Best provider for inherited pension

topyam

For those of you that have one, just wondering...

What provider did you go with, and was there a particular reason for choosing that one?
What investments did you choose, and why?

Since choosing, how have you found it?
Is there anything you wish you had done differently?

Marcon

Have asked for this to be merged with your other thread on the same topic to save you repeating information.

SVaz

We use Hargreaves Landsdown as their customer service is good and they show separate uncrystallised and drawdown pots, most Sipp providers dont.
I imagine they would show an inherited pot separately too. 

At your age, a Global tracker fund is pretty much all you need, it should give decent growth over the the next 15-20 years,  then when you’re  a few years from drawing it you can think about de-risking,  either by building a cash pot or buying bond funds ( if you plan to buy an annuity) or Gilts.
If you are very risk averse,  you could build a Gilt ladder starting when you are 65+ that will pay out a regular yearly income. Gilt rates that far out are fairly decent.  £110000 would give you an index linked £10k a year for 15 years from 2035.   

With almost £500k in assets,  a chat with an Independent financial adviser might be worthwhile. 

With a young family, I assume you are getting NI credits towards your State pension?
If you don’t already have a Govt Gateway account,  I would get one and look at your State pension forecast. 

topyam

I have inherited approx £100k (under 7t at death)

I want to move this pension from the current provider (L&G) to another provider that offers flexi access drawdown for inherited pensions.
The L&G fees seem high and I want to
chose a provider with lower fees and I want to chose a funds myself (still passive ones, but not L&G ones).

What providers make this process easy? Has anybody went through this and recommend any particular provider?

I need the £ to transfer directly into the flexi access account as I don't want to lose the tax free status.

xylophone

Have you tried Hargreaves Lansdown - it appears to be possible.

Key Considerations

• Tax implications: If the original pension holder died before age 75, withdrawals from your inherited pension will normally be free of income tax. If they died at or after age 75, withdrawals will be taxed at your marginal rate of income tax.
• Check existing benefits: Before committing to a transfer from an external provider to HL, check with the current provider if you will lose any valuable guarantees or benefits, or if any exit fees apply.
• Professional Advice: Transferring pensions involves important decisions that can have long-term impacts. The government's free and impartial Pension Wise service can help you understand your options, or you may wish to seek regulated financial advice.
• Keep beneficiaries updated: You should nominate your own beneficiaries for the inherited pension to ensure any remaining funds are passed on according to your wishes. 

Marcon

I think you'll get the same sort of answers you got when you asked this a few months ago. Maybe revisit that thread: https://forums.moneysavingexpert.com/discussion/6632502/best-provider-for-inherited-pension/p1

Much of what has already been said is still likely to be of value.

topyam

When I posted earlier, I wasn't sure about what option to choose. 

This question is specifically now about what provider would be best. To see if anybody else has been in a similar position, and to find out the experiences of the transfer and the providers.
I'm looking a provider that is experienced in this sort of thing. Ideally with low fees.
To protect the tax free status, the transfer needs to be done correctly.

SVaz

Have you already sold all the LG funds to cash in order to facilitate the transfer?
Hargreaves Lansdown or AJ Bell aren’t the absolute cheapest but they do have good service and a full range of investments to choose. 

Albermarle

There are lots of suitable pension providers, but not all will accept beneficiary pensions, as they have to be kept separate due to the different tax treatment.

dunstonh

To protect the tax free status, the transfer needs to be done correctly.

It cannot be done incorrectly.   Leaving it too long is effectively the only issue.    Beneficiary pensions have a different classification to flexi-access drawdown.  You cannot mix and match them.

I'm looking a provider that is experienced in this sort of thing. 

all of the ones that offer the product are experienced in that sort of thing.