How can I decide?

jazzy23

I am completely paralyzed. I need to move my personal pension. I had a free report done by an IFA but I felt he didn't really listen to me. He has recommended a SIPP managed by them 
I have read loads since the report and understand the difference between active and passive funds, SIPPS and ready mades or do I go with an IFA and pay a small fortune when passive funding, which, people tell me does just as well .
I have 10 years left to retirement.
I just can't stop mulling it over. How do people decide?
Sorry if this is a stupid question 

Hoenir

Which ready made passive portfolio's are you considering? 

kempiejon

Where is the pensions currently invested, which funds and what are the costs?
Why do you need to move your pension?
Is it a works provided affair?
Do you have just one pension?

At one point I had 5 pensions collected from different employers. Although I did eventually reduce that number none of them were too terrible.
I chose to move and combine when I became confident of my skills and knowledge, to save money and for ease of admin.
One can manage their own pension and save quite noticeable amounts it takes a bit of work and understanding, looks you're on track. Not everyone is suited or interested
No need to be paralyzed you probably can DIY but perhaps you need a little more confidence, learning and reassurance.

jazzy23

Hoenir said:

Which ready made passive portfolio's are you considering? 

I was looking at nutmeg. They are all very similar the readymades 

jazzy23

jazzy23 said:

Hoenir said:

Which ready made passive portfolio's are you considering? 

I was looking at nutmeg. They are all very similar the readymades 

Are they passive if readymade? Nutmeg do managed funds too?

IamWood

@jazzy23

If you're seeking opinions from the forum, it would be helpful to provide more details. A vague question won't yield useful responses.

tacpot12

In my experience, when it comes to pensions, there are three sorts of people:

1) those who avoid the problem and either do nothing or randomly pick a firm to manager their Pension. (Many of these end up paying far to much)
2) those that are inclined to read and research, and eventually have the confidence to DIY
3) those that take the time to search for a good IFA that offers a pension management service at a reasonable price.

I took a DIY approach, but I've had a personal pension since the early 1990s so have had time to learn. MY professional work also involved financial modelling, so I was well placed to understand personal pensions, but you don't have to be any sort of maths or computer wizard to manage your own pension. 

There are some important concepts to learn, but the availability to ready made portfolios and multi-asset funds means that most people can invest successfully with realatively little trouble.

Clearly, the logical choice is between 2) and 3).

Nebulous2

tacpot12 said:

In my experience, when it comes to pensions, there are three sorts of people:

1) those who avoid the problem and either do nothing or randomly pick a firm to manager their Pension. (Many of these end up paying far to much)
2) those that are inclined to read and research, and eventually have the confidence to DIY
3) those that take the time to search for a good IFA that offers a pension management service at a reasonable price.

I took a DIY approach, but I've had a personal pension since the early 1990s so have had time to learn. MY professional work also involved financial modelling, so I was well placed to understand personal pensions, but you don't have to be any sort of maths or computer wizard to manage your own pension. 

There are some important concepts to learn, but the availability to ready made portfolios and multi-asset funds means that most people can invest successfully with realatively little trouble.

Clearly, the logical choice is between 2) and 3).

I'm surrounded by people who would fit into group 1.  Many of them are in public sector roles, cruising along quite merrily with very little thought about pensions. They don't need to though, as their DB pensions will be there when needed.  They find it impossible to appreciate the value of what they have. I've tried to point out to some of them that their pension is probably worth more than their home, but they can't grasp that. 

Sarahspangles

jazzy23 said:

I am completely paralyzed. I need to move my personal pension. I had a free report done by an IFA but I felt he didn't really listen to me. He has recommended a SIPP managed by them 
I have read loads since the report and understand the difference between active and passive funds, SIPPS and ready mades or do I go with an IFA and pay a small fortune when passive funding, which, people tell me does just as well .
I have 10 years left to retirement.
I just can't stop mulling it over. How do people decide?
Sorry if this is a stupid question 

Did you actually use an IFA - were they independent? How was their time reimbursed?

Hoenir

tacpot12 said:

There are some important concepts to learn, but the availability to ready made portfolios and multi-asset funds means that most people can invest successfully with realatively little trouble.

In buoyant bull markets anyone can effortlessly invest successfully. 

Cus

Did you tell the IFA your concerns?