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To transfer or not to transfer?
dt293
Posts: 5 Forumite
Hi all,
Long time lurker first time poster in need of some advice....
I have had a company pension with Standard Life for a few years and have around £20,000 in the pot, I am no longer making regular contributions to this fund. I recently started at a new company and joined the pension scheme, which is with Norwich Union. I am now contributing regularly to this fund.
My question is would I be better off transferring the money from the Standard Life fund to the new Norwich Union fund? Or start putting the cash in a shoebox under my bed?
Thanks in advance.
(PS I am 25 so have a fair way to go before retirement)
Long time lurker first time poster in need of some advice....
I have had a company pension with Standard Life for a few years and have around £20,000 in the pot, I am no longer making regular contributions to this fund. I recently started at a new company and joined the pension scheme, which is with Norwich Union. I am now contributing regularly to this fund.
My question is would I be better off transferring the money from the Standard Life fund to the new Norwich Union fund? Or start putting the cash in a shoebox under my bed?
Thanks in advance.
(PS I am 25 so have a fair way to go before retirement)
0
Comments
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I have had a company pension with Standard Life for a few years and have around £20,000 in the pot, I am no longer making regular contributions to this fund. I recently started at a new company and joined the pension scheme, which is with Norwich Union. I am now contributing regularly to this fund.
How you have worded that suggests that you worked for Standard Life and now work for Norwich Union. I am going to guess that isn't the case and its just incorrect terminology used.
Are these group personal pension plans rather than occupational pension plans?My question is would I be better off transferring the money from the Standard Life fund to the new Norwich Union fund?
Which one offers the best investment options and lowest charges? (priority should be investments before charges)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 -
I did not work for either Standard Life or Norwich Union they were just the pension providers for each company I was\am employed by. Both are group personal pension plans.
Is there anywhere I can compare performance of the two on a fund by fund basis?0 -
Both will offer a fund range and their websites contain fund factsheets on each of the funds.
Remember that past performance is no indication of future returns. You also have to compare like for like (i.e. dont directly compare a lower risk fund against a higher risk fund in the same area).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 -
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