21 Mar 2016

A question about : Existing Pensions + Auto Enrollment?

Until last July I was paying into 2 pensions: a Clerical & Medical and a Standard Life. The Clerical & Medical was a quite large monthly amount and the Standard Life, which was an original pension taken out in my early 20s was just @ Ј80. I moved jobs last year and my salary was cut dramatically so I decided to stop paying the Standard Life for now and was just paying Ј50 into my Clerical & Medical. Now my new place of work is offering an Auto Enrollment option (from Standard Life) and I don't know whether to move everything (if I can) into that one pension, move just the Standard Life fund that has built up, or what to do? Does anybody have any advice please?

Best answers:

  • Check the investments that you want to use. Then check the prices for those investments in each place. Then compare the pricing of at least one DIY place for the same investments. Move into whichever place has the best blend of lowest price and good customer service for those investments.
  • Don't forget that moving the schemes may cost you money so you will need to ensure the move is financially worth doing. Also what happens if you leave your current employer will you still be able to invest in the SL AE Scheme?
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