Multiple Pension Bee policies - would you move them?

scottfe21

Hi all, Bit of a vague question however I'll give it a go. I had 6 small policies which I'd amalgamated into 1 fund with the help of Pension Bee. I also have a long standing policy with Zurich which I started when I was 21 (now 53), which has been performing very well over. I'm paying into both policies still. I suppose the question I have and advise I'm looking for is, would you explore the possibility of adding the Pension Bee fund into my Zurich policy? This would mean, apart for my current work pension, all my private pension funds would be in the same basket...wise or not? Any advise appreciated? 

dunstonh

would you explore the possibility of adding the Pension Bee fund into my Zurich policy?

Without details, there is no way for us to compare.  

Pensionbee is not particularly cheap (0.50-0.95% - not expensive but not market leading terms).    Their 0.5% tracker option can be got for 0.3x%  for example.  Zurich is likely to be an old fashioned product.   In reality, I would probably be looking at a third option but that is just me.

This would mean, apart for my current work pension, all my private pension funds would be in the same basket...wise or not?

Insured personal pensions get 100% FSCS protection with no upper limit.    Both of yours have 100% FSCS protection

[Deleted User]

Leaving unknown cost specifics aside, it does make sense to simplify and merge to the extent possible.

The value of 100% FSCS protection is questionable.  Assets are not protected by FSCS; they are essentially insuring against broker bankruptcy administration costs being charged to investors.  Investment firms with trillions of assets don’t tend to go into administration. And if this were to happen to a large and solid investment house, its dubious investors would be left on the hook. And in the event of an Armageddon with the likes of Fidelity, Vanguard et al going under, the government may decide to renege on any guarantees anyway.  

Theoretical rather than  a real issue in most cases but could become practical if considering small and niche platforms. 

Considering a third option seems reasonable.

Albermarle

You need to take into account what you plan to do with the pensions when you retire ( or even before).
A lot of changes came in The Pension Freedom Act of 2015, giving more flexibility on how you could take your pension. However many older pensions are unable to offer this flexibility, so you have to transfer to a new pension anyway, either with the same or a different provider.
TBH , I can not remember the last time a poster mentioned Zurich as a pension provider. I know they got out of workplace pensions altogether. 

dunstonh

TBH , I can not remember the last time a poster mentioned Zurich as a pension provider. I know they got out of workplace pensions altogether.  

Zurich sold their platform to embark (since rebranded).  They sold their workplace pensions to SW.    Their legacy book is still with them but they have been selling their legacy books across Europe.  So, it may not be long before it is sold here. 

Most legacy Zurich pensions I come across are ex Allied Dunbar.

scottfe21

dunstonh said:

TBH , I can not remember the last time a poster mentioned Zurich as a pension provider. I know they got out of workplace pensions altogether.  

Zurich sold their platform to embark (since rebranded).  They sold their workplace pensions to SW.    Their legacy book is still with them but they have been selling their legacy books across Europe.  So, it may not be long before it is sold here. 

Most legacy Zurich pensions I come across are ex Allied Dunbar.

Exactly correct - It was Allied Dunbar back in the day...