Switching drawdown pension - is it possible? 9 March at 7:34PM in Pensions, annuities & retirement planning 1 reply 196 views

cariad63

Hi - I combined some small company pensions into a drawdown fund with a company of Independent financial advisers. The reviews seemed good and they are regulated with FCA. I took a little money out to help daughter with a flat deposit.
Over 2 years the pension has steadily lost money (over the same period another pension with Aviva has grown). 
As its a drawdown pension I know not all companies will let you switch to them but as the company have so far lost 10% of my pension, I really need to leave them - any ideas please?

dunstonh

Over 2 years the pension has steadily lost money (over the same period another pension with Aviva has grown). 

It should have lost  money steadily over two years.    2021 was a positive year peaking Nov/Dec time (the date will vary depending on your assets).     From that point until June 2022, it did fall steadily.   However, July and most of August went up before falling again, quite fast, until October.     You should be around 10% up from the October low point.

So, if you are seeing a steady fall over that period, then something isn't quite right.  You should be back up to around May/June 2022 values now.

As its a drawdown pension I know not all companies will let you switch to them but as the company have so far lost 10% of my pension, I really need to leave them - any ideas please?

10% is not much of a loss in a year where people have lost as much as 40% from mainstream investments.

Aviva probably hasn't gone down if it's a With Profits fund or one of their guaranteed return funds but we would need fund names to know that.