Nest pension transfer in to avoid 1.8%

olb81

haha i admit i am weird i am sure i will get used to the idea of a SIPP

I used to hate the word pension too, but eventually realised its my only route to financial freedom!!!

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82148266#Comment_82148266

You have just described a SIPP investing in nit linked funds. Indeed, you have just described the vast majorioty of the different types of pensions investing into unit linked funds.

olb81

ok so the best solution is keep the nest open as my employer contributes to it

then open a new vanguard Personal Pension ( they dont called it SIPP) and make any other one of contributions to this, to gain tax relief, and also invest in the funds I like.

Then If I leave the employer, transfer nest to vanguard?

bjorn_toby_wilde

Could be Vanguard but doesn’t have to be. You’ll get low charges but have a more limited choice of funds, albeit they’re now enough to suit most people since they launched their new funds last month.

olb81

vanguard has loads of choice ? I mean for me I'd go for vhvg , veve, vwrl or vwrp, even the dev world ex uk ro global all cap, many choices, compare to nest, and the like with about 5 choices and only one or two equity funds.

dunstonh

then open a new vanguard Personal Pension ( they dont called it SIPP) and make any other one of contributions to this, to gain tax relief, and also invest in the funds I like.

Its not called a SIPP because it isn't one.

Technically, there is no official definition of a SIPP. However, for most people, SIPPs are whole of market and Vanguard is not whole of market. Indeed, its not whole of Vanguard either.

Then If I leave the employer, transfer nest to vanguard?

As mentioned higher up, that is what frequent movers often so. i.e. keep an individual plan where they consolidate their workplace pensions each time they change employer.

vanguard has loads of choice ? 

It does have sufficient choice. It's not the whole of the market, and most experienced investors won't use them. However, for an inexperienced investor they are perfectly adequate.

penners324

Get back in the collective scheme ASAP. Absolutely mad to not be in it

QrizB

https://forums.moneysavingexpert.com/discussion/comment/82150002#Comment_82150002

Agreed. Opting out of the collective scheme is a bizarre choice.

olb81

can someone explain this collective scheme, is my pension pot viewable as simply as a DC pot in nest?

Can I see what I've got in there, any time of night or day?

Can I access this the same way I can my DC nest pot?

thanks!

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82153974#Comment_82153974

All the info is here for you: https://rmcollectiveplan.com/#