Clerical medical - transfer of plan

DEEBEE1971

I wonder if anyone can help me please - pensions are really beyond me!

I have been paying into a Clerical Medical Futureproof individual stakeholder plan for 20 years.  It is now valued at £68K and they have advised me that the plan is closing and the will be moving me into a Clerical Medical UK Equity Tracker 6 CM1, payable at 65.  The main difference is that the new plan will be passively managed and the old plan was actively managed.  I know nothing about pensions but this doesnt sound good to me.  I have a couple of weeks to decide what to do but I have absolutely no idea and they say they cannot advise me.

I have a frozen Clerical medical plan which is worth 26K, but this plan isnt changing and is payable at 60.

I also pay into a peoples pension via work which is worth 20K but that seems to be underperforming too!

I'm 53 and dont have a great pension pot but I know I do need to maximise what I have got.

Do you think its best to seek out a financial advisor?  I had one 20 years ago but not anymore. I do not know whether to leave the frozen plan as is or transfer them both into something else - but to what I dont know... Clueless!   Thank you in advance...

Marcon

DEEBEE1971 said:

I wonder if anyone can help me please - pensions are really beyond me!

Clueless!   Thank you in advance...

You're in the same boat as the majority of the population, but if you do some fairly (ok, fairly-ish!) basic reading, you could greatly increase your knowledge and confidence. Try https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics

dunstonh

I have been paying into a Clerical Medical Futureproof individual stakeholder plan for 20 years.  It is now valued at £68K and they have advised me that the plan is closing and the will be moving me into a Clerical Medical UK Equity Tracker 6 CM1, payable at 65. 

Have they advised you that the plan is closing or the fund is closing?
The thing they are moving you to is not a pension plan but a fund.  So, that sounds like its a fund change rather than a plan change.

I haven't seen anything to say that CM are closing their product and I have several CM SHPs on my agency.  providers would normally notify the servicing IFA when a product is closing.

DEEBEE1971

Sorry yes it is the fund that is closing not the plan - my terminology isnt great, as I said clueless.... I will definitely do some more reading... Thank you

DRS1

Active isn't necessarily better than passive.  Indeed passive ought to be cheaper than active so have a look at the charges.  

LHW99

You could have a look at moneyhelper

https://www.moneyhelper.org.uk/en/pensions-and-retirement

and make an appointment wih Pensionwise

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

They won't give advice, but could help you understand more about what you have and what choices there are.

FIREDreamer

DEEBEE1971 said:

I wonder if anyone can help me please - pensions are really beyond me!

I have been paying into a Clerical Medical Futureproof individual stakeholder plan for 20 years.  It is now valued at £68K and they have advised me that the plan is closing and the will be moving me into a Clerical Medical UK Equity Tracker 6 CM1, payable at 65.  The main difference is that the new plan will be passively managed and the old plan was actively managed.  I know nothing about pensions but this doesnt sound good to me.  I have a couple of weeks to decide what to do but I have absolutely no idea and they say they cannot advise me.

I have a frozen Clerical medical plan which is worth 26K, but this plan isnt changing and is payable at 60.

I also pay into a peoples pension via work which is worth 20K but that seems to be underperforming too!

I'm 53 and dont have a great pension pot but I know I do need to maximise what I have got.

Do you think its best to seek out a financial advisor?  I had one 20 years ago but not anymore. I do not know whether to leave the frozen plan as is or transfer them both into something else - but to what I dont know... Clueless!   Thank you in advance...

[Quoted post removed by Forum Team]

OP, please contact me - I have a bridge to sell you 😂😂😂

dunstonh

[Quoted post removed by Forum Team]

the CM pension is mono charged and it will be 1%. not 2%.

xylophone

I have a frozen Clerical Medical plan

What kind of policy is this?