 

Done well relative to what?   Can you not mirror the funds on the SIPP? if so, is it cheaper on the SIPP or with L&G

handful

dunstonh said:

Done well relative to what?   Can you not mirror the funds on the SIPP? if so, is it cheaper on the SIPP or with L&G

This is the performance of the 30:70 fund.

Performance as at 30 Jun 2021

Compared to	Fund percentage growth
1 year before	29.45 %
3 years before	33.89 %
5 years before	79.29 %

and the other fund invested

Performance as at 30 Jun 2021

Compared to	Fund percentage growth	Markit iBoxx £ Non-Gilts (ex-BBB) Over 15 Years Index (benchmark) percentage growth
1 year before	-3.22 %	-2.77 %
3 years before	19.92 %	22.18 %
5 years before	29.35 %	30.08 %

I will check out what funds are available on II and will find out what the charges would be. Thanks for this and the other info provided.

Albermarle

I am not an expert but I would have thought  a 15year corporate bond fund would not be a good choice in the current market situation .
Bond valuations are a bit stretched and you can see that in the small loss made in the last 12 months 

handful

Albermarle said:

I am not an expert but I would have thought  a 15year corporate bond fund would not be a good choice in the current market situation .
Bond valuations are a bit stretched and you can see that in the small loss made in the last 12 months 

Thanks and I agree, hence my thoughts of making it work harder in a SIPP. Fortunately the other investment did better!