Pension question - old work pension / SIPP

[Raymond Lin]

So in my last work place where I was for about 6 years I pay into a workplace pension (Scottish Widows), I can see it randomly in one of my accounts on the app.

My current work one is different and separate (L&G). Rather than combined them, can I in some way use the old one as like a personal one and contribute into it? Or should I start a SIPP on Vanguard, and if so, which one on Vanguard?

Thanks

 

[Uther]

Check any benefits you may have (none probably) and the charges of the pension, they can seriously mount up over decades. It might not be invested in the right place for you either (I'm not a great fan of 'glide path' pensions)
Personally I'd probably move it. Stick it into a global fund on the platform of your choice.

 

[Raymond Lin]

Check any benefits you may have (none probably) and the charges of the pension, they can seriously mount up over decades. It might not be invested in the right place for you either (I'm not a great fan of 'glide path' pensions)
Personally I'd probably move it. Stick it into a global fund on the platform of your choice.

Thanks, when you say, check any benefits and charges...you mean the SW one?

Ideally I want to open a SIPP and continue to contribute into my current work pension. Do you have any recommendations on an SIPP on vanguard? as I already have an account there.

 

[Uther]

Yes, the SW one. I'm guessing as it's only 6 years old it's only a defined contribution one, not defined benefit.
My pension is in Vanguard, most in a lifestrategy 80/20 fund, and a chunk in the S & P 500, but it all depends on your age / appetite for risk really. If I was decades away from retirement I would probably YOLO into the S & P 500 and ride the lightning, but I'm old enough to take my pension so I'm being (slightly) sensible.
For set up a DD and forget something like the FTSE Global all cap fund would be ok IMO.

 

[Raymond Lin]

Yes, the SW one. I'm guessing as it's only 6 years old it's only a defined contribution one, not defined benefit.
My pension is in Vanguard, most in a lifestrategy 80/20 fund, and a chunk in the S & P 500, but it all depends on your age / appetite for risk really. If I was decades away from retirement I would probably YOLO into the S & P 500 and ride the lightning, but I'm old enough to take my pension so I'm being (slightly) sensible.
For set up a DD and forget something like the FTSE Global all cap fund would be ok IMO.

I already have a Liftstrategy 80/10 and a S&P 500 lol but I don't recall seeing any reference to SIPP? or is that what it is without the labelling? I am too clue up on the technicality, I just put money in it periodorically.

 

[OldKitMan]

So in my last work place where I was for about 6 years I pay into a workplace pension (Scottish Widows), I can see it randomly in one of my accounts on the app.

My current work one is different and separate (L&G). Rather than combined them, can I in some way use the old one as like a personal one and contribute into it? Or should I start a SIPP on Vanguard, and if so, which one on Vanguard?

Thanks

Your SW pension will be paid up I think is the correct term, you may be able to do something to make contributions to it but it might be a lot of effort.

Just go with Vanguard, will be a lot easier.

LifeStrategy® 80% Equity Fund - Accumulation
FTSE Global All Cap Index Fund Accumulation

Something like that is a decent starter.

Find out what your annual charges are with the SW pension and if excessive transfer to Vanguard.

Keep paying into the L&G one as you'll have employer contributions.

 

[OldKitMan]

I already have a Liftstrategy 80/10 and a S&P 500 lol but I don't recall seeing any reference to SIPP? or is that what it is without the labelling? I am too clue up on the technicality, I just put money in it periodorically.

under 'My Portfolio' - Overview

if you have a '+ Pension' under accounts you have a SIPP already. If not then it's likely an ISA or GIA.

 

[Uther]

under 'My Portfolio' - Overview

if you have a '+ Pension' under accounts you have a SIPP already. If not then it's likely an ISA or GIA.

This ^^

 

[Raymond Lin]

under 'My Portfolio' - Overview

if you have a '+ Pension' under accounts you have a SIPP already. If not then it's likely an ISA or GIA.

It's a General investment account I think.

 

[Uther]

Just open a SIPP on the platform, and pick a fund. It's easy enough to do. Then set up a DD for a min of £100 a month or make ad hoc payments of £500.

 

[Raymond Lin]

Just open a SIPP on the platform, and pick a fund. It's easy enough to do. Then set up a DD for a min of £100 a month or make ad hoc payments of £500.

I am going to open one i think.

 

[Raymond Lin]

Just open a SIPP on the platform, and pick a fund. It's easy enough to do. Then set up a DD for a min of £100 a month or make ad hoc payments of £500.

Just opened a Life Strategy Target one now. Cheers!