Moving Pension advice

bjproc

Hi,

Looking for a bit of advice about a potential  pension move.
Been with the Pru since i was 18, it's only got about £120k in it.
I reduced the payments through their secure messaging when i got paid off during covid, got back working again and i tried to increase the payments again through their secure messaging within their website.
They said they can't do this and sent me out a pack for increasing my payments.

The pack is more of less a full application which i'm struggling to answer some questions.
I didn't think it would be this hard to give money away!

Im 54 and wondering about moving my pension to hopefully an easier company to increase/reduce my payments due to work commitments.

Is there any Pros/Cons with moving a pension with approx 10 years left on it?

Mark_d

I don't think your proximity to retirement is an issue when moving pensions.  Maybe the best solution for someone with changeable income is a SIPP.  Take a look at Vanguard

dunstonh

The pack is more of less a full application which i'm struggling to answer some questions.
I didn't think it would be this hard to give money away!

All pensions will have declarations you agree to it.  There are also different ways to pay into a pension (e.g. employer, employee, individual, third party).  So, they have to make sure they are applying the contributions correctly.  There are also eligibility requirements that need checking.

Im 54 and wondering about moving my pension to hopefully an easier company to increase/reduce my payments due to work commitments.

You will still get similar questions but not paper based.

Is there any Pros/Cons with moving a pension with approx 10 years left on it?

Depends on the terms of what you have vs the terms of the alternative.

penners324

Transfer it to your works pension? Find an alternative provider?

bjproc

it's a personal pension with the Pru.

I do have a works pension with SW thats got more in it.

Looking at SIPP, don't think it's for me with managing it myself.

Albermarle

bjproc said:

it's a personal pension with the Pru.

I do have a works pension with SW thats got more in it.

Looking at SIPP, don't think it's for me with managing it myself.

You might not realise it, but the person responsible for managing your SW and Pru Pensions is you.

What happens with these pensions is that they offer you a choice of investments, but if you do not do anything ( like most people) your money is invested in the pensions default fund. This may or may not be the best choice for you.
So the default fund is managed by them, but you have the choice whether to stay in it, or move to other investments available in the pensions. 

Apart from that the Pru gets a bit of a bad press on this forum. Very poor customer service in recent times and they will charge you when it comes to withdrawing from the pension. So could be an idea to transfer out.
On the other hand SW have not covered themselves in glory either.