Yeah, personally I think it should be illegal for any pension fund to now allow partial transfers, but I'm not a fund owner with the ear of the government.
Pension fund performance - do you monitor yours, how is it doing, do you actively change it?
- Thread starter danlightbulb
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I agree, but given the fund make-up has been substantially changed since Nov, there isn't much to go on as to how well this new version will perform.
I haven't checked, but wouldn't it be naughty if they were still showing the past performance of the old make-up fund, when looking at the data for the current fund ?
That would certainly be naughty, and I'm not sure it would be legal
.It is definitely worth looking into though - fortunately I'm not in NEST myself, though I have been in the past.
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Associate
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They make it quite difficult to track how much a fund actually costs - especially with regular investments. The 'fact sheet' on aviva doesn't really give me all the info but I am totally winging it on what funds are performing well. I googled a few good average returning funds and picked two!
Soldato
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Has anyone managed to do a full sipp transfer away from vanguard?
I thought I'd done it, but then they deposited cash interest into the account which blocks it from being closed.
I could transfer that balance but they'd just deposit another, so it seems like transfer-ception.
Anyone know what to do about this?
I have of course messaged them to ask, but I don't trust them - I've been trying to close an old account with them for about 10 years.
I thought I'd done it, but then they deposited cash interest into the account which blocks it from being closed.
I could transfer that balance but they'd just deposit another, so it seems like transfer-ception.
Anyone know what to do about this?
I have of course messaged them to ask, but I don't trust them - I've been trying to close an old account with them for about 10 years.
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10 years? Have you consider an official complaint?
I presume you've transfer the bulk of the pension away, then a dividend/cash interest payment landed after the transfer and you have a couple of quid in the pension sitting with Vanguard now? They "should" autoimatically transfer this on to the new provider but lots of times it's left behind.
If that's the case - either make an official complaint to Vanguard, providing them with the details of where the majority transfer went to and ask them to move it. Otherwise - just leave it, more hassle of them. I have similar with Fidelity.... Like £9 or something left from a dividend payment that came after my transfer away - been sitting there for years.
It's a failing of the system generally as I would need to make another full transfer application to move it and lots of times the new provider will reject it as "too small" to accept the transfer.
Just wait till your pensionable age and take it under small pot exemption rules assuming you qualify.
Soldato
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Finally got through on the phone and sorted it, in theory, we'll see. Super dodgy imo, a full transfer shouldn't leave anything behind.
Soldato
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Pretty much impossible for them unless they have a list of accounts that must be actioned immediately at the start of the month (when interest on cash is paid), and they don't transfer accounts mid month.
I had the same with my ISA with them that when I transferred out a bit later gained some cash (delayed interest as above). Eventually they sent it on to the new provider.
I can get a detailed report at any time with L&G.
It shows the number per share purchased with the charges and the number of shares sold to cover the charges.
I would prefer it if they had a cash buffer to cover the fund fees rather than selling shares each time.
It’s near impossible to have a breakdown details if you hold funds of how much you have per company/bond, even outside of a pension. The funds fact sheet are only correct at time of writing and could be three months out, you will just drive yourself mad trying to track it in that much detail.
Not really - it's fairly common. Dividend payments from some funds only come in once a year - so nothing the pension company can do till the fund pays the dividend/interest etc.
Seems strange that you've been trying to get it done for "for about 10 years." - yet one phone call sorted it.....
Soldato
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It's not strange, there are two accounts.Seems strange that you've been trying to get it done for "for about 10 years." - yet one phone call sorted it.....
Current account is what the transfer/phonecall is about.
Old account is why I see them as having a record of not doing what they say. e.g. they say the account will close, then a year later I get some notification email and log in to see they never closed it, repeat for a decade. Current situation is there's 10p in it for no reason at all (it was empty before), which is due to be donated to charity then the account should be closed. Ofc I don't believe this will work smoothly because it never does.
I'm convinced they put tiny amounts into accounts on purpose to keep them active, which is much worse when there's a minimum fee.
And they don't understand the concept of locking disused accounts for security reasons.
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Well it came to light at my work just how much it can pay to look into what your pension is invested in. Our pension is run by Legal and General and someone in my office is on the same plan that I was, as in the default plan Legal and General set us up on. To date their pension has risen 16% and mine just over 32%. I realise it is still a gamble and tomorrow I could have lower gains than them. That's the tricky bit, knowing when to invest back into a slightly lower risk fund. I'm 46 so a fair few years yet until I retire. We didn't expect the gain difference to be so big to be honest.
Soldato
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The word risk, in terms of investments, means volatility.
Your assumptions are based on the meaning of the word risk in the normal meaning of it outside of financial assets.
So for example your friend will never have higher returns than you, your friend already gave up on those returns by having more bonds thus giving lower volatility for less return.
Risk aligns with volatility only when you are about to, or have already retired, a huge drop in that moment, when you have forced sales, is very bad.
To compensate this you buy fixed income, separately (not combined funds), i.e. buy two funds, one is 100% equity, the other 100% fixed income.
You retire, market crashes, you then sell fixed income assets, and hopefully it recovers before you start selling the equity
Soldato
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Well I'm still working on putting my pensions in order after many years of doing nothing, and making some progress:
Changed my default workplace fund to 100% equities.
Transferring in a People's Pension from my previous employer.
Filled out a load of forms and sent ID to another previous employer pension to transfer out from them and into my current workplace pension (can't do it online).
Better late than never!
Changed my default workplace fund to 100% equities.
Transferring in a People's Pension from my previous employer.
Filled out a load of forms and sent ID to another previous employer pension to transfer out from them and into my current workplace pension (can't do it online).
Better late than never!
Soldato
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I'm thinking about consolidating my workplace pensions into a SIPP. From reading this thread Interactive Investor and Vanguard seem to be recommended, have I missed any other good ones?
Soldato
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Link to a post where I answered the same question recently. Been getting on well with interactive investor, flat monthly fee structure is nice.
Trading the stockmarket (NO Referrals)
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For CGT reduction reasons, I put pretty much my entire salary this year into my SIPP/work pension.
Dropped the vast majority of my CGT liability into the 10% bracket instead of 20% (CGT events all occurred before 31st Oct when the CGT limits changed).
With also getting 25% uplift into the pension, and going to 3-day semi-retirement from April, made sense to max out my contributions.
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