Transferring Pensions

[gryphon]

Hi guys would appreciate a bit of feed back.

I have worked for several companies in the sector i work in. Each having a different pension scheme/provider. A few years back i went Ltd Company and started yet another new pension but this time i transferred all my pension pots into the new providers pension.
I have recently went back to PAYE and am about to commit to a new pension. Do i loose much/anything transferring pensions all the time. Who knows how long i'll be with this new company. I don't foresee moving in the foreseeable future.
The new pension provider is Standard Life and my previous provider was Aviva.

[nomadd]

Hi guys would appreciate a bit of feed back.

I have worked for several companies in the sector i work in. Each having a different pension scheme/provider. A few years back i went Ltd Company and started yet another new pension but this time i transferred all my pension pots into the new providers pension.
I have recently went back to PAYE and am about to commit to a new pension. Do i loose much/anything transferring pensions all the time. Who knows how long i'll be with this new company. I don't foresee moving in the foreseeable future.
The new pension provider is Standard Life and my previous provider was Aviva.

You probably have been stung several times over in commission charges both on entry and exit from these various schemes. You really should seek professional advice as well as do your own research. Pensions can be a complete rip-off if you aren't careful.

For what it's worth, I concentrated all my pensions into a single SIPP with Hargreaves Lansdown and manage the investments myself (worldwide and industry-wide diversified portfolio of very lost cost index trackers.) I sleep much more easily knowing my pension is under my control (or at least as much as is possible based on current pension legislation.)

My advice is to do some research of your own and back it up with truly independent professional advice if you feel the extra need.

[gryphon]

You probably have been stung several times over in commission charges both on entry and exit from these various schemes. You really should seek professional advice as well as do your own research. Pensions can be a complete rip-off if you aren't careful.

For what it's worth, I concentrated all my pensions into a single SIPP with Hargreaves Lansdown and manage the investments myself (worldwide and industry-wide diversified portfolio of very lost cost index trackers.) I sleep much more easily knowing my pension is under my control (or at least as much as is possible based on current pension legislation.)

My advice is to do sum research of your own and back it up with truly independent professional advice if you feel the extra need.

I've got most of my ISA's with H&L and they manage them fine. The thing is with the pension is it's like part of your salary. You stick in at least 3.5% and they top it up with 7%. If you don't take the pension out you don't get that 7%.

[nomadd]

IThe thing is with the pension is it's like part of your salary. You stick in at least 3.5% and they top it up with 7%. If you don't take the pension out you don't get that 7%.

You are talking about Employers contributions? I wouldn't know - I'm a contractor, so it's all "my" cash to play around with ultimately (and all my contribution comes from my company, not me.) But still, a pension can be very tax efficient investment vehicle, there is no disagreement on that. But I'm not sure what your point is here? Your question when you started this thread was: Do i loose much/anything transferring pensions all the time. That's what I responded to, in the affirmative. Seriously, seek some independent professional advice, as I said.

[Scrag Meister]

Hi guys would appreciate a bit of feed back.

I have worked for several companies in the sector i work in. Each having a different pension scheme/provider. A few years back i went Ltd Company and started yet another new pension but this time i transferred all my pension pots into the new providers pension.
I have recently went back to PAYE and am about to commit to a new pension. Do i loose much/anything transferring pensions all the time. Who knows how long i'll be with this new company. I don't foresee moving in the foreseeable future.
The new pension provider is Standard Life and my previous provider was Aviva.

I have about 3 pre contractor pension pots sat around awaiting my retirement, how hard was it to get all the amount into 1 pot, i.e. how much paperwork etc?

Would be nice to see how big/small my entire pot is as I have basically not seen any details on a couple of the pots for quite a while.

[gryphon]

I have about 3 pre contractor pension pots sat around awaiting my retirement, how hard was it to get all the amount into 1 pot, i.e. how much paperwork etc?

Would be nice to see how big/small my entire pot is as I have basically not seen any details on a couple of the pots for quite a while.

The first time consecrated all my pots the new provider done all the paper work. Filled in a form and they had them transferred.
I've not filled the Standard Life forms out yet but they have the same one, fill it in and they'll give you a projection of likely out comes.
Aviva charged me nothing to transfer and i don't think SL charge either, it's just a case of working out who has the cheapest yearly fees.

[nomadd]

I have about 3 pre contractor pension pots sat around awaiting my retirement, how hard was it to get all the amount into 1 pot, i.e. how much paperwork etc?

Would be nice to see how big/small my entire pot is as I have basically not seen any details on a couple of the pots for quite a while.

That's exactly the reason why I moved my prior pension (an EPP) into HL - so I had more control and visibility over it day-to-day.

The paperwork isn't too bad, as all pension providers have to give you the option of leaving. What may be more difficult is the prior Employers you've had - they normally don't like employees messing around with the pensions they manage and creating work for them. You also need to be careful over whether moving such pensions is a good move, as you might find it better to simply leave them where they are. Still, don't be put off by the paperwork, it's nothing more than a form providing the details of your new pension provider plus a few forms of proof of identity (copy of driving license, passport, etc.)

Still, seek professional advice, and get a complete break-down of all the costs of moving, just to make sure it's the right thing to do in your circumstances.

[Thejacka1]

Hi guys would appreciate a bit of feed back.

I have worked for several companies in the sector i work in. Each having a different pension scheme/provider. A few years back i went Ltd Company and started yet another new pension but this time i transferred all my pension pots into the new providers pension.
I have recently went back to PAYE and am about to commit to a new pension. Do i loose much/anything transferring pensions all the time. Who knows how long i'll be with this new company. I don't foresee moving in the foreseeable future.
The new pension provider is Standard Life and my previous provider was Aviva.

It's likely that it would cost you far more money not to take action now.

It is important to have access to your pension funds and to have a strategy for where they are invested , so even if it costs money to move them, take the hit now.

You should take some Independent Advice as well.

I use Hargreaves Lansdown as others do on this thread and would recommend them. It's very accessible and the Charges aren't too bad.

[psychocandy]

Yeh, H+L is easy to transfer pensions into.

And you can log in and see how everything is doing as well (badly in my case).