For me its the level of autonomy you have over your hard earn money. This takes a lot to go against the grain, not many people would move pension in fear of messing it up or losing it.
If your workplace pension offers electronic origo options transfers you could be out of the market for about 2-3 days tops. The key is staying on top of when your workplace transfers it out and giving the SIPP provider a nudge to match it and apply it ASAP. I've found sometimes you win sometimes you lose while it's in transit. I do a partial every 6 months so in the bigger scheme it matters less in the long term which is what we must focus on as investors.
Great video as usual! would be handy to do an example of creating a vanguard SIPP using the pension calculator or further insight into the funds you use for your SIPP if possible. I'm thinking about transferring some of my pension into a Vanguard SIPP, but not really sure on which funds to invest into..
I literally only invest in one fund in my SIPP 😊 The target retirement fund (TRF) 2050. Nice and simple, but you do pay higher fees for actively managed funds such as the TRFs.
Hi, whilst people can currently retire at 55 I guess going forward this will not be the case for you as the state retirement age will increase to 67 and beyond in the next few years. If you are planning to retire (stop work) at 55 you would need to fund your income for the interim period before you can collect your pension. Subject for another video me thinks!!!
In this video I am talking about private pensions, not state pension. You can currently access private pension at 55 and it’s expected to rise to 57 in 2028. But completely agree good to bridge the gap, so S&S ISAs are useful for this 😊
@@FinanceDee Understand this is about private pensions...there is a c10 year period between accessing private and state pension in place. Just saying you won't be able to access your private pension at 55 as current regs stand. Fingers crossed no bright spark in Govt feels the need to reduce that 10 year gap in the future. None of us will get to retire!!!!!!🙂
Oh yes definitely. I think this is why putting money into a S&S ISA as well is important. Not as tax efficient but definitely could help bridge the gap.
In the 'why' part you mention because of the fund choices, and the low fees but you stay in one fund and don't say anything about the fees you saved, making me unsure about exactly why you did this. Please don't take this as criticism, I still think it's a useful video and like the way you're using real figures and showing us screenshots, I'm just wondering how that fund compares with the one from your employer's pension.
I did it as the overall fees were lower with vanguard (cannot recall exact figures at the time of recording) and I really wasn’t impressed with the fund choices with my employer pension. A little confused with why those reasonings make you unsure.
They are out of the market for about a week only it seems. It’s not very clear to be honest, but definitely not the entire time the process is on-going.
It would be interesting to know if the transfers can still be made after you have left your employer, considering you can only complete one transfer per year.
I wouldn’t see why not because pensions don’t close when moving employers unless you close it, so the account becomes yours to do what you want with. The communication about transfers, in my case, is only the between Aegon and vanguard so my employer isn’t really involved at all.
Great video as always Dee and an important one to gain proper control of one's investment future.
For me its the level of autonomy you have over your hard earn money. This takes a lot to go against the grain, not many people would move pension in fear of messing it up or losing it.
I agree the autonomy is great. I also appreciate that no matter where I work in the future, I can have my pension in one place. Makes an easier life 😊
Great video Dee, I love how you’re on top of your pension and making sure that you’re putting your hard earned money to work 👌🏾
Trying my best 😊
This was so helpful! Your content is so valuable. Thank you.
So glad! Thank you so much ☺️
Very helpful, thank you for sharing. I have been thinking of doing this so perfect timing.
Morning Dee, on time video. Up bright and early to get things done. Have a good day. 😊
Morning 😊 I’m up bright and early with my son who thinks it’s play time 🤣 Have a great day!
Excellent video, Dee!
Thank you Marta ☺️
Thank you
Very enlightening video. Could you advise if you remain out of the market for a few weeks whilst the transfer takes place?
I think there is some time out of the market. In my case I don’t believe it’s weeks but it is definitely something to consider
Thank you Dee, I was thinking of trying to do this, but I was concerned about being out of the market and facing dealing costs on both sides.
If your workplace pension offers electronic origo options transfers you could be out of the market for about 2-3 days tops. The key is staying on top of when your workplace transfers it out and giving the SIPP provider a nudge to match it and apply it ASAP. I've found sometimes you win sometimes you lose while it's in transit. I do a partial every 6 months so in the bigger scheme it matters less in the long term which is what we must focus on as investors.
Great video as usual! would be handy to do an example of creating a vanguard SIPP using the pension calculator or further insight into the funds you use for your SIPP if possible. I'm thinking about transferring some of my pension into a Vanguard SIPP, but not really sure on which funds to invest into..
I literally only invest in one fund in my SIPP 😊 The target retirement fund (TRF) 2050. Nice and simple, but you do pay higher fees for actively managed funds such as the TRFs.
@@FinanceDee thanks!
Good work 👌
Hi, whilst people can currently retire at 55 I guess going forward this will not be the case for you as the state retirement age will increase to 67 and beyond in the next few years. If you are planning to retire (stop work) at 55 you would need to fund your income for the interim period before you can collect your pension. Subject for another video me thinks!!!
In this video I am talking about private pensions, not state pension. You can currently access private pension at 55 and it’s expected to rise to 57 in 2028.
But completely agree good to bridge the gap, so S&S ISAs are useful for this 😊
@@FinanceDee Understand this is about private pensions...there is a c10 year period between accessing private and state pension in place. Just saying you won't be able to access your private pension at 55 as current regs stand. Fingers crossed no bright spark in Govt feels the need to reduce that 10 year gap in the future. None of us will get to retire!!!!!!🙂
Oh yes definitely. I think this is why putting money into a S&S ISA as well is important. Not as tax efficient but definitely could help bridge the gap.
In the 'why' part you mention because of the fund choices, and the low fees but you stay in one fund and don't say anything about the fees you saved, making me unsure about exactly why you did this. Please don't take this as criticism, I still think it's a useful video and like the way you're using real figures and showing us screenshots, I'm just wondering how that fund compares with the one from your employer's pension.
I did it as the overall fees were lower with vanguard (cannot recall exact figures at the time of recording) and I really wasn’t impressed with the fund choices with my employer pension.
A little confused with why those reasonings make you unsure.
Are your funds out of the market during the 8 week transfer? Or do they stay invested until the last moment?
They are out of the market for about a week only it seems. It’s not very clear to be honest, but definitely not the entire time the process is on-going.
It would be interesting to know if the transfers can still be made after you have left your employer, considering you can only complete one transfer per year.
I wouldn’t see why not because pensions don’t close when moving employers unless you close it, so the account becomes yours to do what you want with. The communication about transfers, in my case, is only the between Aegon and vanguard so my employer isn’t really involved at all.
@Finance Dee Thanks Dee. Have a wonderful Sunday and I look forward to more great videos. Take care 😊