MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
We are moving to a salary sacrifice SMART model at work.
I currently have (I think a SIPP) personal pension with Standard Life which work pays into. 0.8% fee.
The new provider at work is Peoples Pension - which gets very mixed reviews. 0.6% fee - saving a few hundred pounds a year.
I am properly stumped on this one - it is difficult to compare like with like as my own pension I hold a few funds, all within an ethical selection, and so a 'like for like' on performance over the last few years is difficult.
Any experiences of either and what my options are? I know work will either let me stay or transfer in, but do I have to full transfer in, or can I have two pensions?
You can definitely have two pensions. I have a Hargreaves Lansdown SIPP that I don't pay into any more, a previous employer's DC pension, my current employers DC pension with Aviva that I'm paying in to and four (possibly five) old DB pensions...
You can have as many pensions as you like. On retirement (or rather when you start to draw your pension) you can choose to consolidate them under one pension provider.
Thank you both.