Aegon flexible pension plan to A J Bell sipp

Mark_1970

Hi all, 
          I currently hold a Aegon flexible pension plan, i've paid into this for several years, the current value held is around £206k. Over the last 2 years or so i've reduced the payments paid in to £40 a month to increase the wife's (low) pension amount. As we edge closer to retirement ages (55 now) i've been increasingly alarmed by the poor Aegon reviews, the out dated online platform and the charges etc. I've been considering transfering my Pension over the A J Bells Sipp. I realise these decisions are normally down to a individuals circumstances, but in general would this be a good move?. Any help/advice would be appreciated.
          

Albermarle

I think you can say that a modern SIPP will have a better web interface, and slicker systems than Aegon.
Whether it would have lower charges will depend on Aegon's charges, which will vary ( especially if it is a workplace pension where the employer has agreed discounts)the SIPPs charges, and what you choose to invest in. For example with a SIPP, investment charges can vary between 0.1% and 1.8% + the platform charge.
Also as you will know the investment performance is only down to what you are invested in, and not the pension provider itself.
Finally SIPP charging structures make it a bit tricky to be sure which one might suit you best if you did move from Aegon. It can depend on size of fund, number of transactions and type of investments. 

kempiejon

Many people move old pensions to improve functionality and/or collect several pensions in one place. An online SIPP like AJB is a popular route. As said feees and function across platforms depend upon exactly what one holds and wants to do.
Here's a handy resource https://monevator.com/compare-uk-cheapest-online-brokers/

dunstonh

As we edge closer to retirement ages (55 now) i've been increasingly alarmed by the poor Aegon reviews, the out dated online platform and the charges etc.

The Aegon flexible pension isn't a platform based pension.   So, reading reviews about their platform products when you are not on the platform is not particularly useful.  Aegon have many products and has several platforms running as well as the non-platform based plans.    

Also, the Aegon flexible pension came in three forms over the years and some of them are well priced.

I realise these decisions are normally down to a individuals circumstances, but in general would this be a good move?

If you are relying on third party reviews that may not even apply to the type of pension you have then no, it would not be a good idea.    However, if you have are comparing what you have, what you need and alternatives and the alternative is better for you then it is a good idea.  If keeping the existing pension is better, then that would be the best option.

bjorn_toby_wilde

kempiejon said:

Many people move old pensions to improve functionality and/or collect several pensions in one place. An online SIPP like AJB is a popular route. As said feees and function across platforms depend upon exactly what one holds and wants to do.
Here's a handy resource https://monevator.com/compare-uk-cheapest-online-brokers/

To add, AJ Bell is unlikely to be the cheapest for a £206k pot as they charge a percentage fee rather than a flat rate.  Check the link above and do your own maths but a flat fee platform like II is likely to work out quite a bit cheaper for you.

Mark_1970

Thanks for the replies.