Robo-Investing - Moving my pension pot

r.jenkins36

I consolidated various private pensions into two pension pots, one with PensionBee, the other with Moneyfarm.  Both pots are crystallised.

So far, PensionBee has performed quite well, given current market climate and I have always found the staff there helpful and knowledgeable.

Moneyfarm is a different story!  Not only has investment performance been very disappointing, it's like pulling teeth to withdraw any money - 1 month plus!!

My question is, if I wish to transfer the balance in the pot (crystallised) into another fund for drawdown at a later date, are there any tax or other implications?

Thank you for your help.

Albermarle

Firstly to be clear, the investment performance of your pension, is defined by the investments you have chosen within the pension. Not by the pension provider themselves who are only administering the pensions.
Ok it is true that the waters are a bit muddied by the two providers you mention, as they only offer their own in house funds. However comparing one with the other for investment performance, depends on the investments chosen, not the provider themselves.
As far as customer service then that is something you can compare.

To your question. There are no tax implications when transferring pension pots. The only issue is that some providers will not accept crystallised funds, and for the ones that do, you usually can not just do it online like you can with uncrystallised pots.

dunstonh

Moneyfarm is a different story!  Not only has investment performance been very disappointing, it's like pulling teeth to withdraw any money - 1 month plus!!

Is the moneyfarm portfolio invested to the risk profile as pensionbee?
Is the moneyfarm portfolio invested to the same style strategy as pensionbee?
Are the dates invested in both identical?

If the answer to any of the above is no, then that is likely to be your reason.  It also doesn't mean that moneyfarm is worse. 

My question is, if I wish to transfer the balance in the pot (crystallised) into another fund for drawdown at a later date, are there any tax or other implications?

no

Millyonare

Only have a tiny amount (not pension) with Moneyfarm, but have also found them to be a bit rubbish.

Orwell1984

"Moneyfarm is a different story!  Not only has investment performance been very disappointing, it's like pulling teeth to withdraw any money - 1 month plus!!@"

I am having the same experience as previous comment quoted above withdrawing my money from Moneyfarm. I found it to be the Hotel California of investment platforms. Fortunately, I only invested £500.