Private with profits pension (Prudential) v Stakeholders (Halifax)

Donno

Hello, i wonder if anyone could help...

I am a 58 yrs old and currently have a Private with Profits Pension with the Prudential.

I am being advised to change to a stake holders pension with the Halifax.

Does anybody have any advise about which one is the best to take?

Many thanks!

dunstonh

I am being advised to change to a stake holders pension with the Halifax.

Halifax are tied agents and not allowed to give you advice on changing other providers pensions to their own. It breaches their internal rules. That doesnt mean it doesnt happen because tied agents are insurance salesmen and have sales targets to achieve plus some are notorious for churning policiies unneccessarily.

Does anybody have any advise about which one is the best to take?

If the correct advice process has been followed (in accordance with FSA rules) you should have been given a comparison of charges between the two (i.e. projections from both Halifax and Pru showing what the maturity values would be using the same growth rates). An analysis of benefits should be given as well. i.e. does the Pru pension have guaranteed annuity rates etc. Then there is a review of the investment options and how they fit with your risk profile.

Has any of this happened? bet it hasnt with a tied agent.

Halifax are a rubbish provider of products. Their investment funds are weak and their charges are typical maximums. They dont have financial advisers. They have insurance salesmen.

The pru policy maybe bettered elsewhere. But it wont be bettered by the Halifax.