Old moth infested Group Pension

[mudskipper]

Ditto - I transferred mine into HL. Just filled out the forms and it was done.

[Cirrus]

Get In with The In Crowd

Your question seems to be not whether you can transfer it but whether you could top it up.

I looked at topping up one of my pensions but the charges were ridiculous (5%). Also there are no on-line management capabilities. And they didn't offer draw-down. So I would put any new money into a SIPP. HL is very good but the charges are higher than others unless you like to gamble all day by trading. You might want to wait and see if Vanguard introduce a SIPP. Which of course brings me to pull out the soapbox - if you want to be part of the trendy, sassy, BMW driving, Netfix box set binging, L'Enclume eating club, you need to choose low cost passive funds.

[rl4engc]

Is it a defined benefit pension i.e. final salary) and 8k is the annual amount you'd get, or is 8k the total pot size?

No it was just a basic one, they maych your inputs up to 7% I think it was.

[rl4engc]

If you want to be part of the trendy, sassy, BMW driving, Netfix box set binging, L'Enclume eating club, you need to choose low cost passive funds.

I might look into Lloyds for SIPP (if they do them) as my S&S ISA's and current account are with them.

Already in passive funds, my plan is to max out two ISAs each year but if there's any left drip feed it into a directors pension.

[SueEllen]

I might look into Lloyds for SIPP (if they do them) as my S&S ISA's and current account are with them.

Already in passive funds, my plan is to max out two ISAs each year but if there's any left drip feed it into a directors pension.

Why choose a bank?

The online operators tend to be cheaper than banks for pensions.

There is a nice long thread on this forum somewhere explaining SIPPs.

[rl4engc]

Why choose a bank?

Well my other accounts are with the same one so I thought it might be simpler to keep everything 'all under one roof' as it were. Saying that I've just had a cursory look at charges and it does appear HL to be the cheapest (no annual charge, no charge for buying etc.) so as long as MyCo can pay into this pension it looks like these are the favorites.

[Hobosapien]

Saw an interesting article on state pension over the weekend:

Death of retirement: Can the UK afford the state pension? - BBC News

Although the state pension is hard to live on alone, to buy an equivalent index-linked income from an insurance company would cost more than £250,000. Investment platform Hargreaves Lansdown estimates that to save that much would require £300 a month for 40 years.

Also mentions some calling for state pension to be means tested.

So unless you have a sufficiently large investment by the time you retire, it may be a fools errand to want to top up your state pension if/when with means testing they take away your state pension so you're left worse off or not significantly better off doing it yourself.

[SueEllen]

Well my other accounts are with the same one so I thought it might be simpler to keep everything 'all under one roof' as it were. Saying that I've just had a cursory look at charges and it does appear HL to be the cheapest (no annual charge, no charge for buying etc.) so as long as MyCo can pay into this pension it looks like these are the favorites.

I suggest you find the forum thread via Google about SIPPs.

[Fred Bloggs]

Well my other accounts are with the same one so I thought it might be simpler to keep everything 'all under one roof' as it were. Saying that I've just had a cursory look at charges and it does appear HL to be the cheapest (no annual charge, no charge for buying etc.) so as long as MyCo can pay into this pension it looks like these are the favorites.

You need to be careful with HL. There fees depend on what investments you hold. If you intend to hold unit trusts and/or OEICs, they charge an eye watering 0.45% per year platform fee on anything up to GBP 250k. If you hold shares (including investment trusts), then yes, they can be competitive as their charges are capped. You need to DYOR properly. HTH.