Reinvesting in a pension product

Pumpkin23

I have inherited 220k SSAS pension from my spouse, who died under the age of 75, so the pension is tax free. I have concerns with the current investment and administration and would like to transfer the entire pension to another pension product where I can invest for now and draw down from 2029. My concern is to find a pension product which has reasonable admin fees, good and easy customer service, best possible return and of course I would like it to remain tax free. As I have not got much knowledge in the subject, I am grateful for any advice, pointers and suggestions, please. Many thanks in advance.

El_Torro

Do you have a private pension yourself? Can you transfer it into that?

You're asking some very general questions about what is a very big topic. From what you say it may be best to avoid SIPPs (which most people on this forum have) and instead invest in a ready made pension, like PensionBee. I use PensionBee as one example, there are others out there. These kind of pensions are more expensive than SIPPs but can also help avoid making expensive mistakes.

MEM62

Pumpkin23 said:

I have inherited 220k SSAS pension from my spouse.

Sorry for your loss

Pumpkin23 said:

My concern is to find a pension product which has reasonable admin fees, good and easy customer service

There are many available that could meet that criterion

Pumpkin23 said:

best possible return 

Returns are not dictated by the pension wrapper but by the investments that you choose within it.  

Pumpkin23 said:

I am grateful for any advice, pointers and suggestions, please. Many thanks in advance.

In your situation and considering the sum involved, I would look to speak with an IFA. Perhaps whoever manages you other pension products.   

Pumpkin23

To add, I don‘t have a private pension other than the inherited one. Is there a product name for ready made pension products that I could transfer into?

molerat

There was a beneficiary pension thread here a couple of days ago, maybe something useful in there.

https://forums.moneysavingexpert.com/discussion/6604984/sipp-beneficiary

Marcon

OP - it would be better to keep similar questions all in one thread, to ensure people trying to help you have access to as much background as possible. I've asked for this to be merged with your other thread(s).

Pumpkin23 said:

I have inherited 220k SSAS pension from my spouse, who died under the age of 75, so the pension is tax free. I have concerns with the current investment and administration and would like to transfer the entire pension to another pension product where I can invest for now and draw down from 2029. My concern is to find a pension product which has reasonable admin fees, good and easy customer service, best possible return and of course I would like it to remain tax free. As I have not got much knowledge in the subject, I am grateful for any advice, pointers and suggestions, please. Many thanks in advance.

Looking at your requirements and your comments in your other threads, surely the answer is to spend some of the money on taking proper (paid for) advice from an independent financial adviser? There's a limit to what people here can do to help. However well informed and willing they may be to assist, a couple of lines of information isn't sufficient to be sure of the best possible response (and thus maximising the chances of the best possible outcome for you).

dunstonh

My concern is to find a pension product which has reasonable admin fees, good and easy customer service, best possible return and of course I would like it to remain tax free. 

That shouldn't be a concern, but more of an objective.    Except for the best possible return, as that has nothing to do with the pension.  That is to do with the investments within the pension.

Is there a product name for ready made pension products that I could transfer into?

robo pensions would fit that bill but they are not normally that good value (some cost the same or more than using an IFA) and all of them cost more then the best value SIPPs using low cost multi-asset funds (which effectively do the same thing but usually better).

Albermarle

As above, especially as you have not said what the issues are with the current provider.( or named them ) 

Marcon

Albermarle said:

As above, especially as you have not said what the issues are with the current provider.( or named them ) 

Pumpkin23 said:

I have inherited 220k SSAS pension from my spouse, who died under the age of 75, so the pension is tax free. I have concerns with the current investment and administration and would like to transfer the entire pension to another pension product where I can invest for now and draw down from 2029. 

Any SSAS is unlikely to be suitable for someone with little knowledge of pensions, particularly if it's an inherited SSAS and they have never been a member/trustee of the scheme.

ali_bear

Surely if it is inherited tax free then putting it into another pension is not advisable, because it then will be locked away until retirement and then be subject to taxation? I would consult an IFA. But first consider how much of that cash you would want to take now. 

Linton

ali_bear said:

Surely if it is inherited tax free then putting it into another pension is not advisable, because it then will be locked away until retirement and then be subject to taxation? I would consult an IFA. But first consider how much of that cash you would want to take now. 

An inherited pension can be taken at any age and will be tax free since the deceased was under 75.