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Personnel Pension advice please

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Found 31st Aug 2017
I’ve changed jobs and I have a group pension with my old employer with Standard life on passive plus 3 scheme. I’m just wondering if it’s worth me changing it to a personal pension and adding money to it. Are standard life any good? Cheers
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Can't comment on the provider but adding to your Pension is a "no brainer " - you pay it before Tax . Effectively every £100 you put in only costs you £80 (at basic rate ) -so a 20% bonus to each and every payment you put in .

With interest rates so low that is a significant lift to your pension which you will be grateful for when you eventually draw it

And Standard Life are an established reputable company -so as good as any .
Edited by: "rogparki" 31st Aug 2017
your new employer will have a pension plan as well as you would be able to contribute and they contribute themselves (with some exceptions until year xxx but i can't remember the exact details now - look up auto enrolment). the fees will tend to be less than taking out your own personal pension plan as the employer can negotiate a better fee deal with several employees in the plan.

standard life's fees are quite high in comparison to some others so have a look at the fee on your existing plan and also look at the fee in your new employer's plan.
My fee for standard life is .49 and the one with new employer is nest and they only match 1%
rollercoaster634 m ago

My fee for standard life is .49 and the one with new employer is nest and …My fee for standard life is .49 and the one with new employer is nest and they only match 1%


but 1% match is better than nothing so still worth having. 0.49% sounds quite good as i had standard life GPP and that had 1% as a fee. what is the fee on nest? i think the matching percentage increases in future years if i remember correctly.
It’s .3% but 1.8% on each new contribution. I think I got that rate because it was set up by my employer. I phoned up standard life today to change it from group as I don’t work there now
rollercoaster6310 m ago

It’s .3% but 1.8% on each new contribution. I think I got that rate b …It’s .3% but 1.8% on each new contribution. I think I got that rate because it was set up by my employer. I phoned up standard life today to change it from group as I don’t work there now


they don't throw you out of the group pension plan because you have left. are you paying more in fee now with standard life with the personal pension plan?

the fee with nest at 0.3% plus 1.8% additional on contributions means total fee of 2.1%, which is astronomical and makes the employer 1% matching pointless.
Yes slightly as it was .43 on the group scheme. I just kept it on the same fund as it was on originally as I don’t have a clue with that stuff and it’s not losing any money at the moment.
rollercoaster639 m ago

Yes slightly as it was .43 on the group scheme. I just kept it on the same …Yes slightly as it was .43 on the group scheme. I just kept it on the same fund as it was on originally as I don’t have a clue with that stuff and it’s not losing any money at the moment.


you would have been better off leaving it where it was as they don't throw you out of the group scheme when you leave.
the nest one doesn't look very good so you could leave that and pay into the standard life one as the fee doesn't sound too bad. but check if you would lose out on future matching if your employer matching increases to more than 1% (as i think they will do with time on auto enrollment legislation) as some schemes will not allow you to join again if you leave.
I was increasing my contributions more then before and I apparently had to change to personal scheme. They said everything is same accept that it’s personal pension now. I will keep the nest as well for the 1%.
rollercoaster6314 h, 40 m ago

I was increasing my contributions more then before and I apparently had to …I was increasing my contributions more then before and I apparently had to change to personal scheme. They said everything is same accept that it’s personal pension now. I will keep the nest as well for the 1%.


as you had left your employer, they probably did not allow further contributions so you would have been better off leaving that one alone and set up a new personal pension plan for future contributions only as then the higher fee would only apply to new contributions and not your existing fund.

from nest, the fee after the 1% matching is 1.1% so very high. the 1% matching effectively gets eaten by the high fee so you can pretty much forget it as you are not getting it really, the nest provider is getting it. unless this increases with time, you maybe better off leaving nest and just contributing to your standard life policy.
I was tempted to open a new one but didn’t have a clue on what and who about pension providers. I thought it was a good idea to just switch the group to a personal and keep it on same funds. I only phoned yesterday and I’m waiting on info coming through post. Might change it back now if possible and open one with Hargreaves Lansdown as that seems popular
It's the funds in which your pension monies are invested that determines the return.

putting additional monies in your pension is always a good idea, just make sure you keep an eye on your investment fund choices for performance and to achieve the best return
rollercoaster6329 m ago

I was tempted to open a new one but didn’t have a clue on what and who a …I was tempted to open a new one but didn’t have a clue on what and who about pension providers. I thought it was a good idea to just switch the group to a personal and keep it on same funds. I only phoned yesterday and I’m waiting on info coming through post. Might change it back now if possible and open one with Hargreaves Lansdown as that seems popular


You don't have to go to another provider. You can have more than one plan with the same provider. So you could have left the old one alone and opened a new plan with standard as you have done, but only for new contributions.


I used to have two plans with legal&general because I worked for the same employer in two different periods.
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