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Consolidate in Scottish Widows or NEST?
Fairdeal
Posts: 12 Forumite
Combined total of 105k in Scottish Widows and NEST. No ongoing contributions. Which is best to put it all in for drawdown, or is it same difference? Thanks
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Comments
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One issue with Nest is that there is a fee to pay in. This is at least partly compensated by their low ongoing fees. However there doesn't seem to be a fee to transfer into Nest, so if you consolidate into Nest you will be benefiting from their low charges.
What are the charges in your Scottish Widows pension? I believe the charges depend on exactly which account you have with them.
More importantly: Do both Scottish Widows and Nest offer the type of fund you want? Also, do both your pensions offer drawdown?
One other option could be to move to a pension platform that isn't Scottish Widows or Nest.1 -
Which version SW plan do you have? There have been dozens, if not hundreds.Which is best to put it all in for drawdown, or is it same difference?Does your SW plan support drawdown? Or more importantly, does it support the drawdown method you want to use? Does it support an appropriate investment strategy for your objectives?
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.0 -
NEST doesn't offer flexi-access drawdown.Fairdeal said:Combined total of 105k in Scottish Widows and NEST. No ongoing contributions. Which is best to put it all in for drawdown, or is it same difference? ThanksGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Plus SW does not have the best reputation for slick website, or good customer service.Marcon said:
NEST doesn't offer flexi-access drawdown.Fairdeal said:Combined total of 105k in Scottish Widows and NEST. No ongoing contributions. Which is best to put it all in for drawdown, or is it same difference? Thanks
So probably the best option ( as already suggested) is to move them both to a modern SIPP.2
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