We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Work pension advice
Options
sultan123
Posts: 441 Forumite
Looking for some advice. An offer for a role has been made where the base salary is £93000 + £1200 general allowance and a £6000 car allowance. There is bonus too which is 18%.
However, my challenge is as that takes me over the 100k threshold I will need to do salary sacrifice of both base salary and some part of bonus into work place pension. The provider of the pension is scottish widows though and reviews have been very bad on trustpilot etc.
Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews. Also thought of SIPP but again that would surely not work here in order to save on 60% tax.
Can I move funds to another provider every few months? Will there be a charge?
However, my challenge is as that takes me over the 100k threshold I will need to do salary sacrifice of both base salary and some part of bonus into work place pension. The provider of the pension is scottish widows though and reviews have been very bad on trustpilot etc.
Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews. Also thought of SIPP but again that would surely not work here in order to save on 60% tax.
Can I move funds to another provider every few months? Will there be a charge?
0
Comments
-
You would have to ask the pension provider if they allow partial transfers out.
When you say the reviews are bad do you mean the reviews of SW customer service or the performance of the fund that the pension is invested in? If you are still accumulating your pension and you are happy with the fund performance, the customer service might not matter much as you won't have to interact with them much - you could then transfer it out when you are getting close to wanting to access the money.0 -
Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews. Also thought of SIPP but again that would surely not work here in order to save on 60% tax.
As previously explained in your other thread RAS contributions to a SIPP do reduce your adjusted net income so they would help mitigate any loss of Personal Allowance.
For example say total taxable income is £120k and you add £16k net to a SIPP. The pension company will add £4k in basic rate tax to your pension fund making a gross contribution of £20k.
Your taxable income remains £120k but your adjusted net income would be reduced to £100k
0 -
The provider of the pension is scottish widows though and reviews have been very bad on trustpilot etc.Ignore trustpilot. That is never a good way to buy financial products.
SW have had issues on their legacy contracts for servicing. However, not all of their contracts have those problems.Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews.How is a review going to change the returns on your pension?Can I move funds to another provider every few months? Will there be a charge?That is a particularly bizarre thing based on your reasoning.
Stop worrying about trustpilot.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Reviews of both customer service and funds. It is not limited to just 1 website but many.Pat38493 said:You would have to ask the pension provider if they allow partial transfers out.
When you say the reviews are bad do you mean the reviews of SW customer service or the performance of the fund that the pension is invested in? If you are still accumulating your pension and you are happy with the fund performance, the customer service might not matter much as you won't have to interact with them much - you could then transfer it out when you are getting close to wanting to access the money.0 -
The numerous reviews across many sites all say sw are not great whether thats performance or customer service.dunstonh said:The provider of the pension is scottish widows though and reviews have been very bad on trustpilot etc.Ignore trustpilot. That is never a good way to buy financial products.
SW have had issues on their legacy contracts for servicing. However, not all of their contracts have those problems.Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews.How is a review going to change the returns on your pension?Can I move funds to another provider every few months? Will there be a charge?That is a particularly bizarre thing based on your reasoning.
Stop worrying about trustpilot.
The movement to other providers was suggested by other posters0 -
It was actually you who first mentioned it, in the opening post.sultan123 said:
The numerous reviews across many sites all say sw are not great whether thats performance or customer service.dunstonh said:The provider of the pension is scottish widows though and reviews have been very bad on trustpilot etc.Ignore trustpilot. That is never a good way to buy financial products.
SW have had issues on their legacy contracts for servicing. However, not all of their contracts have those problems.Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews.How is a review going to change the returns on your pension?Can I move funds to another provider every few months? Will there be a charge?That is a particularly bizarre thing based on your reasoning.
Stop worrying about trustpilot.
The movement to other providers was suggested by other posters
Can I move funds to another provider every few months? Will there be a charge?0 -
-
The numerous reviews across many sites all say sw are not great whether thats performance or customer service.And which SW contracts are they referring to? Clerical Medical, Halifax Life, Black Horse Life, TSB Life, legacy SW, modern SW, workplace SW, SW platform......
SW have many funds. They also have a whole of market platform. Let's just say you were on the whole of market platform, you would effectively be saying every fund available is not great.The movement to other providers was suggested by other postersAnd do those people know what they are talking about or is it a case of the blind leading the blind?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Yes I was advised in that thread to make new post in this forum as pension experts hereGrumpy_chap said:0 -
No I am referring to my other thread where it was advised. I then adapted my opening post hereDazed_and_C0nfused said:
It was actually you who first mentioned it, in the opening post.sultan123 said:
The numerous reviews across many sites all say sw are not great whether thats performance or customer service.dunstonh said:The provider of the pension is scottish widows though and reviews have been very bad on trustpilot etc.Ignore trustpilot. That is never a good way to buy financial products.
SW have had issues on their legacy contracts for servicing. However, not all of their contracts have those problems.Even though the offer is appealing, I feel a lot of money would be wasted through the pension provider potentially going of the reviews.How is a review going to change the returns on your pension?Can I move funds to another provider every few months? Will there be a charge?That is a particularly bizarre thing based on your reasoning.
Stop worrying about trustpilot.
The movement to other providers was suggested by other posters
Can I move funds to another provider every few months? Will there be a charge?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards