Complete brain freeze

jo.anne

I wouldnt even know where to begin with pensions but just wondering if someone can shed some light if there is anything I shoud be doing. I opted out to SERPS over 30 years ago and still receive the yearly birthday report. The fund is with ReAssure. I pay into a work pension so there is no activity with the ReAssure other than the yearly fees they take out. The latest statement shows it is invested in "Managed Pension Accumulator Series 03" and the current value is £8,858,02. I never pay much attention has it is way above my understanding, but this year it incuded a flyer stating "Make your pension go further" by reducing charges with a form saying I can switch to a lower cost fund. The charges last year from ReAssure were £141.64 and then further charges of £136.26 which says (including changes  to with-profits bonus rates (where they apply) and investments performance. The flyer makes reference to AMC and Bid offer spread, and says I can switch to one of four other funds, The Mixed Investment - Deposit -  Coporate Bond and Uk & Gloabal Equity Tracker.
 I dont pay much attention in so dont expect the fund to go up much and checking their comparison is says in 2022 it was worth £8,858.02 and this year £8,950.41 so it has increased by £92.35. 
It may be I do nothing but am I right in just leaving it?

Marcon

jo.anne said:

I wouldnt even know where to begin with pensions but just wondering if someone can shed some light if there is anything I shoud be doing. I opted out to SERPS over 30 years ago and still receive the yearly birthday report. The fund is with ReAssure. I pay into a work pension so there is no activity with the ReAssure other than the yearly fees they take out. The latest statement shows it is invested in "Managed Pension Accumulator Series 03" and the current value is £8,858,02. I never pay much attention has it is way above my understanding, but this year it incuded a flyer stating "Make your pension go further" by reducing charges with a form saying I can switch to a lower cost fund. The charges last year from ReAssure were £141.64 and then further charges of £136.26 which says (including changes  to with-profits bonus rates (where they apply) and investments performance. The flyer makes reference to AMC and Bid offer spread, and says I can switch to one of four other funds, The Mixed Investment - Deposit -  Coporate Bond and Uk & Gloabal Equity Tracker.
 I dont pay much attention in so dont expect the fund to go up much and checking their comparison is says in 2022 it was worth £8,858.02 and this year £8,950.41 so it has increased by £92.35. 
It may be I do nothing but am I right in just leaving it?

As the flyer says, you could get lower annual charges by changing to different funds with ReAssure. Nobody here can give you advice (or predict the future and how the different funds will perform!), and you've only said what the current charges are - not what they would be. 

Rather than responding to questions on this forum - and people will need to ask them to give any meaningful input - you might find it much easier to actually talk to someone. If you're over 55, a free, impartial appointment with PensionWise might be a good next step: https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension

Alternatively, ringing MoneyHelper on 0800 011 3797 will give you a chance to talk through your query. They don't give advice, but in your case information and a clearer understanding should ensure you can take a decision.

MX5huggy

Your fees are too high around 3% in total you could get this under 0.5%. As you can see if you cut your fees the growth this year could be double. 

Transferring to your current work pension could be an option. Taking their offer of cheaper funds would be an option. An probably best to be to transfer to another company. 

LHW99

A lot of members of the forum do suggest Global equity trackers, but you need to be prepared for the value to go up and down, probably by quite a lot from time to time. As long as you have (say) 10 years before you can / want to access the money, the overall trend should be up.

A deposit fund suggests its rather like cash, so if you want the money in a couple of years that might be one to consider.

As Marcon suggested, speaking to PensionWise / Money Helper would help explain about pensions, but they won't be able to tell you what to do. It should however give you some background information to help you make up your mind.