Embark pensions & Fusion wealth

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agent69
agent69 Posts: 343 Forumite
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in Pensions, annuities & retirement planning
Having just retired I need to migrate my DC pension pot to a vehicle that will allow phased draw down.



The IFA who manages the company scheme where my DC pot is held has suggested moving to Embark pension's Fusion option SIPP. However, I have no knowledge of either company.


Does anyone have any experience in dealing with these two organisations?

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  • xylophone
    xylophone Posts: 44,422 Forumite
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    Had you thought of consulting an IFA of your own choosing?

    https://adviserbook.co.uk/

    You would tick "confirmed independent" and then the other specialisms you require.
  • agent69
    agent69 Posts: 343 Forumite
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    xylophone wrote: »
    Had you thought of consulting an IFA of your own choosing?

    https://adviserbook.co.uk/

    You would tick "confirmed independent" and then the other specialisms you require.


    I don't have an issue with the IFA. I have known him for 15 years and he has always been very helpful. The company he works for manages the pension contributions of over 1000 people at work, and they have implemented similar arrangements for many of my colleagues.


    I'm just curious because I've never heard of the 2 companies in question.
  • Shedman
    Shedman Posts: 1,495 Forumite
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    Embark took over Liberty SIPP a while ago. I hadn't heard of them either when my XO Liberty SIPP got moved to them. Seem to be a reasonable size Pension and Work Benefits group.
  • xylophone
    xylophone Posts: 44,422 Forumite
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    Presumably you have done your googling?

    https://www.embarkpensions.co.uk/

    https://www.embarkplatform.co.uk/
  • Albermarle
    Albermarle Posts: 22,158 Forumite
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    Looking at their website , although the standard annual fee is not excessive , there seems to be an extra charge for almost everything else . Particularly noticeable is the £25 ( + VAT) fee for buying any new investment fund/shares etc . Also when taking the pension - £100 annual fee for drawdown AND £100 for each BCE. You can hold property in it but that would only be useful for a small minority of investors .
    So compared to your typical DIY SIPP platform , not very competitive, and only available via an advisor , so presumably more expense.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    It is worth noting that most IFAs can get special terms with various platforms. So, don't rely on the published price. Embark is an unusual SIPP for someone to use. So, there has to be some justification whey they are picking Embark over any of the others. The OP should question that justification. Special terms could be it. If not, I think it would be a struggle to justify for mainstream investing.
    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.
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