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  • FIRST POST
    • oysterman
    • By oysterman 5th Feb 18, 6:54 PM
    • 699Posts
    • 89Thanks
    oysterman
    Aegon pension pot?
    • #1
    • 5th Feb 18, 6:54 PM
    Aegon pension pot? 5th Feb 18 at 6:54 PM
    Got a letter from Aegon informing me that they are transfering my pension pot(£20,800) from the Scottish equitable personal pension scheme to the Aegon self invested personal pension scheme unless i tell them otherwise.
    How do i work out which is best?
    if i had known then what i know now
Page 1
    • tempus_fugit
    • By tempus_fugit 5th Feb 18, 6:58 PM
    • 401 Posts
    • 360 Thanks
    tempus_fugit
    • #2
    • 5th Feb 18, 6:58 PM
    • #2
    • 5th Feb 18, 6:58 PM
    Read the lengthy document that was sent with the letter as it has all the relevant details. The funds should be the same, they are on mine at least, and only some of the terms and the charges will be changing. If you have anything that is not clear then give them a call to clarify.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • Blackavar
    • By Blackavar 7th Feb 18, 9:19 PM
    • 71 Posts
    • 16 Thanks
    Blackavar
    • #3
    • 7th Feb 18, 9:19 PM
    • #3
    • 7th Feb 18, 9:19 PM
    Can I ask if you have been happy with the Aegon SIPP. I am about to transfer my Aegon pensions into something I can access and was looking at Aegon retire ready platform probably with the same risk level as my pension pots. Only considering this as although it costs more than the SIPP, it is managed and uses Blackrock funds and I am not currently confident enough to pick my own investments. Did they convert your pension to SIPP with the same mix as your pension?
    • dunstonh
    • By dunstonh 7th Feb 18, 9:30 PM
    • 92,133 Posts
    • 59,290 Thanks
    dunstonh
    • #4
    • 7th Feb 18, 9:30 PM
    • #4
    • 7th Feb 18, 9:30 PM
    Can I ask if you have been happy with the Aegon SIPP.
    What is your definition of happy. After all, its not as if a SIPP is there for enjoyment.

    Only considering this as although it costs more than the SIPP,
    Depends on where you buy it from. On vanilla terms, its not well priced. However, on discounted terms with a price cap, its one of the cheapest going.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Blackavar
    • By Blackavar 7th Feb 18, 11:02 PM
    • 71 Posts
    • 16 Thanks
    Blackavar
    • #5
    • 7th Feb 18, 11:02 PM
    • #5
    • 7th Feb 18, 11:02 PM
    Hmm what is the definition of smug & unhelpful ...Oh wait, here it is. Just asking the OP a question. No idea why you would bother to reply with this. Not really helping is it and I thought that's what is site was all about?
    • tempus_fugit
    • By tempus_fugit 8th Feb 18, 1:30 AM
    • 401 Posts
    • 360 Thanks
    tempus_fugit
    • #6
    • 8th Feb 18, 1:30 AM
    • #6
    • 8th Feb 18, 1:30 AM
    Can I ask if you have been happy with the Aegon SIPP. I am about to transfer my Aegon pensions into something I can access and was looking at Aegon retire ready platform probably with the same risk level as my pension pots. Only considering this as although it costs more than the SIPP, it is managed and uses Blackrock funds and I am not currently confident enough to pick my own investments. Did they convert your pension to SIPP with the same mix as your pension?
    Originally posted by Blackavar
    From what the OP has written I think they are in the same position as me, ie they have an older type pension that is being transferred to a Retiready SIPP, so they won't have the SIPP yet. However, in the information they sent me it says that the funds will be invested in the same investments as the old pension, apart from a small amount in cash in order to pay the fees. Of course the investments can be changed later if you wish, which may incur further charges.

    I've been reasonably happy with my Aegon pension so far. It's a small one but I intend to keep it for a while yet and the SIPP should be easier to manage than the old pension.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • JohnLondon
    • By JohnLondon 13th Feb 18, 10:33 AM
    • 10 Posts
    • 1 Thanks
    JohnLondon
    • #7
    • 13th Feb 18, 10:33 AM
    • #7
    • 13th Feb 18, 10:33 AM
    My pension with Aegon recently transferred to their SIPP. What I find baffling is that there is no option to automatically reinvest any dividends. I phoned them today to query this & they confirmed that any dividends paid will be paid into the cash facility. I think I will be transferring my SIPP to Halifax as the fee with Aegon is 0.27% & Halifax has a fee of £180pa for pots over £50k which works out significantly cheaper. I also have the option to automatically reinvest dividends!
    • dunstonh
    • By dunstonh 13th Feb 18, 11:42 AM
    • 92,133 Posts
    • 59,290 Thanks
    dunstonh
    • #8
    • 13th Feb 18, 11:42 AM
    • #8
    • 13th Feb 18, 11:42 AM
    What I find baffling is that there is no option to automatically reinvest any dividends.
    that is quite normal on platforms.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • JohnLondon
    • By JohnLondon 13th Feb 18, 12:10 PM
    • 10 Posts
    • 1 Thanks
    JohnLondon
    • #9
    • 13th Feb 18, 12:10 PM
    • #9
    • 13th Feb 18, 12:10 PM
    that is quite normal on platforms.
    Originally posted by dunstonh
    Thanks for clarifying. Why is that? I would have thought that you would be given the option to reinvest the dividends, especially when you’re under 55.
    • dunstonh
    • By dunstonh 13th Feb 18, 12:28 PM
    • 92,133 Posts
    • 59,290 Thanks
    dunstonh
    why is that?
    platforms are typically used by more advanced investors with larger funds running bespoke portfolios. How they reinvest the income will depend on their investment strategy and may not go back into the same fund/investment but an alternative.

    As you have the choice of income and accumulation units on most funds, you pick acc the units if you dont want to deal with income distribution.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • JohnLondon
    • By JohnLondon 13th Feb 18, 12:57 PM
    • 10 Posts
    • 1 Thanks
    JohnLondon
    platforms are typically used by more advanced investors with larger funds running bespoke portfolios. How they reinvest the income will depend on their investment strategy and may not go back into the same fund/investment but an alternative.

    As you have the choice of income and accumulation units on most funds, you pick acc the units if you dont want to deal with income distribution.
    Originally posted by dunstonh
    That makes sense, thanks for clarifying
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