I need to set up a new pension… Help!

GDB2222

I put some money into a Scottish Mutual personal pension many years ago. The admin is now incredibly slow, and I would like to move to a new provider. £150k. But, whom do I go to? How do I keep the costs down? 

I am happy to invest the money in a UK equity tracker fund. I’m not sure when I will start drawdown, but I would probably keep the same investment during drawdown. 

Any suggestions about what to do, please? 

xylophone

https://monevator.com/compare-uk-cheapest-online-brokers/

You would request your chosen new provider to arrange the transfer from Scottish Mutual.

Example

https://www.hl.co.uk/pensions/transfer-to-the-sipp

GDB2222

xylophone said:

https://monevator.com/compare-uk-cheapest-online-brokers/

You would request your chosen new provider to arrange the transfer from Scottish Mutual.

Example

https://www.hl.co.uk/pensions/transfer-to-the-sipp

I’m quite happy with an insurance company fund, and I didn’t think I need a SIPP.  But you are saying that is better? Cheaper?

Rich1976

Are you employed and have a work pension? If so you can transfer to that if you are happy with that provider .

cfw1994

GDB2222 said:

I put some money into a Scottish Mutual personal pension many years ago. The admin is now incredibly slow, and I would like to move to a new provider. £150k. But, whom do I go to? How do I keep the costs down? 

I am happy to invest the money in a UK equity tracker fund. I’m not sure when I will start drawdown, but I would probably keep the same investment during drawdown. 

Any suggestions about what to do, please? 

Just on your choice of funds, and not advice….any reason for it?
I would suggest spending half an hour watching the videos up at https://kroijer.com/

My main provider is Aviva, & they have been fine, BUT they manage multiple funds (acquisitions over the years - mine started as Skandia Life 25 years ago!), & as mine was an ex-company scheme (now retired), the costs were pretty low.

Albermarle

GDB2222 said:

xylophone said:

https://monevator.com/compare-uk-cheapest-online-brokers/

You would request your chosen new provider to arrange the transfer from Scottish Mutual.

Example

https://www.hl.co.uk/pensions/transfer-to-the-sipp

I’m quite happy with an insurance company fund, and I didn’t think I need a SIPP.  But you are saying that is better? Cheaper?

You will find that Aviva, Standard Life and others seem to be moving to a kind of hybrid SIPP/insured funds model anyway. 

poseidon1

GDB2222 said:

I put some money into a Scottish Mutual personal pension many years ago. The admin is now incredibly slow, and I would like to move to a new provider. £150k. But, whom do I go to? How do I keep the costs down? 

I am happy to invest the money in a UK equity tracker fund. I’m not sure when I will start drawdown, but I would probably keep the same investment during drawdown. 

Any suggestions about what to do, please? 

Scottish Mutual ceased to exsist awhile back. Your plan should now be with Royal London ( one of the better life companies in my opinion ) - see link below

https://www.royallondon.com/existing-customers/contact-us/scottish-mutual-assurance/

However if you have an old s226 policy you could be better off looking into Sipps as suggested by xylophone although do check whether you might lose out on some advantageous gurantees that may be  embedded in your plan.

Sipps give you much wider choice of funds from a wide variety of investment houses,  why settle for 1 tracker when you can spread over different indexes ( ftse 100, ftse 250, ftse all share etc) . However best check monevator as suggested for the best fee level for your size pot.

GDB2222

poseidon1 said:

GDB2222 said:

I put some money into a Scottish Mutual personal pension many years ago. The admin is now incredibly slow, and I would like to move to a new provider. £150k. But, whom do I go to? How do I keep the costs down? 

I am happy to invest the money in a UK equity tracker fund. I’m not sure when I will start drawdown, but I would probably keep the same investment during drawdown. 

Any suggestions about what to do, please? 

Scottish Mutual ceased to exsist awhile back. Your plan should now be with Royal London ( one of the better life companies in my opinion ) - see link below

https://www.royallondon.com/existing-customers/contact-us/scottish-mutual-assurance/

However if you have an old s226 policy you could be better off looking into Sipps as suggested by xylophone although do check whether you might lose out on some advantageous gurantees that may be  embedded in your plan.

Sipps give you much wider choice of funds from a wide variety of investment houses,  why settle for 1 tracker when you can spread over different indexes ( ftse 100, ftse 250, ftse all share etc) . However best check monevator as suggested for the best fee level for your size pot.

That’s very odd, as my policy is with Phoenix Life.  Google says that only Scottish Mutual's protection business was transferred to Royal London.

poseidon1

GDB2222 said:

poseidon1 said:

GDB2222 said:

I put some money into a Scottish Mutual personal pension many years ago. The admin is now incredibly slow, and I would like to move to a new provider. £150k. But, whom do I go to? How do I keep the costs down? 

I am happy to invest the money in a UK equity tracker fund. I’m not sure when I will start drawdown, but I would probably keep the same investment during drawdown. 

Any suggestions about what to do, please? 

Scottish Mutual ceased to exsist awhile back. Your plan should now be with Royal London ( one of the better life companies in my opinion ) - see link below

https://www.royallondon.com/existing-customers/contact-us/scottish-mutual-assurance/

However if you have an old s226 policy you could be better off looking into Sipps as suggested by xylophone although do check whether you might lose out on some advantageous gurantees that may be  embedded in your plan.

Sipps give you much wider choice of funds from a wide variety of investment houses,  why settle for 1 tracker when you can spread over different indexes ( ftse 100, ftse 250, ftse all share etc) . However best check monevator as suggested for the best fee level for your size pot.

That’s very odd, as my policy is with Phoenix Life.  Google says that only Scottish Mutual's protection business was transferred to Royal London.

My oversight entirely, RL did indeed only acquire the protection side.

With your policy languishing in Phoenix's 'warehouse' definitely does make sense to consider moving on, but subject to ensuring you are not giving up valuable benefits such as high guaranteed annuity rates.

xylophone

but subject to ensuring you are not giving up valuable benefits such as high guaranteed annuity rates.

If there is a GAR, OP should read

https://www.gov.uk/government/publications/pension-benefits-with-a-guarantee-and-the-advice-requirement/pension-benefits-with-a-guarantee-and-the-advice-requirement