Horace Cope
Winger
can you move them from there easily enough?
Yes I believe you can transfer it from there at any time
The main danger with Pension Bee is you don’t know what you are giving up if you just blindly transfer them to “consolidate”. You are taking on the responsibility yourself. If you are savvy enough to understand the difference in charges, lifestyling strategies used within some of your previous workplace pensions, guaranteed annuity rates, fund performance etc then fair enough. I’ve also seen some crackerjacks who’ve got CETV’s from their final salary plans and tried to move that into Pension Bee without advice only to be surprised when they are told they can’t.
That’s usually why it’s better to seek advice. The main reason people don’t is they are reticent to pay for it. There was a recent study by the FCA showing how much better off clients were who took advice vs those that didn’t and the results are quite staggering.
Many people just take the annuity on offer because they don’t want to pay an adviser for example. A significant number of people don’t understand their workplace arrangement derisks as they get older. This massively restricts growth and is designed to really purchase an annuity which of course hardly anyone does now. It’s a minefield if you don’t know what you invest in, why you invest that way and how it’s going to allow you to meet your goals and objectives.
That's a good point. In my case the pension schemes had been wound up and it made more sense to merge them with a provider that lets me start contributing again should I wish