Re current workplace DC pensions - you can do a partial transfer to a SIPP. This allows you to take advantage of employer matching of your contributions, while also getting your money into your SIPP as quickly as possible. I carry out a partial transfer from my workplace pension to my SIPP every month, this is usually complete within a week and my SIPP provider sorts all the admin after I fill in a short online transfer form. You don't need to deal with you workplace pension provider directly. I generally transfer about 90-95% of the value out every month, to leave a bit of room in case of a market fall between requesting the partial transfer and it taking effect. In contrast to a full transfer, which would close your workplace pension, a partial transfer does not close your pension, and so you can continue to pocket your employer's matched contributions, while also getting the money to your SIPP within a week or so of the contributions being credited to your workplace pension.
👏🏻TY. I've gone for a Vanguard SIPP. Ftse Global equity all cap & Global bond fund 75/25 split (as I'm 50). US Equity fund via ISA & gen acct also making my portfolio around a 90/10 split overall of equity/bonds. Seeing a 6.57% return atm ✌
I just went through all my old pensions and collsidated them into the Vanguard SIPP , its unbelievable the fees the old pension providers charged and the garbage funds they used.
Just to clarify, I have a workplace pension, so each month, money from my salary goes into this pension, and money from my workplace goes into this pension, you say you get what you're given, but can't I just go into my pension holder account, and manually change what the money's invested into?
This video came as rescue! Gave me confidence that it can be iron out and is not really complex. Switched to aggressive funds and I'm very happy to see it growing faster. You guys are legends!! Thanks for such a non-BS content!! :)
Great information guy's and something that is difficult to get from workplace advisors even tho they are benefiting from the fees. After asking how to consolidate my previous pensions I was quoted £1000 pounds for advice and a review. I didn't pay , and instead did my own research which led me to RUclips and your channel in the first place. This is everything I wanted to know a year ago so thanks👍that's a pint I owe ya
Thanks for this video! My workplace pension is with Royal London and now looking into it 68% was in a Blackrock Global equity fund, of which 43% was in UK shares. Royal London allow some customisation so I've now put 80% into Equity and split this similarly to a global equity portfolio 😊
I ended up putting a good bit of mine into a Blackrock US Equity Index Tracker! It was about a risk rating of 6/7, but I've still got time in the market and it appeared to have some very nice growth alongside an unbelievable 0.0% fund charge (somehow)!
Brilliant video, but just a quick note. Please be aware of perpetrating negative stereotypes about Africa. For your emerging market segment (4:52), the cut aways used included a nice shot of a Chinese city when the Country's market was mentioned, and an unfortunate shot of some random unpaved road which looks to be a literal market when Africas market's are mentioned. I would also like to point out your tone and delivery during this segment, as the verbiage used '' Even some African nations'' could have definitely been written & delivered better. Please note that there are many free websites you can get great stock footage from, including some great shots of African Cities.
I'm 17 and new to pensions...although this video has sparked more questions than answers for me, that's just cos pensions are such a wide topic and I understand u can't fit it all in one video, at least I'm wary of the amount of stuff I'm gonna have to learn that school didn't teach....great...... Another great video as always, thanks 😊
great down to earth advice and easy to follow - i'm another one who's too afraid to look at the mess of pensions i've left behind in previous jobs but this is real actionable advice.
Do you want to invest more into a pension? How does your workplace pension compare? Do you instead want to invest additional savings into an ISA or somewhere else? Too many variables to answer your question. Andy
Thank you for the really informative video! Just one question, when topping up your pension and making additional contributions, would you recommend doing this directly into your active workplace pension, or into your separate SIPP? Thanks!
Great video again!! I have managed to consolidate my previous pension funds but I made a mistake to transfer all those funds to my current pension fund instead of opening a SIPP. Hopefully I can retire in 2 years and open a SIPP then.
Gr8 video mate. I got standard life group stakeholders pension which is Rubbish but still working in same company. I wonder if I can transfer Standard life group stakeholders pension partially to SIPP to another provider like intreactive investor or hargreaves
I couldn't tell you specifically for your provider but some pensions allow you to do partial transfers. If you wish to do that you will need to speak with them to see what they allow. Thanks, Andy
Thanks, this was a huge help. I am glad I procrastinated on this because I was spending working out how to put all my pensions into one that find the most easy to use. But I will most likely move all of the to a SIPP with Vanguard. Thanks for the link.
Thanks for the video . Please advise your viewers about exchange risk. I have half my investments in the US, but I only buy at the moment if I believe I can cover at least a 10% loss when (if ?) the £ increases in value.
I don't have s clue . And i m old. I am about to take my final salary pension. 25% lump and reduced pension next month. I did have a chance to transfer it and then the lump sum increased a lot more (1.5 times). But as I only have that and a state pension I don't think it's worth the risk. Anyway I got bit of property, a steady final. Salary pensiion . That is two alternate income streams. But I could still do stocks and shares for a third income stream. I could have lost all my money by transferring. I don't need that stress. Can a SIPP be left as a legacy . Confused. ??? You opened my eyes - a bit.
@@maltesetony9030 thanks. I made my decision not to transfer. Because the business advisor kept saying 'ahh but you don't the money right next now, you can reinvest it' I need something now not in 6 months time.
I'm a pension specialist and to say never to transfer a final salary is wrong. For example, if you want to leave legacy and the scheme isn't offering you enough income you require, then it may be viable. I have a client that is single, no children, has two properties and £500k in the bank. If he dies, he cannot pass down his final salary to the charity that he wants to. So it's circumstantial, it's not a no all of the time, but definitely not worth transferring in most cases.
@@ashed7637 thanks for that. I was tempted by the higher lump sum, and also the legacy issue but I didn't want to worry about the continual investment all the time. I am now thinking I can do some investment but need to study it more, now that I know about iron my dotage. I am happy with some basic retirement income. I was going to buy a BTL but I think this is a head ache whereas an investment on the stock exchange may be a risk but I can sit at home and study everything which will be more interesting. And I think, I might be able to get to the cash in a hurry if needed as not with a property.
I have a legal and general pension so I've had a look myself - they have many funds you can choose from including global equity funds which fits the message of this video. The global in global equity funds means it's correctly balanced on geography and not overly UK, and equity fund means it's 100% in stocks and shares and not in bonds. Seems good to me, just make sure you pick the fund rather than stick with whatever the default is!
The default for me was "multi asset lifestyle" which was only 39.1% equities, which is pretty terrible. Of that it equity it was 18% UK based! I'm glad I watched this video and checked! The rest of the portfolio was: Government bonds 11% Developed corporate bonds (mostly GBP) 18.3% Emerging Sovereign Debt 8.9% Global Real Estate 6.9% High Yield Bonds 5.8% Global Infrastructure 5.5% Global Private Equity 2.3% Money Markets 2.2%
This is exaclty what I'm planning to do with my old pension since I learned a lot more about investing and pensions. However, I've going to leave it maybe until next year until the uk economy recovers as moving pensions over now will result in losing money as most UK pensions are probably under performing at the moment.
Moving £50k from one pension into another will still be £50k initially, no matter what it's invested in. If you're selling low out of an old pension, you're buying low into a new pension. Make sense? Ben
@@dantae666 thats the plan that's why I was waiting for the uk economy to recover a bit as the pension it was invested in was a 50/50 split us/uk and some bonds 🤮 just need to decide what sipp to transfer it to 🤔
I'm waiting for a email from my workplace pension company as they could explain where 31% of my pension is invested. It says 'fixed income' and that's it, no more information. The live chat person couldn't help me so the question has gone to 'the team'. I've got almost 30 years until I'm 60 and it should be easy to find out what asset allocation I have, and not just be call something as generic as that, I think it's some low return low risk bonds. And as it's a workplace pension all the portfolio options are managed so come with significantly higher fees and I can't tweak my allocation myself to fit my risk level and time horizon.
Excellent video. I left my company last year and will be looking to move the old pension to HL SIPP as they have a small cap value offering, potentially 50 percent of the overall Sipp
Did you know that you can put pretty much any equity funds you want into a SIPP? Most major platforms offer Small Cap ETFs, so you can build your own portfolio exactly as you like it on any of them. Might be cheaper/better SIPPs than HL for you. Check our Best SIPPs page on the website. Ben
My old workplace pension is just stagnant. It’s awful. With only 15 years left I’m going to have to bang it into a higher risk SIPP just to get something from it.
Should you consider moving your current workplace pension across to a SIPP. As in say I move the balance 20k. The company will still continue to pay into it. Therefore transferring the balance over to the SIPP at the end of each year?
This is not about defined benefit. You can still get a transfer out value for a defined benefit pension but you should think carefully before you transfer. Perhaps you should speak to an advisor before doing anything. Thanks, Andy
@@MoneyUnshackled Thanks Andy. It was my impression it's a lot harder or at least more complicated to beat a DB pension so I will leave it alone for now.
I have a pension that’s only worth 6.5k at the moment and I’m going to be adding a monthly direct debit to top it up as and when. I was looking at PensionBee or nutmeg or Moneyfarm I just don’t know which to consider. Also the same with stocks and shares ISA
Have you seen it available anywhere in the UK? I don't know of anywhere. Also, it's converting to an ETF, so it definitely won't be available then. Andy
What about a workplace pension that allows you to manage your portfolio as a SIPP? It seems Aegon now allows us to manage the pension portfolio. Maybe at the time of the video this was not possible??
Agreed for most DC pensions defined contribution not Final Salary pension PLEASE take advice in fact legally you have to if you're transferring out. I figured I could do better long term on my DB Final Salary pension but soon realised no advisor was going to sign off on it! I transferred my old FSAVC scheme instead and saved massively on charges going to Vanguard SIPP. Thanks guys.
Hi Chris. I'm a Chartered Financial Planner and pension specialist. Can always look into your Final Salary pension if you want. As you mentioned, it's a legal requirement if over £30,000. If an adviser didn't sign it off however, then maybe you received the correct advice?
I don’t even know how to access my old pensions. It would be great if a company could do that for me and then I choose what funds I’m invested it. It’s frustrating because I feel I know a fair bit about how to evaluate stocks but I know nothing about pensions.
Hi Ryan, I'm a Chartered financial adviser, do you want to talk about this? I can analyse this for you. If you want to verify me on the FCA site etc, let's chat privately and we can see if I can help you.
I used to have a final salary pension but I think I was cheated out of it when that company was taken over and we all got some terrible pension advice. I'd transfer out but I don't know if there's still a chance of some additional benefits.
Should I choose my own funds with my pension provider? Thinking of picking funds closest to the ultimate portfolio instead of their default funds. Also I am not sure when the best time is to add bonds to my pension. Should it be every 5 or 10 years to add more bonds or maybe this should be all at once, say 10 years before retirement or even at retirement?
Sorry ,below average is not quite right,a default fund has to be all things to all men and women,this is basically a holding fund until u decide where to invest it,default is a reasonably safe home to protect people getting near retirement from stock market declines,but u usually have the option to move hope this helps
I had a plan that was UK biased ... but it's the fees that are a killer if the growth is anaemic and you're no longer paying in. I transferred mine to a SIPP a few months ago and I think I made the same amount of growth in 2 months as that one did in a few years. Also, in most cases it best not to touch a defined benefit pension if you have one.
Cheers for the heads up lads. Just checked out my current work place pension. 19% in Uk equities and bonds and 66% in international equities and bonds. Is this bad?
Really enjoyed this video, thank you for sharing as always. The workplace pension you had wasn't that great, but on the other hand, it wasn't awful. Good news you have put it into a SIPP now!
Hi guys, I am not a British citizen, but i have got the settled status. Lets say i open a SIPP and after 5-10 years i leave the country and move back to my original country. Can I acces to my sipp when im 55? I also got ISA what will happen to these accounts if i wont be uk resident Thanks
Awesome video guys! I’ve watched it around 5 times now. I’m worried about moving from a stakeholder to a SIPP as it’s 90% covered to an 85k limit! Can you have multiple SIPPs?
Quick question - I consolidated my old work pensions into a SIPP with AJ Bell, I invested the initial £15k which has grown to £19k in a tough year (not bad!) I was wondering.... given the 0.25% charge from AJ Bell, what is a sensible tipping point for me to consider Interactive Investor and their fixed monthly charge?? Are we talking £30k+ before it makes sense to switch??
Not entirely sure what to do as I have a very good public workplace pension, however I do pay in roughly 12% each month and can't retire until 60. I'm not sure if it will be better to stay or leave as I would rather retire earlier than that but there are huge costs if you do leave early and the earliest you can leave is 55.
We can't give you tailored advice, but I would say that your pension is a major area that you should dedicate time to researching into your options. Hope this video helped in some way towards that? Ben
@@MoneyUnshackled definitely helped, I need to do alot of research and potentially seek advice from a financial advisor as there are huge pros and cons to staying and leaving the pension scheme. Really depends when I would most like to retire as (providing it doesn't get changed) 60 isn't too bad but would much prefer 50 however that's not an option with my pension or SIPP. Currently around £400 a month goes into my pension I'm just not sure if the money would be better suited in something else as I have a long time til I'm 60 (34 years!). Not sure how keen I will be to do my job once I'm that much older as it can be quite physical. One thing I would like to see you guys touch on a bit more would be the finances you need as a couple as alot of the content is tailored to retiring as an individual rather than a couple. Obviously you would need more money to retire as a couple however I would not be double. Would make for an interesting video.
Small company in the U.K... about 3% percent pension paid by me and the legal minimum off about 2 percent paid by company. Hard o argue with it if you can’t afford anything else
Can you please explain with simple terms the Unit Price of funds please? For example i am on a retirment fund with 2.7 unit price. If i move it to a different fund now, that has 4.1 unit price is it better or worse?
I have a small teachers pension. They won't let me move it to PensionBee. On PensionBee, I use the Future World Fund. I like it because, I cannot touch it. But, I only invest £84.00 p/m. Everything else goes into ISA funds.
Thats because you do not have a pot of money in your pension. As a teacher the goverment pays you from taxes when you retire. No Financial advisor would recommend you not to be enrolled in the teacher pension scheme it is still that good.
Cannot move a teacher's pension into a personal pension. Unless it's the AVC contributions. This is because it's an unfunded scheme that is governed under the government and cannot be touched.
You said as you get older you should have more bonds. Doesn't it make more sense to remain fully invested in equities until you die? i.e sell some when the market is high and put into cash for your income to cover the dips in the market. So fully remain in equities and take your income from a cash position.
Vanguard don’t accept employer contributions. Is there a provider you suggest that will accept them with relatively the same fee structure. I am in Nest at the moment and i am getting shafted with the yearly 1.8% 😬
Do you think I can move my funds on my current WPP to a SIPP, but keep the WPP open and being funded on the monthly basis, in order to keep benefiting from the company match up. And do this maybe once every year? Or will the force me to move the balance and the monthly contributions, hence, losing the employers piece?
@@MoneyUnshackled Hi guys. FYI, I had a session with my WPP broker and he told me it is perfectly doable to transfer funds to a SIPP without resigning to the WPP. Just need to do it no more frequently than once a year so HR don't get pissed off at me for the admin burden.
Very interesting, thank you lads. Just checked one of my old WP stakeholder pensions with about £2k in it and it's 85% Aviva My Future Growth / 15% consolidation. The growth segment is 71% international equity and only 6.6% UK equity annual charge 0.5% - so not too bad. A couple of things I would note though is I've got an old Pru personal pension (started in the 80's) with a final bonus, so I might lose that if I transfer out. And another old CIS personal pension has a guaranteed annuity rate, so I'll be keeping that one too.
Hi, I actually work as a Chartered Financial Planner and used to work for the Prudential. Do you want to discuss your plans? I can inform you if you will lose the WP bonus or not and the nuisances around it. Some of the comments I'm reading reflect the lack of knowledge and you never know what you can learn from an actual specialist
Wish you came out with this video a week or two earlier because I am in the process of consolidating all my old workplace pensions into my current workplace pension. Can I open a SIPP on the side to save and what tax benefits if any does it have whilst having my workplace pension open.
Ha, sorry 😂 yes you can have a SIPP too, its just the same as a normal pension, but you control it. If you make deposits into it, you get a top up from the taxman of 20%, and higher rate taxpayers can claim back more. You might benefit more by getting employers top ups in your workplace pension though, by investing more into that? Or have you maxed those out? Ben
Money Unshackled so far my employer is only paying into the workplace pension. I haven’t contributed any into the pension. But just lack of visibility on what I am investing and looking to retirement options.
I've been adding additional payments to my Nest workplace pension for a while now. I think I want to transfer it to a SIPP with Vanguard where I hold most of my assets in my ISA. I've messaged Vanguard to ask how to do this, hopefully it's not complicated haha
So how did you do it? I am in the same situation, my pension pot with Nest would like to transfer to Vanguard Sipp. And, what If I change job and that new employer will put my pension into Nest again? Can you transfer it more times?
Hi guys, sorry but to summarise... It is fair to say that of I have my employee contributing to my pension (doubling my contribution) do I need to s*ck it up and let things as they are? I believe moving my pension to a SIPP will make me loose my bonus
Thoughts on redrow plc ? It’s zapped by 20% since your video, assuming is just covid panic. Substance hasn’t changed ? You still lowering your average this week ?
I sold mine early as news came out that there was a likely 2nd Lockdown. This is bad news for housebuilders. I still think it's a great housebuilder but evidently it was a good time to sell. I may rebuy but I need to understand what's going on in the economy first. I'm not sure what Ben did. Thanks, Andy
In most cases that is what I would do. You also have the option of using a SSAS but really this is for those who have a lot of money. Out of interest what is it that you do? Thanks, Andy
@@MoneyUnshackled Thanks for this. Just looking into nutmeg/ vanguard but feel the ready made portfolios risk level could be greater your thoughts? Myself and my mother own a small commercial cleaning company 11 employees ( all currently not eligible for a pension)
Nutmeg will assess suitability. It costs more but if you have no idea what you're doing, then that's fine. Vanguard is dirt cheap but you have to choose yourself. Everything by vanguard is competitively priced, so in terms of costs don't worry about that. The MU Ultimate portfolio is quite risky because we have a lot of emerging markets and small caps. But that's what we want. Congratulations on running the successful business. Inspirational 😁 We're here if you have questions. Thanks, Andy
Hi guys, I’m 19 and only just have been enrolled into a workplace pension, there are no investment options and I have no previous pensions, do I stick with this current one until I eventually switch jobs or do I open a SIPP instead?
Not a financial advisor, but you should look into whether your employer also makes contributions to your pension in addition to the contributions that are deducted from your salary. And if so, how much these are. Even though workplace pension funds are often not optimised in terms of investment returns, it could still be beneficial to stay in a workplace pension for the time being, if your employer contributions are generous enough to outweigh the extra gains you could be making from a slightly better investment fund. Since your yearly returns may not be optimised, but if the amount of money going in to your pension each month is getting an extra top up from your employer on top of the amount that comes from your salary, then you would want to keep this coming in. And if you were to leave your workplace pension for a SIPP, you may lose these extra employer contributions. However, it would probably also be worth speaking to your workplace pension provider to see if there is a way of moving some of your funds into a SIPP, without losing your employer contributions. This might be possible if you keep paying into your workplace pension, but just have a SIPP open on the side, and transfer money across once a year or something. If you leave your current employer at some point, then your workplace pension from that company would obviously no longer be receiving any employer contributions, which is why it makes sense to then move that pension into a SIPP, so you can optimise the returns on your investment. If you do decide to stay in your workplace pension for the time being, it might also be worth looking to open a separate personally controlled investment ISA where you can chose your own investments. Personally, I'm looking to get exposure to Chinese market at the moment, as I think that their markets will outperform those of most developed nations between now and 2030.
There is some great advice here. I went through the same process and found some of my old pensions had been passed around some of the big finance companies and were invested poorly with high fees. The SIPP providers make it really easy to choose an investment style cautious/balanced/adventurous but with low fees. I gained confidence and went further and selecting my own funds by researching the free data on Morningstar.co.uk.
Great vid. I did this earlier in 2020, but did not transfer the full amount. What's your thoughts on stashing large six figure amounts in a single SIPP and lack of FSA protection. Should I worry?
As a matter of caution, it is sensible to hold several SIPPs, each with a value of no more than £85k, as this is the guaranteed minimum amount of cover that the FSCS (not FSA; you probably misspoke there) provides.
Helpful info as always guys. Hope this isn't a dumb question, but if you retrieve / consolidate old pensions at the time of a market dip, will this cause a loss to be realised? (e.g. if your previous pension provider has your money invested in FTSE100 which has dropped in value). Thanks
If you transfer out (sell) when the market is down and transfer it (buy) when the market is down, they even out, and the effect is... no effect. The buy and the sell may not happen at the same time, so this theoretical. Could go for you or against you, or also no difference. Ben
Thank you for this wonderfully explained video. When I join a new company, should I be asking them to pay into my SIPP or do I stick with their employer pension and then when I leave I consolidate it into my Vanguard?
Another great video Thank you Guys Got my work pension with peoples pension managing myself invested on Sharia fund. Any one got any experience with the above ? Got made redundant lately so Been thinking of move it to vanguard or interactive investor I got Isa accounts with both.
Have we seen a Brexit effect yet, or is it all tied up in aftermath of the pandemic reaction? Because of the overlap in timings, i find it tricky to unravel. Ben
Great video. My previous employer had the pension through Aegon. I was able to meet with the pensions advisor that they provided and switched my pension from an account like this to a growth fund which had 100% equities and no bonds
Ben&Andy you really messed this one up boyz. I was watching it thinking OMG! The black character provider you give as an example at the beginning, Aegon is actually one of the best in the market. You showed the pension statement with details of the Scottish Equitable blended fund. If you have done a bit more digging and spoken to Aegon you'd have realised that they actually offer various levels of access to cater for different skills of investors. I suspect that your access Ben was at the lowest possible level : people who cannot tie their own shoes but want to be a millionaire in retirement. If you have workplace pension managed by Aegon you can actually change yourself to a higher access level through their ARC portal and ... get their SIPP fund choices !FOR FREE! How do I know? Because I did it in the past and was given access to over 3,000 funds. Many of them are passive funds and trackers...There are funds to pick from which charge 0.06% in AMC and unlike with SiPP you are using don't charge you a penny for buying and selling units - DO'AH ! I can see funds investing in Europe, USA, Asia with or without Japan, natural resources funds and also watch this: JP Morgan funds investing in gold mining companies around the world. All that done for free per transaction, from my Aegon account that you moaned about- amateurs... Even your praised Vanguard funds are here, again no transaction cost whatsoever... BUT wait, there is one more thing you would have known if you did a bit of digging: from that Aegon account you can actually buy dividend aristocrats-stocks as well, including recently praises by you British American Tobacco, BAE or Unilever and boy they do pay dividends, I can see them all the time in my account. I know that you guys really want to get a commission but really you could at least have done an honest detailed research before posting this video...
As a retail investor you are always going to get rinsed. Financial folks are diving their Aston Martins to Riviera holiday homes today from their take of our pension contributions that will probably not provide for a MOT and a day trip to Skegness when we take them out tomorrow. We are milk cows, the Buffets of this world operate on a totally different playing field. There is something in the UK, forget what it's called, you need to be deemed financially competent (ie, daft-rich and connected) and have this acknowledged by HMRC, then you can properly run your own pension (not a half-arsed rent grab like a SIPP), and can put in things like global BTL property.
I had 40% Equity 40% Bonds 10% Gold 6% Cash 4% Real Estate in my pension. Fyi the equity was joint US/UK heavy with Japan and Pacific too heavily represented. Changed it a few months ago to a 100% US equity fund with a 0% fee compared to the 0.4% fee I was being charged. This on top of the negotiated platform fee my employer set up of 0.31%. Luckily I was 19 now 20 so minimal damage was done indeed.
Re current workplace DC pensions - you can do a partial transfer to a SIPP. This allows you to take advantage of employer matching of your contributions, while also getting your money into your SIPP as quickly as possible. I carry out a partial transfer from my workplace pension to my SIPP every month, this is usually complete within a week and my SIPP provider sorts all the admin after I fill in a short online transfer form. You don't need to deal with you workplace pension provider directly. I generally transfer about 90-95% of the value out every month, to leave a bit of room in case of a market fall between requesting the partial transfer and it taking effect. In contrast to a full transfer, which would close your workplace pension, a partial transfer does not close your pension, and so you can continue to pocket your employer's matched contributions, while also getting the money to your SIPP within a week or so of the contributions being credited to your workplace pension.
👏🏻TY. I've gone for a Vanguard SIPP.
Ftse Global equity all cap & Global bond fund 75/25 split (as I'm 50).
US Equity fund via ISA & gen acct also making my portfolio around a 90/10 split overall of equity/bonds.
Seeing a 6.57% return atm ✌
I just went through all my old pensions and collsidated them into the Vanguard SIPP , its unbelievable the fees the old pension providers charged and the garbage funds they used.
Vanguard don’t accept workplace contributions though... major let down.
I've been an agency worker all my life i must of had 100s of pensions how do I find them all??
Just to clarify, I have a workplace pension, so each month, money from my salary goes into this pension, and money from my workplace goes into this pension, you say you get what you're given, but can't I just go into my pension holder account, and manually change what the money's invested into?
This video came as rescue! Gave me confidence that it can be iron out and is not really complex. Switched to aggressive funds and I'm very happy to see it growing faster.
You guys are legends!! Thanks for such a non-BS content!! :)
Very welcome, really glad we could help 👍
Great information guy's and something that is difficult to get from workplace advisors even tho they are benefiting from the fees. After asking how to consolidate my previous pensions I was quoted £1000 pounds for advice and a review. I didn't pay , and instead did my own research which led me to RUclips and your channel in the first place. This is everything I wanted to know a year ago so thanks👍that's a pint I owe ya
You're very welcome 🍻 Ben
Thanks for this video! My workplace pension is with Royal London and now looking into it 68% was in a Blackrock Global equity fund, of which 43% was in UK shares.
Royal London allow some customisation so I've now put 80% into Equity and split this similarly to a global equity portfolio 😊
I ended up putting a good bit of mine into a Blackrock US Equity Index Tracker! It was about a risk rating of 6/7, but I've still got time in the market and it appeared to have some very nice growth alongside an unbelievable 0.0% fund charge (somehow)!
Brilliant video, but just a quick note. Please be aware of perpetrating negative stereotypes about Africa. For your emerging market segment (4:52), the cut aways used included a nice shot of a Chinese city when the Country's market was mentioned, and an unfortunate shot of some random unpaved road which looks to be a literal market when Africas market's are mentioned. I would also like to point out your tone and delivery during this segment, as the verbiage used '' Even some African nations'' could have definitely been written & delivered better. Please note that there are many free websites you can get great stock footage from, including some great shots of African Cities.
I'm 17 and new to pensions...although this video has sparked more questions than answers for me, that's just cos pensions are such a wide topic and I understand u can't fit it all in one video, at least I'm wary of the amount of stuff I'm gonna have to learn that school didn't teach....great......
Another great video as always, thanks 😊
At 17 surely you don't even have a pension to fix.
Thanks. Glad the video was useful.
Andy
@@MoneyUnshackled I just enjoy learning about it, may as well learn sooner rather than later, keep up the great content!
Sounds like you will do very well financially👍
@@MoneyUnshackled I hope so....thank you 😊
Awesome video , I’ve been trying to figure out what to do with a few of my old workplace pensions.
Ha, they don't make it easy. Ben
great down to earth advice and easy to follow - i'm another one who's too afraid to look at the mess of pensions i've left behind in previous jobs but this is real actionable advice.
Does it make sense to open a SIPP (not consolidating) along side my work place pension?
Do you want to invest more into a pension? How does your workplace pension compare? Do you instead want to invest additional savings into an ISA or somewhere else? Too many variables to answer your question.
Andy
This is really handy guys, thanks so much for taking the time to make this video. Hugely appreciated!
Thank you for the really informative video! Just one question, when topping up your pension and making additional contributions, would you recommend doing this directly into your active workplace pension, or into your separate SIPP? Thanks!
Great video again!! I have managed to consolidate my previous pension funds but I made a mistake to transfer all those funds to my current pension fund instead of opening a SIPP. Hopefully I can retire in 2 years and open a SIPP then.
Gr8 video mate. I got standard life group stakeholders pension which is Rubbish but still working in same company. I wonder if I can transfer Standard life group stakeholders pension partially to SIPP to another provider like intreactive investor or hargreaves
I couldn't tell you specifically for your provider but some pensions allow you to do partial transfers. If you wish to do that you will need to speak with them to see what they allow.
Thanks, Andy
*you need to speak with your current provider
Thanks, this was a huge help. I am glad I procrastinated on this because I was spending working out how to put all my pensions into one that find the most easy to use. But I will most likely move all of the to a SIPP with Vanguard. Thanks for the link.
Thanks for the video . Please advise your viewers about exchange risk. I have half my investments in the US, but I only buy at the moment if I believe I can cover at least a 10% loss when (if ?) the £ increases in value.
I don't have s clue . And i m old. I am about to take my final salary pension. 25% lump and reduced pension next month. I did have a chance to transfer it and then the lump sum increased a lot more (1.5 times). But as I only have that and a state pension I don't think it's worth the risk. Anyway I got bit of property, a steady final. Salary pensiion . That is two alternate income streams. But I could still do stocks and shares for a third income stream. I could have lost all my money by transferring. I don't need that stress. Can a SIPP be left as a legacy . Confused. ??? You opened my eyes - a bit.
A SIPP can be left for your heirs without them being liable for paying inheritance tax
@@maltesetony9030 thanks. I made my decision not to transfer. Because the business advisor kept saying 'ahh but you don't the money right next now, you can reinvest it' I need something now not in 6 months time.
I'm a pension specialist and to say never to transfer a final salary is wrong. For example, if you want to leave legacy and the scheme isn't offering you enough income you require, then it may be viable. I have a client that is single, no children, has two properties and £500k in the bank. If he dies, he cannot pass down his final salary to the charity that he wants to. So it's circumstantial, it's not a no all of the time, but definitely not worth transferring in most cases.
@@ashed7637 thanks for that. I was tempted by the higher lump sum, and also the legacy issue but I didn't want to worry about the continual investment all the time. I am now thinking I can do some investment but need to study it more, now that I know about iron my dotage. I am happy with some basic retirement income. I was going to buy a BTL but I think this is a head ache whereas an investment on the stock exchange may be a risk but I can sit at home and study everything which will be more interesting. And I think, I might be able to get to the cash in a hurry if needed as not with a property.
Good points guys. I have a consolidated all my old pensions into a low cost Sipp and keep the pretty opaque work place pension for the free money.
Same. If you are in the same job for say 10 years can you transfer some of the workplace pension into your Sipp as you continue to work there?
Our work pension has moved into legal and general.. any thoughts please?
I have a legal and general pension so I've had a look myself - they have many funds you can choose from including global equity funds which fits the message of this video. The global in global equity funds means it's correctly balanced on geography and not overly UK, and equity fund means it's 100% in stocks and shares and not in bonds.
Seems good to me, just make sure you pick the fund rather than stick with whatever the default is!
The default for me was "multi asset lifestyle" which was only 39.1% equities, which is pretty terrible. Of that it equity it was 18% UK based! I'm glad I watched this video and checked!
The rest of the portfolio was:
Government bonds 11%
Developed corporate bonds (mostly GBP) 18.3%
Emerging Sovereign Debt 8.9%
Global Real Estate 6.9%
High Yield Bonds 5.8%
Global Infrastructure 5.5%
Global Private Equity 2.3%
Money Markets 2.2%
I have nest pension. Does anyone knows if I can transfer it to a SIPP and keep receiving my company payments in the SIPP instead of the Nest?
This is exaclty what I'm planning to do with my old pension since I learned a lot more about investing and pensions. However, I've going to leave it maybe until next year until the uk economy recovers as moving pensions over now will result in losing money as most UK pensions are probably under performing at the moment.
Moving £50k from one pension into another will still be £50k initially, no matter what it's invested in. If you're selling low out of an old pension, you're buying low into a new pension. Make sense? Ben
@@MoneyUnshackled ah I get what you mean, good point.
The transfer could take a while though so not perfect. Could go in your favour or against. Ben
get out of the uk and into the s&p500 ASAP
@@dantae666 thats the plan that's why I was waiting for the uk economy to recover a bit as the pension it was invested in was a 50/50 split us/uk and some bonds 🤮 just need to decide what sipp to transfer it to 🤔
i have some pension with nest but they do not allow me to witdraw, only option to transfer to another pension scheme
Yes thats normal. Your not allowed to withdraw until your 55. You have to transfer the funds to a SIPP pension scheme.
I'm waiting for a email from my workplace pension company as they could explain where 31% of my pension is invested. It says 'fixed income' and that's it, no more information. The live chat person couldn't help me so the question has gone to 'the team'. I've got almost 30 years until I'm 60 and it should be easy to find out what asset allocation I have, and not just be call something as generic as that, I think it's some low return low risk bonds. And as it's a workplace pension all the portfolio options are managed so come with significantly higher fees and I can't tweak my allocation myself to fit my risk level and time horizon.
I'd hazard a guess that your pension will be mostly UK gilts and UK stocks.
There's just no excuse for this today.
Andy
Excellent video. I left my company last year and will be looking to move the old pension to HL SIPP as they have a small cap value offering, potentially 50 percent of the overall Sipp
Did you know that you can put pretty much any equity funds you want into a SIPP? Most major platforms offer Small Cap ETFs, so you can build your own portfolio exactly as you like it on any of them. Might be cheaper/better SIPPs than HL for you. Check our Best SIPPs page on the website. Ben
Hi Guys ,do you know which platforms pre-fund your pension fund tax relief?
My old workplace pension is just stagnant. It’s awful. With only 15 years left I’m going to have to bang it into a higher risk SIPP just to get something from it.
Should you consider moving your current workplace pension across to a SIPP. As in say I move the balance 20k. The company will still continue to pay into it. Therefore transferring the balance over to the SIPP at the end of each year?
How does this work for people with a DB pension?
This is not about defined benefit. You can still get a transfer out value for a defined benefit pension but you should think carefully before you transfer. Perhaps you should speak to an advisor before doing anything.
Thanks, Andy
@@MoneyUnshackled Thanks Andy. It was my impression it's a lot harder or at least more complicated to beat a DB pension so I will leave it alone for now.
I have a pension that’s only worth 6.5k at the moment and I’m going to be adding a monthly direct debit to top it up as and when. I was looking at PensionBee or nutmeg or Moneyfarm I just don’t know which to consider. Also the same with stocks and shares ISA
Do you guys know any low fee SIPPs that allow investments into GBTC?
Have you seen it available anywhere in the UK? I don't know of anywhere. Also, it's converting to an ETF, so it definitely won't be available then.
Andy
What about a workplace pension that allows you to manage your portfolio as a SIPP? It seems Aegon now allows us to manage the pension portfolio. Maybe at the time of the video this was not possible??
Agreed for most DC pensions defined contribution not Final Salary pension PLEASE take advice in fact legally you have to if you're transferring out. I figured I could do better long term on my DB Final Salary pension but soon realised no advisor was going to sign off on it! I transferred my old FSAVC scheme instead and saved massively on charges going to Vanguard SIPP. Thanks guys.
Yes this is about defined contribution pensions. Ben
Hi Chris. I'm a Chartered Financial Planner and pension specialist. Can always look into your Final Salary pension if you want. As you mentioned, it's a legal requirement if over £30,000. If an adviser didn't sign it off however, then maybe you received the correct advice?
I don’t even know how to access my old pensions. It would be great if a company could do that for me and then I choose what funds I’m invested it. It’s frustrating because I feel I know a fair bit about how to evaluate stocks but I know nothing about pensions.
Hi Ryan, I'm a Chartered financial adviser, do you want to talk about this? I can analyse this for you. If you want to verify me on the FCA site etc, let's chat privately and we can see if I can help you.
Is there a way to find out my previous employers pension companies please without having to contact HR ?
You could use this free resource: www.gov.uk/find-pension-contact-details
I used to have a final salary pension but I think I was cheated out of it when that company was taken over and we all got some terrible pension advice. I'd transfer out but I don't know if there's still a chance of some additional benefits.
Should I choose my own funds with my pension provider? Thinking of picking funds closest to the ultimate portfolio instead of their default funds.
Also I am not sure when the best time is to add bonds to my pension. Should it be every 5 or 10 years to add more bonds or maybe this should be all at once, say 10 years before retirement or even at retirement?
Can an individual set up and manage their commercial property in SIPP?
On number 2 - my workplace pension gives me the choice of 12 different funds. Default is below average fund.
Sorry ,below average is not quite right,a default fund has to be all things to all men and women,this is basically a holding fund until u decide where to invest it,default is a reasonably safe home to protect people getting near retirement from stock market declines,but u usually have the option to move hope this helps
I had a plan that was UK biased ... but it's the fees that are a killer if the growth is anaemic and you're no longer paying in. I transferred mine to a SIPP a few months ago and I think I made the same amount of growth in 2 months as that one did in a few years. Also, in most cases it best not to touch a defined benefit pension if you have one.
Good point - this is about defined contribution pensions. Ben
Cheers for the heads up lads. Just checked out my current work place pension. 19% in Uk equities and bonds and 66% in international equities and bonds. Is this bad?
Really enjoyed this video, thank you for sharing as always. The workplace pension you had wasn't that great, but on the other hand, it wasn't awful. Good news you have put it into a SIPP now!
👍 thanks FyF
Great Video....
But you didnt say what you bought in your SIPP which is what i was waiting to hear?
So glad i know this now! Great content as per!
Hi i transferred my pension to aegon is that wise i also get a discount as well from them need some advice plz
Hi guys,
I am not a British citizen, but i have got the settled status. Lets say i open a SIPP and after 5-10 years i leave the country and move back to my original country. Can I acces to my sipp when im 55? I also got ISA what will happen to these accounts if i wont be uk resident
Thanks
Soooo can I choose where my current workplace pension is invested or is that up to my employer only?
Usually only your employer can choose the pension provider. But you normally have choice of what you invest in with that provider.
Andy
@@MoneyUnshackled thanks for the reply! If I already transferred my only pensions into my current pension would it be too late to pull them out again?
Awesome video guys! I’ve watched it around 5 times now. I’m worried about moving from a stakeholder to a SIPP as it’s 90% covered to an 85k limit! Can you have multiple SIPPs?
Can’t I just take my pension out and just put it in the s%p?
Just realised, did you work for Deloitte haha. Based on the screenshot of you4 workplace pension, looks like a Deloitte scheme/life strategy
Quick question - I consolidated my old work pensions into a SIPP with AJ Bell, I invested the initial £15k which has grown to £19k in a tough year (not bad!) I was wondering.... given the 0.25% charge from AJ Bell, what is a sensible tipping point for me to consider Interactive Investor and their fixed monthly charge?? Are we talking £30k+ before it makes sense to switch??
Not entirely sure what to do as I have a very good public workplace pension, however I do pay in roughly 12% each month and can't retire until 60. I'm not sure if it will be better to stay or leave as I would rather retire earlier than that but there are huge costs if you do leave early and the earliest you can leave is 55.
We can't give you tailored advice, but I would say that your pension is a major area that you should dedicate time to researching into your options. Hope this video helped in some way towards that? Ben
@@MoneyUnshackled definitely helped, I need to do alot of research and potentially seek advice from a financial advisor as there are huge pros and cons to staying and leaving the pension scheme. Really depends when I would most like to retire as (providing it doesn't get changed) 60 isn't too bad but would much prefer 50 however that's not an option with my pension or SIPP. Currently around £400 a month goes into my pension I'm just not sure if the money would be better suited in something else as I have a long time til I'm 60 (34 years!). Not sure how keen I will be to do my job once I'm that much older as it can be quite physical.
One thing I would like to see you guys touch on a bit more would be the finances you need as a couple as alot of the content is tailored to retiring as an individual rather than a couple. Obviously you would need more money to retire as a couple however I would not be double. Would make for an interesting video.
Why don’t fund managers do this , surely they would make more money for their companies?
Small company in the U.K... about 3% percent pension paid by me and the legal minimum off about 2 percent paid by company. Hard o argue with it if you can’t afford anything else
If you play smart you can invest in the sipp and make more than the work contributions
Would be nice if employers would be more flexible over what pension platform to pay into
Agreed 👍
Can you please explain with simple terms the Unit Price of funds please?
For example i am on a retirment fund with 2.7 unit price. If i move it to a different fund now, that has 4.1 unit price is it better or worse?
Quick question.. how do you find old pension funds? I've had a few but not sure how to track them down.
The best way is still to ring up old employers or pension companies that you suspect you had a pension with to get your details. Ben
I have a small teachers pension. They won't let me move it to PensionBee. On PensionBee, I use the Future World Fund. I like it because, I cannot touch it. But, I only invest £84.00 p/m. Everything else goes into ISA funds.
Thats because you do not have a pot of money in your pension. As a teacher the goverment pays you from taxes when you retire. No Financial advisor would recommend you not to be enrolled in the teacher pension scheme it is still that good.
@@andrew4293 i think they said after two years of leaving service you cannot move it.
@@chriswantstomakeit maybe but you should not move it anyway.
@@andrew4293 I'm not now...
Cannot move a teacher's pension into a personal pension. Unless it's the AVC contributions. This is because it's an unfunded scheme that is governed under the government and cannot be touched.
You said as you get older you should have more bonds. Doesn't it make more sense to remain fully invested in equities until you die? i.e sell some when the market is high and put into cash for your income to cover the dips in the market. So fully remain in equities and take your income from a cash position.
Vanguard don’t accept employer contributions. Is there a provider you suggest that will accept them with relatively the same fee structure. I am in Nest at the moment and i am getting shafted with the yearly 1.8% 😬
Is it possible to transfer what I currently have in my aegon pension account to a sipp? But then my employer continues to pay into aegon?
Anyone please?
Can I transfer part of my nest pension to sipp and still hold nest pension for future contributions ?
I am curious on this too. Did you ever find out if this is possible? Or did you manage to do this?
I dont think the Scottish Widows emerging funds has been particularly impressive.
Do you think I can move my funds on my current WPP to a SIPP, but keep the WPP open and being funded on the monthly basis, in order to keep benefiting from the company match up. And do this maybe once every year? Or will the force me to move the balance and the monthly contributions, hence, losing the employers piece?
Not sure. I've never done it whilst still contributing. Get in touch with them and please do let us know.
Thanks, Andy
I believe it depends on your WPP provider. You would have to get in touch to ask them.
Andy
@@MoneyUnshackled Hi guys. FYI, I had a session with my WPP broker and he told me it is perfectly doable to transfer funds to a SIPP without resigning to the WPP. Just need to do it no more frequently than once a year so HR don't get pissed off at me for the admin burden.
have you done a video about a SSAS? they're more flexible
I have an old workplace pension with Aegon and I'm looking to move it into a sipp, how easy was the process? I don't really know where to start
Still need some information about this?
Very interesting, thank you lads. Just checked one of my old WP stakeholder pensions with about £2k in it and it's 85% Aviva My Future Growth / 15% consolidation. The growth segment is 71% international equity and only 6.6% UK equity annual charge 0.5% - so not too bad.
A couple of things I would note though is I've got an old Pru personal pension (started in the 80's) with a final bonus, so I might lose that if I transfer out. And another old CIS personal pension has a guaranteed annuity rate, so I'll be keeping that one too.
Hi,
I actually work as a Chartered Financial Planner and used to work for the Prudential. Do you want to discuss your plans? I can inform you if you will lose the WP bonus or not and the nuisances around it. Some of the comments I'm reading reflect the lack of knowledge and you never know what you can learn from an actual specialist
Can you move the money from the old one to a sipp is this allowed? I thought you could only only move this after old age
Thank you for your consistency!
Wish you came out with this video a week or two earlier because I am in the process of consolidating all my old workplace pensions into my current workplace pension.
Can I open a SIPP on the side to save and what tax benefits if any does it have whilst having my workplace pension open.
Ha, sorry 😂 yes you can have a SIPP too, its just the same as a normal pension, but you control it. If you make deposits into it, you get a top up from the taxman of 20%, and higher rate taxpayers can claim back more. You might benefit more by getting employers top ups in your workplace pension though, by investing more into that? Or have you maxed those out? Ben
Money Unshackled so far my employer is only paying into the workplace pension. I haven’t contributed any into the pension. But just lack of visibility on what I am investing and looking to retirement options.
Kevin, if you have time, you can change your mind. You have a 30 day cancellation period. If you still have time you can change your mind
great video , thanks chaps
I've been adding additional payments to my Nest workplace pension for a while now. I think I want to transfer it to a SIPP with Vanguard where I hold most of my assets in my ISA. I've messaged Vanguard to ask how to do this, hopefully it's not complicated haha
So how did you do it? I am in the same situation, my pension pot with Nest would like to transfer to Vanguard Sipp. And, what If I change job and that new employer will put my pension into Nest again? Can you transfer it more times?
Hi guys, sorry but to summarise... It is fair to say that of I have my employee contributing to my pension (doubling my contribution) do I need to s*ck it up and let things as they are? I believe moving my pension to a SIPP will make me loose my bonus
Good idea!!! I'll have to try and get all mine together too!!!
I certainly haven't looked back 😊 Ben
Excellent video!
Good info 👍
Thoughts on redrow plc ? It’s zapped by 20% since your video, assuming is just covid panic. Substance hasn’t changed ? You still lowering your average this week ?
I sold mine early as news came out that there was a likely 2nd Lockdown. This is bad news for housebuilders. I still think it's a great housebuilder but evidently it was a good time to sell.
I may rebuy but I need to understand what's going on in the economy first.
I'm not sure what Ben did.
Thanks, Andy
I’m a director of a company would you just use a SIPP in that case??
In most cases that is what I would do. You also have the option of using a SSAS but really this is for those who have a lot of money.
Out of interest what is it that you do?
Thanks, Andy
@@MoneyUnshackled Thanks for this. Just looking into nutmeg/ vanguard but feel the ready made portfolios risk level could be greater your thoughts? Myself and my mother own a small commercial cleaning company 11 employees ( all currently not eligible for a pension)
Nutmeg will assess suitability. It costs more but if you have no idea what you're doing, then that's fine.
Vanguard is dirt cheap but you have to choose yourself. Everything by vanguard is competitively priced, so in terms of costs don't worry about that.
The MU Ultimate portfolio is quite risky because we have a lot of emerging markets and small caps. But that's what we want.
Congratulations on running the successful business. Inspirational 😁
We're here if you have questions.
Thanks, Andy
Brilliant video lads!👏🏻💪🏻
Great video! What are your thoughts on BlackRock Consensus 85 Fund | Class I & BlackRock Consensus 100 Fund | Class I?
any advice on finding old pensions? I am sure I have had a few over the years but never kept track of them.
Pension bee
@@Hardspace1979 thanks. :) I found an old pension with £50k in it. What a result! cheers
Hooky glad to help. Any chance of a sweetener??
@@Hardspace1979 Sorry but I can't transfer funds out of a pension :) lol best excuse ever!
Hooky a tenner on cash app will do...
Hi guys, I’m 19 and only just have been enrolled into a workplace pension, there are no investment options and I have no previous pensions, do I stick with this current one until I eventually switch jobs or do I open a SIPP instead?
Not a financial advisor, but you should look into whether your employer also makes contributions to your pension in addition to the contributions that are deducted from your salary. And if so, how much these are. Even though workplace pension funds are often not optimised in terms of investment returns, it could still be beneficial to stay in a workplace pension for the time being, if your employer contributions are generous enough to outweigh the extra gains you could be making from a slightly better investment fund. Since your yearly returns may not be optimised, but if the amount of money going in to your pension each month is getting an extra top up from your employer on top of the amount that comes from your salary, then you would want to keep this coming in. And if you were to leave your workplace pension for a SIPP, you may lose these extra employer contributions. However, it would probably also be worth speaking to your workplace pension provider to see if there is a way of moving some of your funds into a SIPP, without losing your employer contributions. This might be possible if you keep paying into your workplace pension, but just have a SIPP open on the side, and transfer money across once a year or something.
If you leave your current employer at some point, then your workplace pension from that company would obviously no longer be receiving any employer contributions, which is why it makes sense to then move that pension into a SIPP, so you can optimise the returns on your investment. If you do decide to stay in your workplace pension for the time being, it might also be worth looking to open a separate personally controlled investment ISA where you can chose your own investments. Personally, I'm looking to get exposure to Chinese market at the moment, as I think that their markets will outperform those of most developed nations between now and 2030.
@@sebfox2194 Thanks Seb, some great info there!
@@jackhobbs8411 No problem Jack. All the best with your investments.
Great video.
However you should define the term SIPP before you use it.
I was unclear whether this was a general term or specific type pf fund.
Hi. Thanks for great video. Would you please make a video to make an awesome portfolio?
Search our channel videos for "Ultimate Portfolio". Ben
There is some great advice here. I went through the same process and found some of my old pensions had been passed around some of the big finance companies and were invested poorly with high fees. The SIPP providers make it really easy to choose an investment style cautious/balanced/adventurous but with low fees. I gained confidence and went further and selecting my own funds by researching the free data on Morningstar.co.uk.
We were shocked by the crap our pensions were being invested in. Our money is surely better off now. Ben
The awful scheme is the NHS now should i keep it my understanding its the best in the country
Great vid. I did this earlier in 2020, but did not transfer the full amount. What's your thoughts on stashing large six figure amounts in a single SIPP and lack of FSA protection. Should I worry?
As a matter of caution, it is sensible to hold several SIPPs, each with a value of no more than £85k, as this is the guaranteed minimum amount of cover that the FSCS (not FSA; you probably misspoke there) provides.
Helpful info as always guys. Hope this isn't a dumb question, but if you retrieve / consolidate old pensions at the time of a market dip, will this cause a loss to be realised? (e.g. if your previous pension provider has your money invested in FTSE100 which has dropped in value). Thanks
If you transfer out (sell) when the market is down and transfer it (buy) when the market is down, they even out, and the effect is... no effect. The buy and the sell may not happen at the same time, so this theoretical. Could go for you or against you, or also no difference. Ben
@@MoneyUnshackled Genius XD
Thank you for this wonderfully explained video. When I join a new company, should I be asking them to pay into my SIPP or do I stick with their employer pension and then when I leave I consolidate it into my Vanguard?
one of my last pensions is a final pension salary, can that be moved into a SIPP?
Hi guys, great video. For SIPP's is there a minimum age for taking a regular income from the funds?
It's 55 at the moment. Depending on how old you are, it could be 57
@@ashed7637 Thanks!
Another great video
Thank you Guys
Got my work pension with peoples pension managing myself invested on Sharia fund.
Any one got any experience with the above ?
Got made redundant lately so Been thinking of move it to vanguard or interactive investor I got Isa accounts with both.
Is staying in the government scheme nest worth staying In anyone?
Brexit is definitely a reason to get out of UK investments if retirement is only 10 years away.
Have we seen a Brexit effect yet, or is it all tied up in aftermath of the pandemic reaction? Because of the overlap in timings, i find it tricky to unravel. Ben
Great video. My previous employer had the pension through Aegon. I was able to meet with the pensions advisor that they provided and switched my pension from an account like this to a growth fund which had 100% equities and no bonds
Ben&Andy you really messed this one up boyz. I was watching it thinking OMG!
The black character provider you give as an example at the beginning, Aegon is actually one of the best in the market. You showed the pension statement with details of the Scottish Equitable blended fund. If you have done a bit more digging and spoken to Aegon you'd have realised that they actually offer various levels of access to cater for different skills of investors. I suspect that your access Ben was at the lowest possible level : people who cannot tie their own shoes but want to be a millionaire in retirement.
If you have workplace pension managed by Aegon you can actually change yourself to a higher access level through their ARC portal and ... get their SIPP fund choices !FOR FREE!
How do I know? Because I did it in the past and was given access to over 3,000 funds. Many of them are passive funds and trackers...There are funds to pick from which charge 0.06% in AMC and unlike with SiPP you are using don't charge you a penny for buying and selling units - DO'AH !
I can see funds investing in Europe, USA, Asia with or without Japan, natural resources funds and also watch this: JP Morgan funds investing in gold mining companies around the world.
All that done for free per transaction, from my Aegon account that you moaned about- amateurs...
Even your praised Vanguard funds are here, again no transaction cost whatsoever...
BUT wait, there is one more thing you would have known if you did a bit of digging: from that Aegon account you can actually buy dividend aristocrats-stocks as well, including recently praises by you British American Tobacco, BAE or Unilever and boy they do pay dividends, I can see them all the time in my account.
I know that you guys really want to get a commission but really you could at least have done an honest detailed research before posting this video...
As a retail investor you are always going to get rinsed. Financial folks are diving their Aston Martins to Riviera holiday homes today from their take of our pension contributions that will probably not provide for a MOT and a day trip to Skegness when we take them out tomorrow. We are milk cows, the Buffets of this world operate on a totally different playing field.
There is something in the UK, forget what it's called, you need to be deemed financially competent (ie, daft-rich and connected) and have this acknowledged by HMRC, then you can properly run your own pension (not a half-arsed rent grab like a SIPP), and can put in things like global BTL property.
Maybe a SSAS, this is a thing but not sounding 100%, recalled it was for one person...
I agree and also, it sounds like they gave advice many times. Saying 'you must have US' you have mentioned anything about risk etc
Has anyone has a private pension with pensionbee are they worthy to invest my pension??
I had 40% Equity 40% Bonds 10% Gold 6% Cash 4% Real Estate in my pension. Fyi the equity was joint US/UK heavy with Japan and Pacific too heavily represented. Changed it a few months ago to a 100% US equity fund with a 0% fee compared to the 0.4% fee I was being charged. This on top of the negotiated platform fee my employer set up of 0.31%. Luckily I was 19 now 20 so minimal damage was done indeed.