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pension platforms

tiger135
Posts: 438 Forumite

Hi,
I have two platforms:
-standard life 10k from a previous employer invested in vanguard global fund ( i chose this fund from a huge list of options)
-scottish widows 10k current employer but not paying in currently, invested in the company default option ( there are very limited fund options in this one)
Is there anything I can do 1. to get my investments under one roof, as i understand a pension just means a tax wrapper and 2. to be able to select from a big list of funds and not be restricted in any way.
Just to add they are both defined contribution plans.
I have two platforms:
-standard life 10k from a previous employer invested in vanguard global fund ( i chose this fund from a huge list of options)
-scottish widows 10k current employer but not paying in currently, invested in the company default option ( there are very limited fund options in this one)
Is there anything I can do 1. to get my investments under one roof, as i understand a pension just means a tax wrapper and 2. to be able to select from a big list of funds and not be restricted in any way.
Just to add they are both defined contribution plans.
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Comments
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Is there a good reason why you're not currently paying into your company scheme? Presumably you're missing out on employer payments?
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I just dont want to at the moment, no good reason.0
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-standard life 10k from a previous employer invested in vanguard global fund ( i chose this fund from a huge list of options)It is unusual to see an employer use the old SL, now Abrdn, platforms as they are not auto-enrolment compliant. The old SL workplace pensions, as their current ones, fell under the life and pensions company that Abrdn sold to Phoenix and were not platforms.-scottish widows 10k current employer but not paying in currently, invested in the company default option ( there are very limited fund options in this one)Scottish Widows only launched a platform, for the first time, a few weeks ago.
So, I suspect neither of your pensions are platform based.Is there anything I can do 1. to get my investments under one roof, as i understand a pension just means a tax wrapper and 2. to be able to select from a big list of funds and not be restricted in any way.Current employer - yes as you have opted out. However, some providers may not accept opt outs.
Previous employer - yes
Worrying about fund selection when you are opted out seems a strange thing. That is like protecting pennies from the fire whilst letting the £20 notes burn.
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.4 -
The fact you are missing out on free money is a lot more important than which pension provider you choose, or having a big list of investments to choose from. Especially as £20K is peanuts in pension terms ( unless you are in your Twenties ) .1
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I just want the 20k i have to grow steadily, eg in passive vanguard funds or similar.
I dont want an active plan where the fees eat away at the capital.
I'd also prefer it all under one roof, is that what you call a SIPP0 -
tiger135 said:I just want the 20k i have to grow steadily, eg in passive vanguard funds or similar.
I dont want an active plan where the fees eat away at the capital.
I'd also prefer it all under one roof, is that what you call a SIPP
Think of pension saving as a vehicle where others give you a leg up (HMRC in tax relief and your employer by contribution matching or better). As a basic rate tax payer, for every £50 a month (net) you put into a pension you could be adding £125 to your SIPP assuming tax relief and equal matching from an employer.
Think carefully about not making hay whilst you can.Signature on holiday for two weeks1 -
Aside from the comments already provided, based on my own experiences I would say tread with caution when it comes to having access to a bigger list of investments....it's all good having the increased range but can also introduce risk for newer investors as it's akin to a kid in a candy shop....you could end up choosing one or a couple of funds then continue chopping and changing racking up dealing fees....I know as been there and have the t shirt.5
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tiger135 said:I just dont want to at the moment, no good reason.
Restart payments to your company scheme and look to transfer the pension from your old employer into the current scheme. Unless you have considerable wealth outside of these pensions, your life in retirement is going to be pretty miserable if you are living only on the state pension.2 -
tiger135 said:I just want the 20k i have to grow steadily, eg in passive vanguard funds or similar.
I dont want an active plan where the fees eat away at the capital.I'd also prefer it all under one roof, is that what you call a SIPPNo. SIPP is a pension type. There are different pension types.
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.4 -
tiger135 said:I just want the 20k i have to grow steadily, eg in passive vanguard funds or similar.
I dont want an active plan where the fees eat away at the capital.
I'd also prefer it all under one roof, is that what you call a SIPP0
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