Pensions advice

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st4

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Hi Folks....

I am somewhat stuck in an odd position.

I used to work for National Australia Group and had a pension there. I subsequently moved to Tesco who operates a final salary scheme :D:D. However I cannot transfer into the Tesco scheme.

The issue I face is that because I worked at NAG less than a year, I forfeit the employers contribution to my pension unless I transfer it out. But I cannot.

However, it came to light that if I opened a personal pension I could, but so far I've been told I need to go through an IFA (involving fee's etc).

Is there a company that anyone knows of that I can open a personal plan with and get it moved over. I only have a months deadline.

TIA.
 
When I left a County Council after 6 months, they simply repaid my contributions - is that not an option? While it's not ideal they are surely not saying that you can't have the money that you have paid in some form or other?

I seem to recall that you could only have that carried out if you were there less than 12 months, so wonder if this is in the rules.
 
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No need to go via an IFA but the problem is choosing where to put your funds.

I managed to move funds from a company plan to a private pension fund diectly myself some years ago, no IFA involved.
 
No need to go via an IFA but the problem is choosing where to put your funds.

I managed to move funds from a company plan to a private pension fund diectly myself some years ago, no IFA involved.
Can you tell me the name of the company you moved it to, and I can do this ASAP.

PM me if you dont want to put it on the web.

Ta
 
Read and just wanted to say thankyou.

I'll give them a call just now.

What a wonderful forum this is

Steve
 
No need to go via an IFA but the problem is choosing where to put your funds.

I managed to move funds from a company plan to a private pension fund diectly myself some years ago, no IFA involved.


Things have a changed, more than a little, since then.
 
I've found a company that will accept the transfer in directly of my old NAG pension and thats good.

Thanks to Mallard, Renault and Will. Sorted. Bumph should be with me soon.
 
I've found a company that will accept the transfer in directly of my old NAG pension and thats good.

Thanks to Mallard, Renault and Will. Sorted. Bumph should be with me soon.

Do you know the size of the transfer amount available to you ?

There is usually a min amount that is worthwhile doing because of fees.
 
Do you know the size of the transfer amount available to you ?

There is usually a min amount that is worthwhile doing because of fees.

Its a lot greater than what I will be putting in, the fees etc will be explained, but still worth the doing.

Annually there is a 1% fee. Thats ok for me. No such thing as a free lunch.
 
Its a lot greater than what I will be putting in, the fees etc will be explained, but still worth the doing.

Annually there is a 1% fee. Thats ok for me. No such thing as a free lunch.

Stakeholder introduced the era of low AMC (annual management charges) however the industry caught up , and now you can get a full blown Personal Pension for less than 1%.
 
Its a lot greater than what I will be putting in, the fees etc will be explained, but still worth the doing.

Annually there is a 1% fee. Thats ok for me. No such thing as a free lunch.

Depending on how your fund is to be managed, is that a 1% management fee of the IFA and is that to be over and above the management fees of the funds he'll be buying?

Ask for a list of funds and their fees and compare the fees to buying the fund directly.

Also, ask what the fees are should you wish to make additional contributions.

Ask what have been his investment returns over the past 5,10,15,20 years. Then compare that to the FTSE All-share index.

I'm sure there are lots of other questions you should ask, but those are some of the key ones IMHO.
 
Stakeholder introduced the era of low AMC (annual management charges) however the industry caught up , and now you can get a full blown Personal Pension for less than 1%.

1% IMHO is really good, in the Stockbrokers we charged more and commission.

And the fund is managed by a massive team of managers, not just one, so fine with the 1% charge.

As mentioned on the other forum, I want to start sorting out my savings, investments and pension(s).
 
Depending on how your fund is to be managed, is that a 1% management fee of the IFA and is that to be over and above the management fees of the funds he'll be buying?

Ask for a list of funds and their fees and compare the fees to buying the fund directly.

Also, ask what the fees are should you wish to make additional contributions.

Ask what have been his investment returns over the past 5,10,15,20 years. Then compare that to the FTSE All-share index.

I'm sure there are lots of other questions you should ask, but those are some of the key ones IMHO.

Went to the company directly, 1% to the company.

I will choose the fund and start researching it.

I like trustnet.com

For example

http://www.trustnet.com/Factsheets/Factsheet.aspx?fundcode=STSTR&univ=P

or

http://www.trustnet.com/Factsheets/Factsheet.aspx?fundcode=BFFX6&univ=N
 
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1% IMHO is really good, in the Stockbrokers we charged more and commission.

And the fund is managed by a massive team of managers, not just one, so fine with the 1% charge.

A typical FTSE All Share tracker has fees of 0.25-0.5%. So 1% is good if on average they can outperform the index.

As I'm sure you know, with compound interest an additional 0.5% makes a big difference over 30 years.
 
Pensions are not my thing so could be talking crap here.
Are you saying that you intend to run both tesco and a private pension at the same time?
Or dropping the tesco scheme?
 
A typical FTSE All Share tracker has fees of 0.25-0.5%. So 1% is good if on average they can outperform the index.

As I'm sure you know, with compound interest an additional 0.5% makes a big difference over 30 years.

Oh an extra 0.5% over 30 years will eat quite a bit....also the AMC is only part of the cost - one needs to look at the total cost - trustees fees, auditors etc. That is why a good IFA earns his money.....



But bear in mind 0.5% extra cost is naff all if the fund underperforms by more...:D
 

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