Moving aviva pension to HL, advise pls?

gambleruk

everfor007 said:

Attached  my online account screenshot, for  proof of  accuracy, says call us for any investment changes.  is it not outdated system? 

Just out of interest download their app and try that, I found that I can change funds (around 25 different ones) and also access lots of other useful stuff which I never found on their website. My pension dates back to 1989 so would have thought you would be able to do the same. They also do an hours free appointment over the phone which I found quite useful which might be worth doing before you decide to change which you can book through the app.

Albermarle

balbs said:

HL might not be the cheapest outfit around but their customer service people know what are they talking about and are not just script readers - Ive just had a nightmare with transferring an old AVC from another provider to HL, IMHO the old provider shouldnt be trusted with holding anybodys money so Im glad Ive moved it to HL,and they were extremely helpful in badgering the old company.  Its the old story , you do get what you pay for.

As long as you ( not necessarily you personally )do not fall into the following trap .

Step 1 - Get fed up with old pension for good, or even the wrong reasons.
Step 2 - Get good feedback about HL and you like their website .
Step  3-- Transfer in cash to HL 
Step 4 - Be bamboozled with the vast array of investments on offer .
Step 5 - Thankfully HL offer a managed HL solution , so invest in this 
Step 6 - For next 20 years pay combined HL platform and fund charges, that are probably double or triple what you were paying before.
Step 7 - HL share price goes up due to increasing profits .

balbs

Albermarle said:

balbs said:

HL might not be the cheapest outfit around but their customer service people know what are they talking about and are not just script readers - Ive just had a nightmare with transferring an old AVC from another provider to HL, IMHO the old provider shouldnt be trusted with holding anybodys money so Im glad Ive moved it to HL,and they were extremely helpful in badgering the old company.  Its the old story , you do get what you pay for.

As long as you ( not necessarily you personally )do not fall into the following trap .

Step 1 - Get fed up with old pension for good, or even the wrong reasons.
Step 2 - Get good feedback about HL and you like their website .
Step  3-- Transfer in cash to HL 
Step 4 - Be bamboozled with the vast array of investments on offer .
Step 5 - Thankfully HL offer a managed HL solution , so invest in this 
Step 6 - For next 20 years pay combined HL platform and fund charges, that are probably double or triple what you were paying before.
Step 7 - HL share price goes up due to increasing profits .

yes thats some fair points although I would comment....

Step 1 - Get fed up with old pension for good, or even the wrong reasons - agreed

Step 2 - Get good feedback about HL and you like their website  - not sure why that is a trap - I recently transferred monies out of a scheme as their online website service wasn't fit for purpose
Step  3-- Transfer in cash to HL - but HL do offer a range of cash holding solutions now - you choose how you hold it.
Step 4 - Be bamboozled with the vast array of investments on offer  - not sure its a 'trap' but there is a lot - agreed - but there is also a lot of advice.
Step 5 - Thankfully HL offer a managed HL solution , so invest in this - yes - you can have this as part of an overall portfolio.

Step 6 - For next 20 years pay combined HL platform and fund charges, that are probably double or triple what you were paying before - disagree and I keep tabs on this - although I do agree that the lack of transparency by just about every company in this field is in desperate need of reform.  Its almost impossible to do direct comparisons.

Step 7 - HL share price goes up due to increasing profits - well my view for what its worth if they do a good job they deserve it (and you could always contribute by investing into them directly!)

dunstonh

Step 2 - Get good feedback about HL and you like their website  - not sure why that is a trap - I recently transferred monies out of a scheme as their online website service wasn't fit for purpose

Most modern pensions operate with modern software that allows for ongoing adjustments/upgrades and are far more efficient than older legacy schemes that were built on old fashioned, often hard-coded, software that cannot be cost-effectively upgraded.

It is worth noting that a lot of these legacy schemes do transfer out very quickly.   You may wish to read up on posts about people leaving HL and how long it took.  The grass is not always greener on the other side.

Step 4 - Be bamboozled with the vast array of investments on offer  - not sure its a 'trap' but there is a lot - agreed - but there is also a lot of advice.

oh it is a trap.  An awful lot of people have moved into the in-house offering of a platform and ended up paying more than what they had or more than using an IFA.  Sometimes double or more the existing costs.    One platform has their own solution in its top-selling 10 funds list most months.   All traps can be avoided but Albermarle was spot on with what does often happen.

Step 6 - For next 20 years pay combined HL platform and fund charges, that are probably double or triple what you were paying before - disagree and I keep tabs on this - although I do agree that the lack of transparency by just about every company in this field is in desperate need of reform.  Its almost impossible to do direct comparisons.

Transparency on modern products and investments has never been better and it's very easy to compare. 

trevjl

cfw1994 said:

trevjl said:

I have a workplace pension with Aviva and I can do all the things you say you can't do online, online.
I have SS ISA with HL, service good & answer the phone almost immediately from my experience.

My workplace pension was also with Aviva: pretty easy to chose from around 80 funds, low cost (from 0.23% to about 1%, all in).  So certainly *some* Aviva plans let you do things.  Maybe call them and ask?

I have now left work & started drawing down: they have been reasonable enough (bit of a faff & palaver with first amount, they offered some compensation which was kind enough, no money lost for me); my fund choices and charges remain the same as they were before.

80 funds was enough for me to research…having a few thousand would cause me more challenges, I suspect!

Are you saying your platform charge remained the same once your pension ceased to be the work scheme and became your own.
i was going to ask them this as I am going next year. Work scheme currently paying 0.2%

dunstonh

trevjl said:

cfw1994 said:

trevjl said:

I have a workplace pension with Aviva and I can do all the things you say you can't do online, online.
I have SS ISA with HL, service good & answer the phone almost immediately from my experience.

My workplace pension was also with Aviva: pretty easy to chose from around 80 funds, low cost (from 0.23% to about 1%, all in).  So certainly *some* Aviva plans let you do things.  Maybe call them and ask?

I have now left work & started drawing down: they have been reasonable enough (bit of a faff & palaver with first amount, they offered some compensation which was kind enough, no money lost for me); my fund choices and charges remain the same as they were before.

80 funds was enough for me to research…having a few thousand would cause me more challenges, I suspect!

Are you saying your platform charge remained the same once your pension ceased to be the work scheme and became your own.
i was going to ask them this as I am going next year. Work scheme currently paying 0.2%

The ability to have dual pricing for current members and ex-members was removed some years back.  I you have 0.20% then you keep 0.2%.

Albermarle

dunstonh said:

trevjl said:

cfw1994 said:

trevjl said:

I have a workplace pension with Aviva and I can do all the things you say you can't do online, online.
I have SS ISA with HL, service good & answer the phone almost immediately from my experience.

My workplace pension was also with Aviva: pretty easy to chose from around 80 funds, low cost (from 0.23% to about 1%, all in).  So certainly *some* Aviva plans let you do things.  Maybe call them and ask?

I have now left work & started drawing down: they have been reasonable enough (bit of a faff & palaver with first amount, they offered some compensation which was kind enough, no money lost for me); my fund choices and charges remain the same as they were before.

80 funds was enough for me to research…having a few thousand would cause me more challenges, I suspect!

Are you saying your platform charge remained the same once your pension ceased to be the work scheme and became your own.
i was going to ask them this as I am going next year. Work scheme currently paying 0.2%

The ability to have dual pricing for current members and ex-members was removed some years back.  I you have 0.20% then you keep 0.2%.

Although if you need to transfer the pension with the same provider, as it is too old to support modern flexible drawdown for example , I do not know if the low charge will necessarily continue .
When I asked Standard Life this question , they were a bit evasive and said charge would need to be discussed when the necessary  transfer was more imminent.

dunstonh

Although if you need to transfer the pension with the same provider, as it is too old to support modern flexible drawdown for example , I do not know if the low charge will necessarily continue .

If the product you have cannot facilitate the drawdown method you want, then you cant use it for drawdown and you will have to move it.  Although you can keep it right up until you do.

When I asked Standard Life this question , they were a bit evasive and said charge would need to be discussed when the necessary  transfer was more imminent.

I've tried it with Standard Life before (moving an old life and pensions contract to their platform) and no deal was offered.  Aviva offers retention deals to move it to their platform but only via IFAs.

cfw1994

trevjl said:

cfw1994 said:

trevjl said:

I have a workplace pension with Aviva and I can do all the things you say you can't do online, online.
I have SS ISA with HL, service good & answer the phone almost immediately from my experience.

My workplace pension was also with Aviva: pretty easy to chose from around 80 funds, low cost (from 0.23% to about 1%, all in).  So certainly *some* Aviva plans let you do things.  Maybe call them and ask?

I have now left work & started drawing down: they have been reasonable enough (bit of a faff & palaver with first amount, they offered some compensation which was kind enough, no money lost for me); my fund choices and charges remain the same as they were before.

80 funds was enough for me to research…having a few thousand would cause me more challenges, I suspect!

Are you saying your platform charge remained the same once your pension ceased to be the work scheme and became your own.
i was going to ask them this as I am going next year. Work scheme currently paying 0.2%

Indeed 👍

I did check with them a couple of years back, when I started taking some TFLS (due to LTA concerns).  

I’d recommend contacting them to confirm the same holds true for your scheme, but @dunstonh’s comment suggests it will.  Usually get a response within about a week to email questions (I’ve asked a fair few over the years😜).

The remaining chunks with each crystallisation event moved to show online as a separate drawdown amount (now the bulk of my pot), but the funds and fees remained exactly the same: it shows on mine as “total value is £xxx,xxx, of which £yyy,yyy is in drawdown”.
Therefore the funds I chose would be the same, whether crystallised or uncrystallised.

So with my scheme, the ‘basic’ 10 funds typically offered mostly charge 0.23%, with some at 0.33%.
Your 0.2%, if the total fees, is excellent!  Does it offer you a range of funds at the same cost?
The full list of funds on mine (around 80, in a “New Generation Personal Pension Plan”) range up to (I think) 1.06%.  

Most expensive one I hold is Baillie Gifford American, at 

0.74%.  BG International is 0.49%.   

I see they have some new “My Future” funds since last time I checked….might need to do some research sometime (something I do from time to time, & occasionally make a small change)

So yes, after leaving work, and 6 months later, now drawing down, the fund fees remain the same 😎👍

trevjl

Thanks
yes thats the total for the funds i am in at present, which is two of the future focus funds you mention, which rightly or wrongly I moved to a few months ago as the company LS funds were too cautious for my liking. It shows 0% as the fund charge. There are options which have higher charges, the BG international you mention is showing at 0.38%, which I guess has the 0.2% on top.
It shows 219 funds available to me.