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Magement of pensions

Hello all

I've read quite a few posts and thank you for all the contributions. I was interested in people thoughts on my circumstances. My pots are as follows. 

A lifesight worth £12 
A HL SIPP worth £8k
A standard life pension worth £22k

As I am now self employed with still at least 20 years to work, I'm looking to get rid of my HL product as it has grown steadily I got hit previously. 

I'm considering using a SJP financial advisor or another independent financial advisors and not sure if I should only give my HL product? 


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Comments

  • dunstonh
    dunstonh Posts: 118,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I'm considering using a SJP financial advisor or another independent financial advisors and not sure if I should only give my HL product? 
    SJP are not independent and are one of the most expensive distribution channels.

    Why would you not let an IFA review the the three products?  I can sort of understand holding back on expensive FA but there is little reason to on an IFA.

    And to be honest, your pensions are small and we are about to enter a busy period of the year for IFAs.   Its unlikely many IFAs would offer their services for a pension worth just £8k.


    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.
  • Sorry I meant I have approached 2 people. A sky person, and a independent financial advisor. 

    Like in life, I know sjp is a bit more money, but wondered if I would get better returns? 
    Or is there not alot of difference between the financial advisors? 
  • Timbo29 said:
    Sorry I meant I have approached 2 people. A sky person, and a independent financial advisor. 

    Like in life, I know sjp is a bit more money, but wondered if I would get better returns? 
    Or is there not alot of difference between the financial advisors? 
    You would pay a lot more money and probably get worse returns. SJP have very high fees and provide a restricted menu of funds, none of which are top performing.
  • Marcon
    Marcon Posts: 12,971 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Combo Breaker
    edited 29 December 2024 pm31 11:08PM
    Timbo29 said:
    Hello all

    I've read quite a few posts and thank you for all the contributions. I was interested in people thoughts on my circumstances. My pots are as follows. 

    A lifesight worth £12 
    A HL SIPP worth £8k
    A standard life pension worth £22k

    As I am now self employed with still at least 20 years to work, I'm looking to get rid of my HL product as it has grown steadily I got hit previously. 

    I'm considering using a SJP financial advisor or another independent financial advisors and not sure if I should only give my HL product? 


    Why do you want to 'get rid of your HL product'? Why not just change the funds within the HL SIPP - there's a vast range to choose from (over 2,500!), depending on your attitude to risk, time to retirement, savings objectives etc.

    Timbo29 said:
    Sorry I meant I have approached 2 people. A sky person, and a independent financial advisor. 

    Like in life, I know sjp is a bit more money, but wondered if I would get better returns? 
    Or is there not alot of difference between the financial advisors? 
    What's a 'sky person' ?

    There's a big difference between financial advisors, starting with whether or not they are independent (and can choose from pretty much the whole market), or restricted (tied) advisors who can only offer their own product range. SJP falls into the latter category.

    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Sorry it autocorrected SJP to sky! 

    I don't have the time to manage the HL funds. I invested in the Woodford product previously and lost money when I was researching alot. Over COVID I didn't do that well and only now the funds have got back to a place where overall I have seamed to have got a good return. 


    I'm just looking to maximise my return on investments. However I don't want to spend too much time on it. Should I consider putting all the money in one of the HL managed funds? 
  • I can understand you being cautious after Woodford and after the COVID period pretty much all investments were flat for a while. Nobody was doing well.

    Managing the HL funds shouldn’t take much time at all though. You’re 20 years from retirement so it should be as simple as choosing your funds then paying in regularly.  Just set it up and leave it alone.
  • LHW99
    LHW99 Posts: 4,951 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You can find some basic information on pensions at

    As said, SJP is not independent, so not really the best choice at this stage.
    You could choose a single multiasset fund eg one of the Blackrock MyMap funds, Vanguard does the Lifestrategy (LS60 etc) and target retirement funds, and others are available.

    Also - did you mean £12, or £12k in Lifesight? either way, do you know what that is invested in within the pension itself? "Lifesight" and "HL / Hargreaves Lansdown" are platforms, and it's the fund(s) within them that you have chosen that perform. Lifesight is an emploer's solution, so have you stayed in the default fund, or had a look at the (I assume small) range of other options?

  • Timbo29 said:
    Sorry it autocorrected SJP to sky! 

    I don't have the time to manage the HL funds. I invested in the Woodford product previously and lost money when I was researching alot. Over COVID I didn't do that well and only now the funds have got back to a place where overall I have seamed to have got a good return. 


    I'm just looking to maximise my return on investments. However I don't want to spend too much time on it. Should I consider putting all the money in one of the HL managed funds? 
    If you did a lot of research you would be aware that few managed funds are as consistent as globally diversified trackers.  HSBC and Vanguard are ones that are often mentioned.  I use the FTSE Global all cap fun from Vanguard personally.
    Think first of your goal, then make it happen!
  • LHW99 said:
    You can find some basic information on pensions at

    As said, SJP is not independent, so not really the best choice at this stage.
    You could choose a single multiasset fund eg one of the Blackrock MyMap funds, Vanguard does the Lifestrategy (LS60 etc) and target retirement funds, and others are available.

    Also - did you mean £12, or £12k in Lifesight? either way, do you know what that is invested in within the pension itself? "Lifesight" and "HL / Hargreaves Lansdown" are platforms, and it's the fund(s) within them that you have chosen that perform. Lifesight is an emploer's solution, so have you stayed in the default fund, or had a look at the (I assume small) range of other options?

    Yea £12k in the Lifesight - it was previous employment. Before it was Black rock but they changed it over. Again I have logged in and read through the literature. It appears to be in a fund in the Lifesight login. 
    If Lifesight and HL are similar platforms, it would make sense to transfer to HL as alteast I know that platform. 

    I'll have a read of the moneyhelper link, thank you very much. 

    And thanks for your comments on SJT - I know these people through other contacts and they have advised that they can get more value from my money than where it is at the moment 9obviously with the standard caveats) 
  • Timbo29 said:
    Sorry it autocorrected SJP to sky! 

    I don't have the time to manage the HL funds. I invested in the Woodford product previously and lost money when I was researching alot. Over COVID I didn't do that well and only now the funds have got back to a place where overall I have seamed to have got a good return. 


    I'm just looking to maximise my return on investments. However I don't want to spend too much time on it. Should I consider putting all the money in one of the HL managed funds? 
    If you did a lot of research you would be aware that few managed funds are as consistent as globally diversified trackers.  HSBC and Vanguard are ones that are often mentioned.  I use the FTSE Global all cap fun from Vanguard personally.
    Many thanks i'll check this fund out. 
    When I first got HL I did anlot of research hand got really into it, however HL really pushed Woodford and it went wrong. 
    I know it is investing, and there is no certaintly, but I was just trying to get a 'feeling' that I was doing the best with my money. 
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