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    • datlex
    • By datlex 11th Apr 18, 11:30 PM
    • 1,766Posts
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    datlex
    Small pension
    • #1
    • 11th Apr 18, 11:30 PM
    Small pension 11th Apr 18 at 11:30 PM
    I have a very small pension currently worth about 2400 with Aviva which was started when I was at an old employer in the last millenium. It was originally with a different provider, but due to various sales of companies has ended up with them. In the last year, it did not grow at all not even enough to cover the charges Aviva are making. They have stated also that the transfer value is only 1500. Not sure why their charges are so high.

    Previously I have always asked for my money to go in low risk funds. I am wondering whether given the small amount if I would be better asking for it to be moved to a higher risk fund with the potential of more growth? I am not sure of the implications of doing so if the fund decreases. Can you get to a point with a very small pension where the fund has decreased to such an extent that the fund is insufficient to cover fees?
Page 1
    • Brynsam
    • By Brynsam 11th Apr 18, 11:45 PM
    • 1,568 Posts
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    Brynsam
    • #2
    • 11th Apr 18, 11:45 PM
    • #2
    • 11th Apr 18, 11:45 PM
    Can you get to a point with a very small pension where the fund has decreased to such an extent that the fund is insufficient to cover fees?
    Originally posted by datlex
    Yes - and that was exactly what happened with some old-style personal pension contracts where charges were extortionate. Could you transfer to another fund/provider with lower charges?
    • LHW99
    • By LHW99 12th Apr 18, 1:32 PM
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    LHW99
    • #3
    • 12th Apr 18, 1:32 PM
    • #3
    • 12th Apr 18, 1:32 PM
    May be worth enquiring if Aviva can offer a more up to date product that would suit. They may not put (such high) charges on if you transfer to another product within the company.
    • xylophone
    • By xylophone 12th Apr 18, 6:12 PM
    • 26,486 Posts
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    xylophone
    • #4
    • 12th Apr 18, 6:12 PM
    • #4
    • 12th Apr 18, 6:12 PM
    http://forums.moneysavingexpert.com/showthread.php?p=74110218#post74110218

    Had you considered a transfer to NEST?
    • datlex
    • By datlex 12th Apr 18, 6:47 PM
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    datlex
    • #5
    • 12th Apr 18, 6:47 PM
    • #5
    • 12th Apr 18, 6:47 PM
    Yes - and that was exactly what happened with some old-style personal pension contracts where charges were extortionate. Could you transfer to another fund/provider with lower charges?
    Originally posted by Brynsam
    to transfer to other provider would cost me 900
    May be worth enquiring if Aviva can offer a more up to date product that would suit. They may not put (such high) charges on if you transfer to another product within the company.
    Originally posted by LHW99
    I will bespeaking to them about changing to a new fund. Not sure yet whether to ask them about a higher risk product.
    Originally posted by xylophone
    I already have a pension with Nest through auto enrollment. I could transfer but then I face losing 900.
    • PeacefulWaters
    • By PeacefulWaters 12th Apr 18, 7:35 PM
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    PeacefulWaters
    • #6
    • 12th Apr 18, 7:35 PM
    • #6
    • 12th Apr 18, 7:35 PM
    Have you picked up the phone and asked Aviva why one value is 2,400 and the other 1,500?

    I'll be amazed if it's a fee.
    • datlex
    • By datlex 13th Apr 18, 12:17 AM
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    datlex
    • #7
    • 13th Apr 18, 12:17 AM
    • #7
    • 13th Apr 18, 12:17 AM
    Have you picked up the phone and asked Aviva why one value is 2,400 and the other 1,500?

    I'll be amazed if it's a fee.
    Originally posted by PeacefulWaters
    I am going by the letter they sent which states that.
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