transferring in old pension pot

[silver_fox]

has anybody combined pensions and transferred any old ones with past employers into their RM plan?
Is there any gain to be had doing this other than having it all in one place? Or is it not really worth it?

[freespeech]

has anybody combined pensions and transferred any old ones with past employers into their RM plan?
Is there any gain to be had doing this other than having it all in one place? Or is it not really worth it?

I transferred one in back in 1988 when I joined. It effectively added time to my final salary scheme. Of course you couldn't do that now. Not sure what the current position is or the position when the new scheme comes in.

[RobertT]

has anybody combined pensions and transferred any old ones with past employers into their RM plan?
Is there any gain to be had doing this other than having it all in one place? Or is it not really worth it?

From your previous posts, you're in the RMDCP administered by Scottish Widows?

There shouldn't be a problem in transferring from most other DC pensions into the RMDCP. The main things to consider are:

Charges
Investment choice and returns
How and when you want to access the money

[silver_fox]

No charges for transferring. There are a lot more fund choices in SL compared to SW. I think Ill want to access some asap (55?) but not pay unnecesary tax.

[RobertT]

With regards to charges, I was referring more to management charges, which can vary not only by provider but also by fund.

[silver_fox]

well the charge for the vanguard fund in SL is minimal as its passive. Not sure what SW charge for blended equity?

[RobertT]

Without knowing exactly which fund you have with SL, it's impossible to find out the charges.

One persons opinion of minimal could be different to anothers'.

The SW Blended Equity has a charge of 0.43% according to this: https://adviser.scottishwidows.co.uk/as ... 0867sw.pdf
Although it says there will be additional fees for trading costs, etc.

[silver_fox]

i had the vanguard developed world ex-uk fund.
Its not clear when they say there may be added fees for trading. i guess that only applies to managed funds though.

[RobertT]

This: http://factsheets.financialexpress.net/ ... 3_KKFK.pdf ?

If so, it looks like there's a 1.02% annual charge

You have to be careful with hidden charges because they can eat into your investments!

[silver_fox]

Didnt see that! so a fund which you could get from vanguard itself and would cost 0.29% direct with vanguard costs 1.02% with standard life!