PensionBee (Not asking for £ advice)

SideWinder

SideWinder

SideWinder

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Just a quick one really.

I have X amount in a pension account (excuse my terminology) from when I left a previous company. It is ok but obviously I am 33 and quite worried about the future and trying to grow it.

I have a new pension plan with my current employer with Nest.

Thoughts on PensionBee? Have you had a good experience?

As mentioned, not looking for £ advice and I am aware there are professionals but more asking for a bit of guidance/nudge in the right direction. :)
 
Heard of them but not used, just seem like a middleman; I believe you can transfer from any (or at least most) pensions to another, unless your current employer prevents it in which case I don't see how PensionBee could help? I transferred from Nest to HL and it was straightforward enough anyway.
 
Russinating said:
Heard of them but not used, just seem like a middleman; I believe you can transfer from any (or at least most) pensions to another, unless your current employer prevents it in which case I don't see how PensionBee could help? I transferred from Nest to HL and it was straightforward enough anyway.
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I am really not very good at 'adulting' in this respect so an easy to use interface/easy to understand language appeals to me. :o
 
Pensionbee will charge you yearly management fees to locate and merge your pensions, something you can do yourself quite easily.
 
Would speaking to a wealth manager not be a better middle man to approach as they have a bit more to gain to support you to maximise your investments? Wealth management sounds grandiose, but it's not to do with being a multimillionaire but more how you manage your investments (which is effectively what the pension companies do from my understanding, make investments with your pension pot).
 
PensionBee counts on peoples insatiable and periodic desire to "consolidate". In old money it used to be called "eggs all in one basket".

Start by understanding what the attributes of the 'old pension' are.

Johno please? said:
Dont worry, you could die before you get to use it anyway.
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lol, unfortunately odds are stacked against your favour on that one.
 
SideWinder said:
Saw you misread but Nest...are they 'good'?
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They're "ok"

It depends on how much involvement you want really. My wifes pension is with Nest. There are a few options for fund choices (Based on retirement year, ethical, sharia) and it's performed reasonably enough in the time she's had it.

I don't find the interface overly intuitive as someone who wants to dive into detail, but for someone like her it's more than enough.

We also each have a SIPP which is where i consolidated previous pensions into a single pot. I manage those and much prefer the options available with a wider range of funds/investments. Although accept that's overkill for most.
 
I consolidated afew into my isa provider vanguard ,i checked out any features that made them worth treating separately i.e my section 32 had over 50 percent tax free cash built in ,the whole process was maybe 4wks to transfer and all signatures done online ,it would have been quicker but i underestimated the transfer value of one of the funds and they questioned it briefly
 
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Looked into moving an old work pension into PensionBee a couple of years back. Got letter from old pension company saying my pension was worth £XXX but If I transfer it out to PensionBee it would only be worth £XX plus there would be yearly fees on top so in the end I decided against it and left my old pension with my old employer's pension company.
 
Mine all went over fee free and all the highet figure with final bonus attached maybe one was 80 quid less or something, the vanguard fees are a fraction of my other providers and this was one of the routes advised by my pensionwise advisor, did look at pensionbee but their fees were higher plus their advisors seemed clueless tbh (had no idea what a section 32 is)
 
Is there a standard % annual return rate on the total investment? I was having a browse and can see it, obviously depending on risk, could be 3-10%.
 
I'm 4 months into trying to transfer a small pension (Scottish Widows) into a big one (Royal London). Seems the companies are stuck talking to each other. I thought the transfer process would be fairly easy like an S&S ISA, but seems not. Is this consistent with your experiences?
 
throwaway4372 said:
I'm 4 months into trying to transfer a small pension (Scottish Widows) into a big one (Royal London). Seems the companies are stuck talking to each other. I thought the transfer process would be fairly easy like an S&S ISA, but seems not. Is this consistent with your experiences?
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Nothing like mine. After leaving my old company i transferred my Scottish Widows pension to my Fidelity SIPP and it was done in a couple of weeks. I just filled in an online form with account details and then got regular text updates at various steps.
 
throwaway4372 said:
I'm 4 months into trying to transfer a small pension (Scottish Widows) into a big one (Royal London). Seems the companies are stuck talking to each other. I thought the transfer process would be fairly easy like an S&S ISA, but seems not. Is this consistent with your experiences?
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I had this. Was trying to transfer one of my old pensions into my current one. First they requested verified ID, so had to go to the post office and do all of that. Sent that off, and then everything seemed to be in place and then last minute they decide I have to send my original birth certificate (not allowed to send a copy) in the post to them, to prove who I am. Absolutely ridiculous.
 
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