Pension transfer

HappyJnP

I am currently with Aegon and self manage my pension portfolio. I currently have a high % in bonds but I’m nervous that we might get a bonds downturn similar to 2022 due to rising inflation. So I was looking today to move some of these bonds to general commodities and maybe some alternative defensive ETFs. I am in Gate 3 of the ARC platform which is the highest I can get without using a financial advisor. However that gate does not let me select ishares or similar low cost commodity funds which are available within the wider Aegon fund choice.
So as switching funds is limited with Aegon for me, I will now have to switch my pension provider to one which is more flexible and accommodating.

Are other providers similarly limited in your fund choice as an individual? I would hate to transfer only to find out I’m similarly constrained.
Also high in my choice of considerations for choice of provider/platform is

Platform charges

Incentives available for switching 500k DC pot

Ease of drawdown from both crystallised and uncrystallised funds

Ease of process to transfer from Aegon to …. (In specie maybe, but not necessarily )


fyi age 57 and finish work in June and will start flexi access Drawdown later this year or next year

Please can you provide your experiences and recommendations of providers for me that will help me narrow my selection options

Thank you

dunstonh

I am currently with Aegon and self manage my pension portfolio. I currently have a high % in bonds but I’m nervous that we might get a bonds downturn similar to 2022 due to rising inflation. 

They won't get a similar downturn to 2022, as that was the unwinding of the impact of quantitative easing. That is out of the system now. However, any fear of increasing interest rates and/or inflation will see bond funds perform negatively for a period.

Ease of process to transfer from Aegon to …. (In specie maybe, but not necessarily )

Inspeci won't be available if you're using the insured funds.

Albermarle

Also high in my choice of considerations for choice of provider/platform is

Platform charges

Incentives available for switching 500k DC pot

Ease of drawdown from both crystallised and uncrystallised funds

Ease of process to transfer from Aegon to …. (In specie maybe, but not necessarily )

There are numerous threads on these topics on the forum, especially the first three, so probably better that you spend some time reading through the forum and then come back with any specific questions.

Please can you provide your experiences and recommendations of providers for me that will help me narrow my selection options

As above.

MarkCarnage

As @dunstonh says, 2022 was very different and that situation won't repeat . Bonds are priced for some inflation risk right now but not a return to the 70s/80s or even early 90s. So yes, if concerns about inflation increase then conventional bonds will likely underperform until that's priced in.

If you are not intending to buy an annuity or at least not with your whole fund, then switching some away from bonds seems prudent. Commodities should in theory be a reasonable diversifier, but sometimes funds don't deliver what the physical commodities do in price terms for various reasons.

Can't help with specifics on providers, but there are other threads on here that can.

LHW99

Most direct to consumer platforms offer SIPPs with a wide range of fund choices, but as @dunstonh says, your funds would need to be transferred in cash. That would be dealt with by the parties in the transfer.

You need to decide where to move to (check fees, if they offer the fund(s) you want, what withdrawal methods you can use) and ask the new platform to make the transfer request.

It could happen in a couple weeks, months….

Search on here and you will find quite a number of platforms mentioned, with people's experiences of them.

Diaz09

Just a heads up - when you do transfer out, check if Aegon will charge you an exit fee or restrict transfers of recent contributions. Some providers have sneaky clauses about transferring funds you've only recently paid in, especially if you're moving the whole pot.

Also worth calling Aegon first to see if they'll upgrade your gate access as a retention offer before you jump ship - sometimes they'll bend the rules to keep larger pots on platform!

HappyJnP

https://forums.moneysavingexpert.com/discussion/comment/81986241#Comment_81986241

Thank you for the tips. I will try and call them in the week to see what they say.