Do Standard Life charge a fee for transferring out a Workplace Pension to another provider?

mutterances

engagedandopen said:

Have Standard Life not moved you into this, mutterances -

invsum_1esg.pdf (standardlife.co.uk)

Alternatively, if you're in their Managed fund, their Managed Multi-Asset 20-60% fund or their Stock Exchange fund (a managed global equity fund with, generally, a slight UK home bias), they have updated the objectives to include Responsible/ESG considerations.  They have gone all-in on Responsible Investing by default this year; check out their website.

Ha ha - thanks for sharing that: it's a bit buried from view but I saw just before you posted that they have indeed moved me into the 'Sustainable Multi Asset Universal (AP 10 Year) SLP' pension plan. I'm starting to think Standard Life aren't doing the greatest job at promoting their merits!

For the saving of hassle and what I'm finding are the inconclusive benefits either way, I'm starting to think it might be just as easy to stay as I am with SL. This said, I'm not yet sure whether my new employer will be willing to pay into my SL pension, or whether they will insist on me going with Nest. There are nuances to the whole thing I won't go into on here, but hopefully I should have an answer on that before Christmas - from what I'm reading they may insist on me going with Nest anyway, in which case it'll be decision made!

Brie

Just as an additional thing to consider.....having more than 1 pension pot means you have more flexibility on how you deal with things at a later date.  You might want to start the Nest one sooner or later than the SL one.  Or you might have a different job  and different pension you want to transfer the SL one to.

Albermarle

 from what I'm reading they may insist on me going with Nest anyway, in which case it'll be decision made

The large majority of employers will only pay into their chosen scheme.

Maybe worth noting, that Standard Life pensions were sold a couple of years ago to Phoenix . So far nothing much has changed but it seems behind the scenes there are some changes happening. Only time will tell if these are positive or negative.

Just as an additional thing to consider.....having more than 1 pension pot means you have more flexibility on how you deal with things at a later date
I can agree with this, it is also useful to compare the service from different providers. From what you hear on this forum ( and my own experience) some are a lot  worse than others.

Rich1976

I’m with SL for my workplace pension and from a customer service point of view have found them to be very good with any secure messages I’ve sent usually responded to the same day.

the disadvantage with them is the charges on the funds. Whilst I am in the Sustainable Multi Asset Lifestyle option which has a charge of 0.67%, if I choose any of the other funds then they are 1% ore more generally even for trackers.

as it’s my workplace pension I’ve no other option but use them, but all my previous employer pensions I transferred to HL and still contribute in addition to the SL one.

it is doubtful your employer will pay into another scheme other than the Nest one.

mutterances

Rich1976 said:

I’m with SL for my workplace pension and from a customer service point of view have found them to be very good with any secure messages I’ve sent usually responded to the same day.

the disadvantage with them is the charges on the funds. Whilst I am in the Sustainable Multi Asset Lifestyle option which has a charge of 0.67%, if I choose any of the other funds then they are 1% ore more generally even for trackers.

as it’s my workplace pension I’ve no other option but use them, but all my previous employer pensions I transferred to HL and still contribute in addition to the SL one.

it is doubtful your employer will pay into another scheme other than the Nest one.

Thanks for sharing experience Rich1976, that's most useful

I agree with your anticipation that most employers will stick to one scheme. My situation is a little unusual though in that I'm starting work for a Finland based company, who outsource their payroll services in Finland, who in turn works with a British accountant to process payroll and related activities in the UK. There is only one other UK based employee, who was set up long ago at a time when Nest were the only real option with regards to WPPs (as I understand it).

So in short, I'm waiting to hear back through a long chain of communication, but my feeling is they are open minded about continuing with my current WP pension. Given the ramp-down of services because of Christmas I may not find out either way until the new year, so I have a bit of time to consider options. I'll check out Hargreaves Lansdown too, as you've mentioned them, thanks!

mutterances

Albermarle said:

 from what I'm reading they may insist on me going with Nest anyway, in which case it'll be decision made

The large majority of employers will only pay into their chosen scheme.

Maybe worth noting, that Standard Life pensions were sold a couple of years ago to Phoenix . So far nothing much has changed but it seems behind the scenes there are some changes happening. Only time will tell if these are positive or negative.

Just as an additional thing to consider.....having more than 1 pension pot means you have more flexibility on how you deal with things at a later date
I can agree with this, it is also useful to compare the service from different providers. From what you hear on this forum ( and my own experience) some are a lot  worse than others.

All very useful and interesting - appreciate the insight, and that gives me even more food for thought!

noclaf

I transferred one of my pensions from SL earlier this year, also an old workplace scheme. No additional fees charged and a seamless pain free transfer that was completed quicker than expected, quite impressed after the pain I went though transferring another pension from a Capita/SW platform.

To be fair I would of been happy to stay with SL,  was paying circa 0.16% fees and they had a bunch of Vanguard Equity funds so was well covered from a fund selection perspective, customer service was generally quite good and the platform was modern but easy to use.

I only left SL to take advantage of Fidelity's relatively low platform fees for holding ETF's though the difference between the two has narrowed due to Fidelity's planned increase in fees next year (the capped fees for holding ETF's increasing from £45 to £90)

Albermarle

Probably worth noting that SL have various pension options.
 Active personal pension with two options, one with just a few ready made funds and a DIY option with about 200 funds.
Then a SIPP type 1, which is practically indistinguishable from the DIY personal pension.
A SIPP type 2, which is more like a whole of market SIPP and a Type 3 Full SIPP.
All have different charging structures, with discounts for larger funds.
Then various workplace pension options, often with employer discounts.

dunstonh

Albermarle said:

Probably worth noting that SL have various pension options.
 Active personal pension with two options, one with just a few ready made funds and a DIY option with about 200 funds.
Then a SIPP type 1, which is practically indistinguishable from the DIY personal pension.
A SIPP type 2, which is more like a whole of market SIPP and a Type 3 Full SIPP.
All have different charging structures, with discounts for larger funds.
Then various workplace pension options, often with employer discounts.

And not to forget their GPPPs, GSHPs and CIMPs as well as many bespoke plans that larger employers may have been able to get (as a variation on their default plans).