Any financial advisors (pensions)

Oddsocks

Ryder Cup Winner
Joined
Jun 20, 2010
Messages
16,789
Location
Croydon, Surrey
Visit site
Just wondering if there are any F/A’s on here with experience in work placed pensions. Due to some employment moves over the last 8 years I have 4 pensions that I’m looking to consolidate into 1 pot for ease of management and want to ensure I’m moving them into the best pot.

Looking for some do’s and dont’s advice.
 

spongebob59

Journeyman Pro
Joined
Jul 13, 2012
Messages
6,524
Location
Kent
Visit site
Doing this with my wife's various pensions ATM .
Tried to do it ourselves but it's a nightm are so I'm getting my IFA to do it now.
Estimated a couple of hundred and all she's had to do is sign letters of authority.
 

Brads

Active member
Joined
Sep 2, 2021
Messages
269
Visit site
If they are DC (private, SIPP etc) pensions then pension bee or suchlike will do it plus they are easy enough to move yourself online.
 

PNWokingham

Journeyman Pro
Joined
Jun 20, 2010
Messages
3,493
Location
Berks
Visit site
i would open a SIPP and move them all into it - very straightforward to open and to transfer them all in through the SIPP - i did one in my AJ Bell last month - took 10 minutes to fill in the online form (provider name, account number etc) and was transfered in under a week

You will then have the choice of all collective funds available (unit trusts etc) along with all investment trusts, ETF and individual equities. You can then alocate as you like and be as active as you like. I would recommend AJ Bell, Interactive Investor or Hargreaves Lansdown.

I find it is better to use investment trusts as there are no management fees from the SIPP - unlike unit trusts whiuch will be an annual % - and you can choose the same or similar managers from the same companies - JP Morgan, Blackrock etc. And it takes seconds to buy and sell, whereas funds over traded next day
 

Oddsocks

Ryder Cup Winner
Joined
Jun 20, 2010
Messages
16,789
Location
Croydon, Surrey
Visit site
I followed Nat West’s advice and moved my company pension into one of their products. 20 years later they had to pay me £52000 compensation.?

me and NatWest don’t get on so that would give me great pleasure!

I believe mine are all SIPP based pensions as they have been provided through work placement, but they spread across aviva, b&ce, smart pensions, Scottish widows and aegon.

The b&ce need to remain open as that’s who my new employer uses so pointless closing, and my aegon is the largest of the remaining. They have a great online tool for consolidating where they do it all fee less so that’s the easy part.

Is there anything I “ small prints “ that I should consider before consolidating ?
 

Voyager EMH

Slipper Wearing Plucker of Pheasants
Joined
Mar 14, 2021
Messages
5,513
Location
Leicestershire
Visit site
Not pensions, but I acted for my mum several years ago and got her a substantial sum from FSA Compensation Scheme for "negligent advice" from an IFA. I assisted the Financial Fraud unit of the police so that the IFA eventually did time at Her Majesty's. Whole affair took over two years and was unpleasant and very stressful. The police detectives were brilliant. Mum was not the only victim.
I have managed to avoid IFAs.
 

PJ87

Journeyman Pro
Joined
Apr 1, 2016
Messages
20,214
Location
Havering
Visit site
Not pensions, but I acted for my mum several years ago and got her a substantial sum from FSA Compensation Scheme for "negligent advice" from an IFA. I assisted the Financial Fraud unit of the police so that the IFA eventually did time at Her Majesty's. Whole affair took over two years and was unpleasant and very stressful. The police detectives were brilliant. Mum was not the only victim.
I have managed to avoid IFAs.

Wasn't in driffield area per chance
 

GreiginFife

Money List Winner
Joined
Mar 7, 2012
Messages
10,450
Location
Dunfermline, Fife
Visit site
me and NatWest don’t get on so that would give me great pleasure!

I believe mine are all SIPP based pensions as they have been provided through work placement, but they spread across aviva, b&ce, smart pensions, Scottish widows and aegon.

The b&ce need to remain open as that’s who my new employer uses so pointless closing, and my aegon is the largest of the remaining. They have a great online tool for consolidating where they do it all fee less so that’s the easy part.

Is there anything I “ small prints “ that I should consider before consolidating ?

Firstly, you should get advice from a professional as the whole arena is a minefield. I've worked for Standard Life and Aegon and it's a fairly complex industry (to me it almost seems like it's been deliberately designed that way - but then I'm an old cynic).

However, if you are insistent that you are going to go it alone then the one thing that you should look at before lumping them all together is relative performance of your portfolio presently. Just because one is the biggest it doesn't necessarily mean that it's the best (in terms of performance). Also what are the investment risk characteristics of each one? Again, you don't necessarily want to lump everything in to a high risk basket.

I had 3 up until last year, one managed an increased of 10.4%, it is in a low risk market. The second increased 17.6% in a medium risk market and the oldest one increased just shy of 25% over the same period and is in a medium/high risk market. Now when I looked at consolidating the advice I was given was to lower the risk if the capital at stake was being increased (don't put all your eggs in one shoogly basket as he put it) and that sometimes it pays to have a bit of diversification of investment. So the third one was split in value and half was merged with the second one and half was merged with the first. So I now have two of roughly equal value, one of which out performs the other when the conditions are right but at a higher risk whist the other will tick along gaining smaller but with less risk and he reckons that they might well match pace over the long term as the markets fluctuate. We review it again end of next year.

Of course, I could have lumped it all in to the third pot but I reckon that would make me a tad edgy.

As I say, that's just the advice that I was given and was specific and relevant to me and my risk appetite so would really suggest that you speak to a professional.
 

Rooter

Money List Winner
Joined
Jan 30, 2012
Messages
10,807
Location
Newbury
Visit site
I was in a similar boat. All of my 'dormant' ones were moved to a managed one (i went to a St James Place company, as my mate runs one) And he manages it and tries to grow it. My current work one is 'standard' and nothing to do with the old ones (which currently, i dont add to)

Long story, i got my Investment manager mate to sort it!!
 
Top