Pension question, any help/advice very gratefully received - thank you
Watch this postHi, I have a small workplace pension with Fidelity, apparently it has been invested as a medium risk. My company then switched to Scottish Widows, in which I have another very small sum.
I thought the funds would be automatically transferred across by my company but they weren't, hence having two with two providers. My company closed down at the end of last year so neither pensions are being contributed into currently. ( I am looking to take the funds out at 55 so am not thinking about long term, My questions are; Should I put the funds into one company rather than having them in two? And how on earth do I choose which one to go with?
I have just spent the last couple of hours on the phone to both but have come away none the wiser to be honest. They mentioned a personal pension instead of a workplace pension. Should I transfer to this or leave my funds where they are? Does anyone have any advice on whether Fidelity or Scottish Widows are better?
I don't really want to take any huge risks. It turns out that my Fidelity pension lost nearly £2,000 in the last year, which when I have such a small amount is a big hit to take. I appreciate I cannot just move it into a savings account (although ideally I would rather do this) as it was explained all pensions are investments accounts.
Any advice on the above from anyone who has experience of either very gratefully received. I will be 55 next year and am looking to take my pension out then so need it to be as healthy as possible.
Thank you in advance for your help.
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Talk to your bank first they will point you in the right direction.
No disrespect to any one on this forum but I really don't get how people will ask advice of complete strangers online, I've seen too many scams online and you really are advertising yourself as a target.
Just be very careful scammers don't always go after people that have lots of money they much prefer lots of people like yourself with a small amount to invest that are less likely to get the right advice and less likely to chase them down.
Social media forums are the very place scammers target for easy pickings so be very aware, good luck with whatever you decide.
Any of the large long-established platforms like Fidelity, Hargreaves Lansdown and similar have plans that will not make you a fortune, but where your money is reasonably safe and giving you a fair return and even some growth for the long term. I have been retired now for 30 years and more,, just an ordinary person who used to work in Accounts, telling how it is.
All investments lost money last year, your money is invested in Stocks and Shares, in Pension funds,
Sit tight just now until the Stock Market settles again. You are in it for the long term, it will go up and down and you will never hit it on the nose!
Don't panic.
My choice was to put the money in a Self-Invested pension with a REPUTABLE stockbroker platform with reasonable management charges, invested in some good solid income funds, there are some that pay out Monthly, and just take the income it generates to top-up your Retirement income. That way you stay in control of your capital and can withdraw some if needed. Make sure there are no penalties for transferring out of your current plans.
PS. I am not a professional, just sensible I hope, it's worked for me.