pensions

[Futter]

Hi All

I have several pensions running, all standard company programs and I want to combine them to make the most of them etc. Is there a comparison site that tells me which is run best/performs the best? I've had a look but cant seem to find what I'm after. TIA

[Asian Boss]

I could be incorrect but I don't think there is. I have a nasty feeling you have to trawl through all the small print - or pay an advisor to do the same; and they of course will attempt to steal your ha'peth of gruel.

[Mr. Dazzle]

Define "make the most of them" - grow the most, the most/least risky, the most income?

Define "run the best" - gives you the most choice for investments, requires the least input from you, has the lowest charges?

Define "performs the best" - same as above really, what're you looking to do?

Do you have a company pension in your new/current/last job?

And so on. If you've got a current company pension it's a decent bet you'd be able to speak to an advisor through that scheme. This is the sort of thing you need proffessional help with, at least at first, IME.

FWIW though, actually moving them is a piece of piss these days.

[Futter]

Define "make the most of them" - grow the most, the most/least risky, the most income?

Define "run the best" - gives you the most choice for investments, requires the least input from you, has the lowest charges?

Define "performs the best" - same as above really, what're you looking to do?

Do you have a company pension in your new/current/last job?

And so on. If you've got a current company pension it's a decent bet you'd be able to speak to an advisor through that scheme. This is the sort of thing you need proffessional help with, at least at first, IME.

FWIW though, actually moving them is a piece of piss these days.

On balance I want to consolidate them into one that will give best return with low/medium risk. I'm only a week into the new job and have to compete a 3 month probation before I go into pension. I suppose, thinking of this it may be worth waiting until then and seeing what advice I can get etc. Thanks

[Count Steer]

That's a big question!
What type of pensions are they, how well are they doing, when do you expect to draw on them, do you want to tailor the risk profile as you get nearer to that date, do you plan to actively manage them (as in a SIPP) or are they being rolled up into a company managed scheme etc etc?
You could look at a site like Fidelity, there's lots of info. Even if it only helps you to figure out the questions you need to ask when you talk to someone.
(Fidelity and others will let you consolidate and stick them in a SIPP in a range of funds or one of their 'fund of funds' selected for risk, (growth, income and growth, income type of thing).
So, yes, talk to an expert, but not one that takes a slice of everything they sell to you.

[v8-powered]

I've just done a similar exercise, taking my old pots that aren't final salary and adding to my private pension pot.
Can't really offer much advice other than seek the assistance of a professional, my wife managed mine as she's director of an IFA business. Worth the expense I'd say though....

[Cousin Jack]

Find a decent, honest financial adviser (I know, rocking horse shit!).

Daughter went through this exercise a year or so back and was told that it would be best to leave alone. Gains from consolidating them were small/non-existent, leaving them alone helped to minimize the all-the-eggs-in-one-basket risk.

[Count Steer]

Find a decent, honest financial adviser (I know, rocking horse shit!).

Daughter went through this exercise a year or so back and was told that it would be best to leave alone. Gains from consolidating them were small/non-existent, leaving them alone helped to minimize the all-the-eggs-in-one-basket risk.

I'm a big fan of 'do nothing' options.

(The one constant with 'doing something' is that every time you do, someone takes an extra slice - commission, buy/sell charges, management fees, tax whatever).

[Mr. Dazzle]

It didn't cost me anything to move all my disparate pensions into one place. Due to a combination of changing jobs a few times and the companies I worked for being bought our more than once I had half a dozen pensions representing only 10 years of employment!

You get better management rates as your pot gets bigger, so I decided to consolidate them. As I said, there were no charges for doing so. 99% of it was online.

[Tomcat]

I doubt you'll find one that significantly outperforms the others. FWIW I combined all mine into a pot with Fidelity (who were one of the existing schemes). They got the gig mostly because they made the whole transfer process easiest.

[Count Steer]

It didn't cost me anything to move all my disparate pensions into one place. Due to a combination of changing jobs a few times and the companies I worked for being bought our more than once I had half a dozen pensions representing only 10 years of employment!

You get better management rates as your pot gets bigger, so I decided to consolidate them. As I said, there were no charges for doing so. 99% of it was online.

Interesting. I knew they don't charge for the move but weren't there any costs involved in the buying/selling of the actual funds?

[Mr. Dazzle]

Nope.

There's not any cost with current lot when I buy/sell funds either. They all have a "buy/sell" percentage charge but then a " *providers name* discount" which sets the cost of said charge to zero. I dunno if that's 'cause I'm part of a paid for company scheme or 'cause that's just a perk of this particular provider or what.

At the moment I can buy funds with no charge but pay an ongoing annual charge (sorta 0.5% scale) or I can buy shares direct and pay a one off charge, but no ongoing fee. Most of it is in about a dozen different funds, but I did buy some shares direct in a couple of firms which I plan to hold on to for ~20 years. Grid energy storage and solar panel stuff. I get dividends from them too.

[Dodgy69]

I've started the ball rolling with True Potential. Transferring final salary schemes to a investment firm who manage it for a %. You ask for a ' transfer value ' from your pension administrators and this can be invested. It's also a drawdown so can withdraw as and when you want.

You will get a larger lump sum and more flexibility, but when it's gone, it's gone. They monitor your investment and move it when necessary. Your basically paying them to make you money.

The risk is up to you, low, med, high. These pension investments don't have the safe gaurd like a final salary scheme but with the flexibility and larger lump sum, seem like an attractive option. Imo.

https://www.tpllp.com/?visit=main

[Count Steer]

I've started the ball rolling with True Potential. Transferring final salary schemes to a investment firm who manage it for a %. You ask for a ' transfer value ' from your pension administrators and this can be invested. It's also a drawdown so can withdraw as and when you want.

You will get a larger lump sum and more flexibility, but when it's gone, it's gone. They monitor your investment and move it when necessary. Your basically paying them to make you money.

The risk is up to you, low, med, high. These pension investments don't have the safe gaurd like a final salary scheme but with the flexibility and larger lump sum, seem like an attractive option. Imo.

https://www.tpllp.com/?visit=main

In the hope that they make you money. They're pretty small and I really hope they didn't advise you to move your money to them. That would be a little

Still, your money, your choice. Good luck. Fingers crossed the markets don't stoof.

[Horse]

Transferring final salary schemes to a investment firm

Unless I've misunderstood, I thought final salary schemes were best left alone?

[Dodgy69]

Nothing signed off yet. Final salaries for 55yo are much reduced but do guarantee a monthly income for life. The drawdown gives you a cash value whatever age you are and is more flexible, but at risk of poor growth.

[JackyJoll]

I’ll start living on a 34 year final salary pension in January.

If an “investment firm” comes anywhere near me to “manage it,” I’ll kick them in the balls.

[Horse]

Nothing signed off yet. Final salaries for 55yo are much reduced but do guarantee a monthly income for life. The drawdown gives you a cash value whatever age you are and is more flexible, but at risk of poor growth.

Ah, as always: determine how and when you intend to die (past performance of your parents is not a guaranteed indicator, your lifespan may be longer or shorter. Your home and contents are at risk if you leave the back door open), then select an appropriate strategy?

[Count Steer]

Nothing signed off yet. Final salaries for 55yo are much reduced but do guarantee a monthly income for life. The drawdown gives you a cash value whatever age you are and is more flexible, but at risk of poor growth.

They guarantee an income with NO risk. Poor growth can be negative.

Like I said, it's your money and you've run the numbers but I hope those advising aren't where the money is going. Maybe get some additional advice?

[Mr. Dazzle]

I've looked a few times and never found a scheme which could match my final salary one. As the man says, "poor growth" means losing money.

Anyone who actively sought me out to invest my final salary pension would get a kick in the bollox just as JJ says.