Moving aviva pension to HL, advise pls?

zagfles

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 .

The Portfolio+ service uses multi-manager funds which are quite expensive as they have an extra layer of charges which make them almost as expensive as using an IFA, but they also have "Master Portfolio" suggestions which use normal funds with normal levels of charges inc cheap trackers at under 0.1% but mainly actively managed funds at around 0.6%

cfw1994

trevjl said:

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.

Sounds a great deal to me on costs: stick with that for as long as you can 👍

Also agreed regarding the cautious nature of default plans: about 16 years ago a work pal and I decided the default ‘glidepath’ funds in our plan were too cautious.  Time has proven us to be right, through the GFC of 2008 as well as the clearly very kind recent bull run 👍

Part of the reason why I feel “risk level” needs to be better understood as “tolerance to volatility”.  
The very word “risk” makes a lot of people think of a time they lost some money and makes them want to be “low risk”.  Over the long term, I would argue that is rarely the best thing for them. 

Albermarle

Part of the reason why I feel “risk level” needs to be better understood as “tolerance to volatility”.  
The very word “risk” makes a lot of people think of a time they lost some money and makes them want to be “low risk”.  

I would also  think for some, describing something as a high risk fund , will make them think they could lose everything , which of course is highly unlikely if you stick to mainstream funds.

cfw1994

Albermarle said:

Part of the reason why I feel “risk level” needs to be better understood as “tolerance to volatility”.  
The very word “risk” makes a lot of people think of a time they lost some money and makes them want to be “low risk”.  

I would also  think for some, describing something as a high risk fund , will make them think they could lose everything , which of course is highly unlikely if you stick to mainstream funds.

Exactly! 
"Risk" can be so misunderstood, & mean many different things to people.

To me, real "risk" might be dumping a significant chunk into crypto, a thing I don't really understand & personally believe is dreadful for the planet, purely sucking energy up....of course many have made (or perhaps lost!) small fortunes from it.    
Others, of course, will disagree.  

robatwork

First thing is probably to ask Aviva if they can change you to a product you can manage online.

I have a 2001 pension "Your Pension select" that I can manage online