Moving a pension pot

Home Forum Chat Forum Moving a pension pot

Viewing 9 posts - 1 through 9 (of 9 total)
  • Moving a pension pot
  • Premier Icon wwaswas
    Subscriber

    Your new pension provider should be able to do it all.

    Transfer value may not reflect it’s ‘actual’ value but fees for leaving it dormant will eat up any difference quite quickly…

    (I am not a financial adviser).

    Premier Icon footflaps
    Subscriber

    Last time I tried to do this you weren’t allowed to move it without paying for a full assessment which costs something like £500. Given the pot I wanted to move was only a few £k, it didn’t seem to make sense.

    Premier Icon woody2000
    Subscriber

    I asked the same question and was told to leave it where it was as it just wasn’t worth transferring. Hmmm, wonder if I need to revisit that!

    towzer
    Member

    as above – check charges, ask about commission, ask about current fund performance/ask about new fund performance – and make sure you really do understand what they mean

    be sure to compare from/to funds/companies properly
    (one off fees/annual charges% etc etc – I also use previous performance)
    *you usually get a annual % charge reduction with larger amounts
    and especially their performances

    You should get annual statements each pot I would strongly recommend keeping these as you can see the reality of the fund performance over time(and therefore compare it with other providers)

    fyi – what I do is – not put all my eggs in one basket (*google equitable life)

    I would also suggest doing some research on what a SIPP is

    Premier Icon crispo
    Subscriber

    I have a small pension pot from my previous job that I am thinking about transferring to my new. I think if I don’t then in 40 years time I might have lost track of where it is and what it’s worth.

    It was only 2 years from my first job out of Uni so we are talking a small pot, for that reason it seems a bit excessive to see and IFA like I probably would if I was a bit further down the line!

    Anybody got any experience of doing this? Do I simply ask my new pension provider to get it from my old one? Are there any things to watch out for?

    Thanks

    Also check the fees on the pension if you leave it dormant.

    It was Mentioned on this mornings money programme (5 live, podcast available) that fees can often rise when you stop paying into the pension regularly…..they figure you won’t notice.

    b r
    Member

    ‘eggs’ ‘all’ ‘basket’

    Don’t

    Premier Icon crispo
    Subscriber

    Dont worry, Mrs Crispo has a good one too and I am spreading it with savings too.

    The pension from my old company only has a couple of £k in it so its not a huge amount. I think I would prefer to manage it with my current pension to for ease of keep on top of it.

    Thanks for all the comments, have spoken to my current Pension provider and they said they can sort it. Will make sure I find out about charges etc.

    Greybeard
    Member

    Something else to consider is that at the moment you are allowed to take small pots as a lump sum rather than buy an annuity, which could be useful if annuity rates stay as bad as they are.

Viewing 9 posts - 1 through 9 (of 9 total)

The topic ‘Moving a pension pot’ is closed to new replies.