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fletch2ndTime

Hello all

Am looking for guidance please. My husband has a small pension with Standard Life, maybe £10,000.  He has another pension with just shy of £90,000 with Aegon.  He wants to transfer the Standard Life to Aegon.  As he has had the Aegon for some years now he needs to choose a fund to replace With Profits fund.  The other is Scottish Equitable Mixed fund I think.

he has spent years paying £30 a month into it and it is now quite healthy when you think of it.  He is 61 so another 6 years to save. He has upped his contribution to £100pm also but needs to choose another fund

Should we just be looking at the top performing fund over last 10 years and go there o should we be seeking more nuanced guidance. 

Also, I note £900 in annual fees. Am I misreading that?

I would be grateful for any guidance

LHW99

You may find this would be better re=posted on the pensions board, as there are some very experienced regulars there.

https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning

fletch2ndTime

Ah dear am sorry. Do I have to start post again ?

xylophone

As an initial thought, is the Aegon pension to which he is currently contributing one which will offer the flexibility he may require

when he comes to access it?


https://www.gov.uk/personal-pensions-your-rights/how-you-can-take-pension

A Pension Wise interview might help.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/book-a-free-pension-wise-appointment


If not, now may be the time to consider whether  it would be to his advantage to switch both pensions into an up to date product,

whether with Aegon or another provider?


He could then consider his choice of funds etc, bearing in mind that he will wish to access the pension within around six years

(presumably at the time he becomes eligible for State Pension/ retires from paid employment)?


f he chooses to stay with Aegon,  how restricted is his choice of investments?


By way of example, suppose he chose to transfer to a SIPP with Fidelity - he might find that one of their ready made

 portfolios would suit his purpose.

https://www.fidelity.co.uk/funds/find-fund-based-risk/



Incidentally, reaching age 67 does not mean that he is no longer eligible to contribute to a pension.

https://techzone.abrdn.com/public/pensions/Guide-Individuals-Contributions


By way of planning for retirement, has he obtained a state pension forecast? Have you?

https://www.gov.uk/check-state-pension

fletch2ndTime

Thank you for your response. He has a company pension too. This is a surplus one that no heed was paid to. He just wanted to put them together. No great expectations for it. It was only the attempt to move and add that brought up the WP part that is closed now. 

I am attempting to move the post so hopefully I will succeed

p00hsticks

fletch2ndTime said:

Ah dear am sorry. Do I have to start post again ?

You can request the forum team to move the whole thread across to the right board - click on the 'Report' red flag icon at the bottom of any of the posts on the thread, pick the 'report option and then select the 'needs moving, merging or splitting' button at the bottom of the list that comes up. 

but as it;s a bank holiday weekend it may not happen for a day or two. 

xylophone

This is a surplus one that no heed was paid to. He just wanted to put them together. No great expectations for it.

No need for it to languish!

And he does not have to access the pension at retirement if he does not wish to.  For example, he might wnat to think of it in connection with planning a legacy.

Has he nominated a beneficiary of this pension?

https://forums.moneysavingexpert.com/discussion/comment/80757531#Comment_80757531

MSE_ForumTeam5

Thread moved as suggested