Transfer from SW to AJ Bell

bjorn_toby_wilde

I have a chunk (around 5 years worth) of Pension in a DC pot with Scottish Widows.  Performance of the Aquila Consensus funds has been disappointing compared to my other DC pot with Aviva and I'm thinking of transferring it into an AJ Bell SIPP that I opened earlier this year (with £2880 as I'm retired now).

Am I right to say that it would be better to sell and transfer out cash rather than transfer to AJ Bell in specie?  The AJ Bell SIPP is currently invested in HSBC FTSE All World Index C

Albermarle

bjorn_toby_wilde said:

I have a chunk (around 5 years worth) of Pension in a DC pot with Scottish Widows.  Performance of the Aquila Consensus funds has been disappointing compared to my other DC pot with Aviva and I'm thinking of transferring it into an AJ Bell SIPP that I opened earlier this year (with £2880 as I'm retired now).

Am I right to say that it would be better to sell and transfer out cash rather than transfer to AJ Bell in specie?  The AJ Bell SIPP is currently invested in HSBC FTSE All World Index C

As you are transferring from a traditional insurer/pension provider, they have their own funds, which will not be available on the AJ Bell site. So you will have to transfer in cash, but SW will do that for you when the transfer is imminent.
You only have to arrange the transfer via AJ Bell, there is no need to contact SW.

By the way you can not compare SW with Aviva. You can only compare the investments that you have within each pension and most likely they are not the same type of investments.

bjorn_toby_wilde

Thanks Albemarle

That’s what I was thinking. I was pretty sure the SW funds wouldn’t be available elsewhere and I didn’t want them anyway.

I am aware it’s the investments I needed to compare rather than the provider. The SW funds used in my old company’s fund seem to have underperformed versus others over a long period.