Moving Pension provider

MasterG83

Morning

Trying to keep this simple, I am 58 and aim to retire at 65 all being well, health and life permitting;-)

I have £170k in a Quilter Cirillium balanced Passive fund which has been there since July 2021 which has performed at 10.2% over the last year. I don't contribute to this it was a consolidation of various workplace pensions over my working life.

I currently work for a bank with a good employer contribution and have £45k in a lifesight diversified growth fund and equity fund, split equally and showing a 16 and 25% increase in the last 12 months respectively.

I also have a small DB pension payable at 55 which should give me around £4500 per year.

I am thinking about moving the £166k quilter pension into my workplace Lifesight pension pot, would be glad of any other opinions or ideas.

dunstonh

I am thinking about moving the £166k quilter pension into my workplace Lifesight pension pot, would be glad of any other opinions or ideas.

That would be a downgrade in terms of functionality and investment options. (moving from a whole of market SIPP that supports all drawdown options to a limited master trust scheme that does not support all drawdown options). However, that only matters if you will miss those things.

So, what is it about Lifesight that makes you think it is the better option for you?

MasterG83

https://forums.moneysavingexpert.com/discussion/comment/81918395#Comment_81918395

Thank you for your comment, again, I didnt realise this, so thank you for your input. Current Quilter scheme I believe looking at full term and annual increases has only performed at an average of 3% growth since July 2021. I believe the Lifesight scheme has returned more.

Marcon

Current Quilter scheme I believe looking at full term and annual increases has only performed at an average of 3% growth since July 2021. I believe the Lifesight scheme has returned more.

Schemes don't themselves return anything. They are just 'tax wrappers' and the return is driven by the performance of the funds you invest in within those wrappers. Also remember that old chestnut of past performance being no indication…

Have you considered just switching the funds you currently have with Quilter into different funds within the same scheme?

MasterG83

https://forums.moneysavingexpert.com/discussion/comment/81918531#Comment_81918531

I have, I am waiting for the advisor to come back to me with a suggestion and discussion regarding risk appetite