Is it a good idea to transfer my pension?

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Hello and welcome to Pension Awareness 2024.

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Yay. How are you all doing? Lovely to see you again.

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So today we've got a big question that we're going to answer

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and that is, is it a good idea to transfer my pension?

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Well, we always get asked this one

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and it's one of the biggest questions that we get asked.

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So we're going to answer that today.

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We've got Sarah with us from Royal London,

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and we've got Justin with us as well.

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How are you both doing? Doing really

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Well, Tony? Very well, thanks Tony.

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Really well.

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How are you? I'm well. I'm well.

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I'm really excited about this week.

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Really, really excited you.

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So I've got some notes down here.

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So I just wanted to say a big thank you as well

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to our partners this year, Royal London, who are partnering

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with pension, pension awareness.

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We put them on screen now and you'll see them.

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So can we cheer for ourselves?

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Yeah, you can cheer for the, so, yeah, yeah,

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you can see him in the background, Royal London.

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Well done. Brilliant.

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So, um, like I said,

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before we get started, I wanted to show you the website.

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So this week you are able to go onto our website,

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you run it now and book.

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We've got Marshall, didn't, you know, we've got more shows

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and just this one, loads of shows loads.

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We've got nine shows this week. Wow.

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So you can go onto our website and book on there.

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And yeah, look at all the other, you might be even signed up

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to other shows, book them all, book them all, book them all.

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Um, so make sure you go to that site.

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Um, James, can we go to the website big

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so we can see it on screen?

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That'd be great. So here, um, so if you go down, you'll able

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to see the timetable, you see all the shows here.

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Biggest question we get asked, um,

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after, can I combine my pension pots?

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Can I transfer my pension pots?

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Is, are the shows recorded and Yes they are.

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You can go to the Catchup area on this website now.

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So James, could we just show the guests

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where the catch up repair is?

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Yep. Just in that tab there you can see, um, here, um, well,

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Sarah, from last year's show, um, end

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of the today you'll see the, the show's been put there

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and they're not just gonna be on for this week,

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they'll be on for the next 12 months.

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So make sure you use that.

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Not only that, the website has, um, the article section.

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So we've got some really good articles on there.

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So make sure you have a look at them too.

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So where are we starting with this show then?

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What we say, what we're talking about first? Well, we're

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Talking about pension transfers,

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but Johnny I think it's time for you to just leave us alone

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and Justin and I'll on with

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It. Right, you did

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this last time.

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Off you go. Alright, go, go.

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I'll take my store with me. I'll take my store

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with me. Thank you very much.

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I take your furniture right.

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So yeah, we are gonna be talking about, uh,

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transferring your pension.

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Is it right for me? I'm Sarah Penwell,

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I'm the consumer finance specialist at Royal London

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and I'm joined today by my colleague Justin.

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So Justin, I know you answer to most things,

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but what's your job title and what do you do? Right,

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Well, hello everybody.

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Uh, I'm Justin COIs. I'm a pension expert at Royal London.

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So I write and talk about how pensions work.

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Um, and today we're gonna be talking about pension transfers

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because that's one of the things

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that we are most often asked about.

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And Justin, you use the term transfer,

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but people may have heard Johnny talked

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about consolidating pensions.

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Yes. And people may have thought about switching or merging

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or just bringing their pots together.

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Are all these terms referring to the same thing

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or is there a difference between them?

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Yeah, all of these terms mean the same thing.

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If we're talking about transferring one pension pot

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to another pension pot.

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Now these types of pensions

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and owners as define contribution pensions,

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but do you know, whatever you call it,

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it's about transferring one pot of pension money that you

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and perhaps your employer have added to

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and putting it into another pension pot.

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Now, Royal London, we've undertaken research recently

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with 4,000 UK adults who were under pension age,

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but who did have a pension

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and while just over a third it was 35% said

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that they have transferred their pension

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to their new employer scheme when they moved jobs, 56% said

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that they have never done this.

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So I guess that begs the question, why would you want

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to transfer your pension?

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And I really think that it helps to think

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of the working lives that many of us have these days.

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Most of us don't have a job for life anymore.

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Maybe you don't want that,

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but actually the more jobs you have,

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the more difficult it can be to keep track of all

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of the pensions that come along.

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Uh, with that. Now I've had around six jobs in my lifetime.

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A lot of you will have had many more than that.

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But actually the more jobs you have and,

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and most people who are now automatically enrolled into

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their workplace pension scheme pretty soon

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after they start with their new employer, that can mean lots

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of pension pots to keep track of.

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Now it is important to say that we are not saying

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that just because you have lots of pensions

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that you should transfer them.

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And in fact, there are some people

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who can't transfer even if they want to.

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So let's look at an example Justin.

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Say, say you're a firefighter.

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Say you work for the NHS

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or you're a teacher,

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could you transfer your pension in that situation?

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No, these, these people can't.

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Normally if you work in the public sector,

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you can't transfer your pension

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to a defined contribution scheme.

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And the reason behind that is

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that public sector pensions don't build up a pot of money.

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So if you work in the public sector today

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and you're a member of the pension scheme,

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then the contributions that you

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and your employer make towards that pension today go

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to pay the retirement benefits

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of today's public sector retirees.

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So it doesn't build up a fund of money

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that you can transfer.

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Now, there is one notable exception to that

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and that's if you work for local government.

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Okay? So if you're in the local government pension scheme,

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that does build up a fund of money

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and you can transfer out of that if you wish.

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But, and this is a pretty big,

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but that doesn't mean that you should transfer

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if you are in the local government pension scheme

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or quite frankly a,

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a private sector defined benefit pension scheme

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and jargon alert, jargon alert indeed, sorry.

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But occasionally we, we have to, um, uh,

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and that can be either a final salary pension

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or it could be some other sort of salary related benefit.

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It's generally assumed to be a bad idea

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to transfer your pension.

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And the reason behind that is that defined benefit pensions

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make a promise to keep on paying you a pot of money

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or a, a regular income for the rest of your life.

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It's kind of like keeping on getting your salary

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except you'll get less of course.

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And if you have a spouse

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or in some instances a partner who is alive longer than you,

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then they'll have to keep on paying a regular

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income to them as well.

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And one of the key things here is

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that it is your employer's responsibility, not your to,

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to make sure that there is enough money

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to keep on paying those retirement benefits to you

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and perhaps your spouse

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or partner for as long as you all live,

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not your responsibility.

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And that's a really valuable benefit to have.

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However, there will be some people

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who do have these defined, um, benefit pensions

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and they are thinking about transferring them.

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If you'd like to know more, there is a guide

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that will help you understand the key things you need

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to consider, the key risks that you need to be aware of.

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And that's on the Money Helper website.

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And that's an independent website

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that's backed by the government.

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So having just told you a bit about people

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who can't transfer in this live show,

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we're gonna focus on things

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to think about if you can transfer.

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So that's really people who've got these

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defined contribution pensions.

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So again, apologies to the jargon, this is the kind

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of pension that you build up a pot

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of money while you are working

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and then you can turn that pot

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of money into an income will take lump

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sums from it when you retire.

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And that research that Justin mentioned a moment ago,

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we also found that people on average have had 2.4

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pensions during their lifetime.

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Now about you Justin, but I've never bought 0.4 of pension.

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But I guess, I guess as averages for you,

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what was interesting though was that younger people,

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so those in their kind of early twenties up

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to about mid thirties, they'd already had almost three.

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They had 2.9 pensions on average.

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So I think it just shows you a bit about the changing

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sort of work environment.

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And of course, you know, the more pensions you have

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for some people it can be a bit harder to keep track of.

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But I guess Justin, one

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of the main reasons why people might want to transfer is

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because of the, the charges, um, that they will be charged.

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So basically being able to pay less by transferring.

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But the question falls from that,

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you know, how do charges work?

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What is it that people need to look out for?

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Yeah, it, it's a very good question.

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Now all providers will apply a yearly charge

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for managing your pension.

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It's known as the annual management charge.

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You might sometimes see it referred to as the A MC

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and that is usually taken either monthly

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or annually from the value of your pension savings.

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Now, I know this can be a little bit complex,

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but comparing, being able

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to compare charges on your pension plan is really important.

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Now you can find this information in a

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variety of different places.

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First of all, um, there is the documentation

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that you received when you first joined your,

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um, your pension scheme.

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It's called the key features document

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that will have information about charges on it.

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There is the annual statement

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that your pension provider sends you each yet

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that will have information about charges on it

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or if your pension provider has an app

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that will have information about charges on it as well.

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In fact, if your provider does have an app,

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and of course if you are comfortable with using apps,

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then it's usually a pretty good idea to download that app

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because it's likely to have lots

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of additional information in there that you are, um,

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that you are likely to find useful.

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Now if you are a member of a workplace pension scheme, uh,

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then the default fund, which is

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where most people have their money invested must apply an

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annual management charge of 0.75%

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or less of your total pot savings.

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Now that default fund, that's

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where everybody is put when they're first automatically

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enrolled into their pension fund.

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So what, what does a charge

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of less than 0.75% actually mean?

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I mean percentages, isn't it? Well it is, isn't it?

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You know, percentages don't mean a lot to many of us.

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We would probably prefer to see this expressed

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as a pounds and pence amount.

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00:10:34.465 --> 00:10:38.085
But actually being able to compare the percentage charge

259
00:10:38.105 --> 00:10:40.085
of one scheme with a percentage charge

260
00:10:40.085 --> 00:10:42.685
of another scheme is really important to be able

261
00:10:42.685 --> 00:10:45.245
to get a fair and equal comparison.

262
00:10:45.905 --> 00:10:50.445
So if you had a charge of 0.75%

263
00:10:50.465 --> 00:10:53.965
and let's say you had 10,000 pounds in your pension scheme,

264
00:10:54.315 --> 00:10:58.205
that would mean that you would pay no more than 75 pounds

265
00:10:58.825 --> 00:11:00.685
as your annual management charge.

266
00:11:00.825 --> 00:11:04.845
Now a lot of modern pensions will charge a similar amount to

267
00:11:04.845 --> 00:11:07.245
that, but you could have older style pensions

268
00:11:07.245 --> 00:11:10.565
that charge a lot more than 0.75%.

269
00:11:11.225 --> 00:11:12.365
In fact, that's one

270
00:11:12.365 --> 00:11:15.085
of the great things about workplace pensions is

271
00:11:15.085 --> 00:11:17.245
that they're generally quite transparent.

272
00:11:17.305 --> 00:11:20.325
And by that I mean it's relatively easy to be able to see

273
00:11:20.555 --> 00:11:22.725
what that annual management charge is.

274
00:11:23.305 --> 00:11:25.885
So there you go. That's the annual management charge

275
00:11:25.885 --> 00:11:28.885
and that is designed specifically to help people understand

276
00:11:28.915 --> 00:11:30.525
what charges they're paying on their pension,

277
00:11:30.995 --> 00:11:32.765
even if they're not pension experts

278
00:11:33.025 --> 00:11:34.165
Or indeed pension geeks

279
00:11:34.165 --> 00:11:35.645
Or indeed pension geeks. Indeed.

280
00:11:35.885 --> 00:11:38.565
So now say you have a workplace pension, uh, one

281
00:11:38.565 --> 00:11:40.725
of the questions that we get asked is, if I was to

282
00:11:41.365 --> 00:11:42.805
transfer an old workplace pension,

283
00:11:43.175 --> 00:11:45.565
could I end up paying more in charges?

284
00:11:45.745 --> 00:11:47.845
And the answer is quite possibly,

285
00:11:47.845 --> 00:11:50.725
which is why it's really important to check out the charges,

286
00:11:50.875 --> 00:11:53.405
both of the old pension and the new one.

287
00:11:53.565 --> 00:11:55.525
'cause you could pay more or you could indeed pay less.

288
00:11:56.065 --> 00:11:58.685
Now, Justin was talking about the charges on a default fund.

289
00:11:58.745 --> 00:12:01.405
And one of the things is that you will pay the same charges,

290
00:12:01.785 --> 00:12:05.005
not 0.75% or less no matter how much

291
00:12:05.065 --> 00:12:06.885
or how little you have in your fund.

292
00:12:06.885 --> 00:12:09.325
And in fact, you'd pay that on any money you transferred in

293
00:12:09.745 --> 00:12:11.725
as well as your monthly contributions.

294
00:12:12.225 --> 00:12:15.965
Now, because you pay this same charge, this is really useful

295
00:12:16.145 --> 00:12:18.645
for people who don't have huge pensions.

296
00:12:18.985 --> 00:12:20.885
So that could be somebody who's younger,

297
00:12:21.465 --> 00:12:23.925
it could be someone who's started saving

298
00:12:23.945 --> 00:12:25.285
for their pension fairly recently,

299
00:12:25.665 --> 00:12:28.045
or it could be someone who's had a career break.

300
00:12:28.045 --> 00:12:31.485
Exactly. Now it's different though if you have personal

301
00:12:31.505 --> 00:12:32.805
or individual pensions

302
00:12:32.805 --> 00:12:35.965
because what pension providers often do is they'll have one

303
00:12:35.965 --> 00:12:37.285
charge up to a certain amount

304
00:12:37.545 --> 00:12:38.925
and then they'll tier the charge.

305
00:12:39.065 --> 00:12:43.005
So you may pay a lower percentage charge if you have a

306
00:12:43.005 --> 00:12:45.485
pension pot above a certain size with that provider.

307
00:12:45.585 --> 00:12:47.845
So I think the best way is, uh, James,

308
00:12:47.865 --> 00:12:50.485
if we can have our first slide to just explain this.

309
00:12:51.345 --> 00:12:53.525
So let's look at the situation

310
00:12:53.525 --> 00:12:55.765
where you have four different pension pots

311
00:12:55.765 --> 00:12:57.525
with four different pension providers.

312
00:12:58.065 --> 00:13:01.485
Two of them have 10,000 pounds in one has 40,000 pounds

313
00:13:01.745 --> 00:13:03.005
and one has 50,000 pounds.

314
00:13:03.005 --> 00:13:05.005
So you've got 110,000 pounds in all,

315
00:13:05.225 --> 00:13:06.365
but with different providers.

316
00:13:07.025 --> 00:13:09.725
Now, let's assume they all charge the same amount

317
00:13:09.825 --> 00:13:12.045
and they all tier their charges at the same rate.

318
00:13:12.505 --> 00:13:17.205
So they're charging 0.7% if you have up 200,000 pounds in

319
00:13:17.205 --> 00:13:20.765
your pension pot and not 0.5% if you have

320
00:13:20.915 --> 00:13:22.125
over a hundred thousand pounds.

321
00:13:22.225 --> 00:13:23.685
So James, next slide please.

322
00:13:24.285 --> 00:13:26.725
I was like saying that, but okay, so in

323
00:13:26.725 --> 00:13:31.565
that case you'd be paying 0.7%, that's 110,000 pounds.

324
00:13:31.955 --> 00:13:33.045
That works out at seven

325
00:13:33.305 --> 00:13:34.405
and 70 pounds a year

326
00:13:34.405 --> 00:13:36.565
that you would be paying on your pensions.

327
00:13:36.945 --> 00:13:38.725
Now, last slide for this section please.

328
00:13:39.385 --> 00:13:42.005
If you were to combine these pensions,

329
00:13:42.395 --> 00:13:44.925
then you'd have your 110,000 pounds

330
00:13:45.265 --> 00:13:46.405
all with the same provider.

331
00:13:46.945 --> 00:13:50.005
At that point, you'd qualify for this lower tier charge

332
00:13:50.465 --> 00:13:52.005
of N 0.5%.

333
00:13:52.425 --> 00:13:55.845
So you'd be paying 550 pounds a month a year rather.

334
00:13:55.905 --> 00:13:57.925
So that's a saving of over 200 pounds.

335
00:13:58.745 --> 00:14:01.885
Now the rates at which a a pension company will charge

336
00:14:02.065 --> 00:14:04.725
and the point at which they start tiering those charges

337
00:14:05.385 --> 00:14:07.085
can vary from provider to provider.

338
00:14:07.425 --> 00:14:09.645
So it's really important to do your research.

339
00:14:10.185 --> 00:14:12.925
You need to just investigate what you were paying previously

340
00:14:13.065 --> 00:14:14.765
and what you pay if you were to switch.

341
00:14:15.345 --> 00:14:16.645
And remember that you don't have

342
00:14:16.645 --> 00:14:18.365
to move all your pensions at once.

343
00:14:18.985 --> 00:14:21.725
You can, um, if you have got say three pensions, two

344
00:14:21.725 --> 00:14:23.445
of them are charging a higher amount

345
00:14:23.445 --> 00:14:24.765
and one of them is charging less,

346
00:14:25.115 --> 00:14:27.685
well then you could move the two more expensive pensions

347
00:14:27.865 --> 00:14:29.605
and leave the cheaper one where it is.

348
00:14:30.075 --> 00:14:31.405
It's entirely up to you.

349
00:14:31.785 --> 00:14:33.405
That's right. It's really important to know.

350
00:14:33.465 --> 00:14:35.485
Now, another reason that you might want

351
00:14:35.485 --> 00:14:38.045
to transfer are the options that you get when it comes

352
00:14:38.185 --> 00:14:39.245
to retirement.

353
00:14:39.425 --> 00:14:42.165
Now, some pension providers, um,

354
00:14:42.985 --> 00:14:45.565
but maybe don't offer a great deal of choice about

355
00:14:45.625 --> 00:14:47.525
how you can take your pension at retirement.

356
00:14:47.755 --> 00:14:49.965
They might only offer you the option

357
00:14:49.985 --> 00:14:51.925
to take out all the money that you've got in

358
00:14:51.925 --> 00:14:53.605
that pension plan in one go.

359
00:14:53.745 --> 00:14:55.925
And that could mean that you end up paying a lot more

360
00:14:56.065 --> 00:14:57.125
tax than you should do.

361
00:14:57.505 --> 00:15:00.285
Or they might only let you take something called an annuity.

362
00:15:00.305 --> 00:15:02.205
That's where you take all your pension benefits

363
00:15:02.345 --> 00:15:03.965
and you convert that into a regular

364
00:15:04.025 --> 00:15:05.325
income for the rest of your life.

365
00:15:05.785 --> 00:15:09.085
Or they might not offer something called draw down

366
00:15:09.145 --> 00:15:10.245
or income drawdown.

367
00:15:10.345 --> 00:15:12.245
Now ignore, ignore the terminology.

368
00:15:12.625 --> 00:15:13.965
All that drawdown means is

369
00:15:13.965 --> 00:15:16.765
that your pension plan stays invested in that pot.

370
00:15:17.665 --> 00:15:19.165
You can take your tax free cash

371
00:15:19.745 --> 00:15:22.605
and then maybe a little bit of money monthly if you

372
00:15:22.625 --> 00:15:25.005
as an income if you are, uh, no longer working.

373
00:15:25.105 --> 00:15:27.525
Or you might prefer just to take all of your tax free cash

374
00:15:27.985 --> 00:15:29.725
and not draw any monthly income

375
00:15:29.725 --> 00:15:31.565
because, uh, you are still working

376
00:15:31.705 --> 00:15:33.445
and you don't need an income from

377
00:15:33.445 --> 00:15:34.485
that pension at that point.

378
00:15:34.865 --> 00:15:37.765
Or you might just want to take lump sums every now

379
00:15:37.765 --> 00:15:40.125
and again, maybe because you have one

380
00:15:40.125 --> 00:15:42.285
of those defined benefit pensions that we mentioned earlier

381
00:15:42.545 --> 00:15:46.085
and that satisfies your monthly income need,

382
00:15:46.225 --> 00:15:48.845
but you still need a little bit of money for, you know,

383
00:15:49.055 --> 00:15:50.845
extra things, holidays, birthdays,

384
00:15:50.875 --> 00:15:52.125
that sort of Christmas presents.

385
00:15:52.415 --> 00:15:53.565
Thank you. That's kind of you.

386
00:15:53.745 --> 00:15:57.085
Um, yeah, uh, Christmas presents as as well.

387
00:15:57.425 --> 00:15:59.365
Um, so there are a few things that you,

388
00:15:59.365 --> 00:16:02.685
that you could want also, um, just bear in mind

389
00:16:03.075 --> 00:16:07.525
that some providers might not offer your family the same,

390
00:16:07.785 --> 00:16:10.005
uh, choices if you were to die

391
00:16:10.025 --> 00:16:12.085
and that could be really important to you as well.

392
00:16:12.865 --> 00:16:14.405
And then this is frankly the F factor.

393
00:16:14.665 --> 00:16:18.085
If you have several pensions, then is that a genuine reason

394
00:16:18.085 --> 00:16:19.125
for wanting to transfer?

395
00:16:19.145 --> 00:16:21.285
You have them some dotted around with different providers.

396
00:16:21.925 --> 00:16:23.205
I think just it's really kind

397
00:16:23.205 --> 00:16:24.765
of quite a personal decision, isn't it?

398
00:16:24.765 --> 00:16:27.765
Yeah, because it depends on how you find kind of life admin

399
00:16:27.765 --> 00:16:28.805
and financial admin.

400
00:16:28.865 --> 00:16:31.245
And for some people having different pensions

401
00:16:31.245 --> 00:16:34.165
with different providers, that's actually gonna be quite

402
00:16:34.165 --> 00:16:36.725
difficult to find it maybe harder to kind of see

403
00:16:36.725 --> 00:16:38.205
that overall picture of where there are time is.

404
00:16:38.205 --> 00:16:40.765
Whereas having them all in the same place means they kind

405
00:16:40.765 --> 00:16:42.885
of feel really confident about what they've got

406
00:16:42.985 --> 00:16:44.045
and it really helps them

407
00:16:44.045 --> 00:16:46.045
to start thinking about their retirement planning as well.

408
00:16:46.825 --> 00:16:48.165
But for other people, that just

409
00:16:48.165 --> 00:16:49.205
will not be a barrier at all.

410
00:16:49.205 --> 00:16:51.365
It doesn't bother them. In fact, in this research

411
00:16:51.365 --> 00:16:53.645
that we've been talking about, we asked those people

412
00:16:53.705 --> 00:16:56.045
who had transferred their pension why they did so,

413
00:16:56.425 --> 00:16:59.325
and around half of people said it was, well,

414
00:16:59.325 --> 00:17:01.925
the fair fact they said for easier pensions management.

415
00:17:01.925 --> 00:17:03.005
But it's the same thing really.

416
00:17:03.585 --> 00:17:06.725
Um, it is worth saying though, if you are somebody

417
00:17:06.745 --> 00:17:09.525
who finds it a bit difficult to have pensions dotted

418
00:17:09.525 --> 00:17:12.085
around the place, there is something called the pensions

419
00:17:12.085 --> 00:17:13.685
dashboard, which is gonna be launched in

420
00:17:13.835 --> 00:17:14.925
sort of a couple of years time or so.

421
00:17:15.345 --> 00:17:17.285
And that's going to be an online dashboard

422
00:17:17.375 --> 00:17:20.405
where you'll be able to see all your pensions in one place,

423
00:17:20.875 --> 00:17:22.405
even if they're with different providers

424
00:17:22.905 --> 00:17:25.085
and you'll be able to see your state pension as well.

425
00:17:25.945 --> 00:17:28.245
Now we just talked about the F factor. Yes.

426
00:17:28.375 --> 00:17:29.885
Which is a big deal to a lot of people

427
00:17:30.105 --> 00:17:31.105
Indeed. But,

428
00:17:31.105 --> 00:17:34.845
um, investment choice, that can also be a factor

429
00:17:35.185 --> 00:17:36.685
for people thinking about transferring

430
00:17:36.685 --> 00:17:37.805
as well, can't it? Yes.

431
00:17:37.965 --> 00:17:41.285
Yeah, it can, it can be when you, uh, save into a pension,

432
00:17:41.355 --> 00:17:43.325
your money is invested

433
00:17:43.385 --> 00:17:46.485
and different providers will offer different

434
00:17:46.485 --> 00:17:47.685
investment choices.

435
00:17:48.425 --> 00:17:51.405
So you, for example, might really want

436
00:17:51.425 --> 00:17:53.365
to invest in a particular country

437
00:17:53.985 --> 00:17:58.565
or, um, into, um, a particular sector or,

438
00:17:58.585 --> 00:18:00.285
or sectors assets or something like that.

439
00:18:00.285 --> 00:18:02.165
Yeah, yeah. What I'm talking about there more jargon,

440
00:18:02.165 --> 00:18:04.085
things like, yeah, it is more jargon, but,

441
00:18:04.085 --> 00:18:05.645
but sometimes it's important jargon.

442
00:18:05.645 --> 00:18:09.565
It's it's things like equities or commercial property, um,

443
00:18:10.065 --> 00:18:13.205
or, um, or, or maybe, um, corporate bonds

444
00:18:13.265 --> 00:18:14.525
or that sort of thing.

445
00:18:14.865 --> 00:18:19.005
Um, so if if that's important to you, then um, then

446
00:18:19.435 --> 00:18:20.805
that could be something that you would

447
00:18:20.805 --> 00:18:21.885
need to have a look around.

448
00:18:21.985 --> 00:18:24.765
Now your pension provider, if you have an older style plan,

449
00:18:24.765 --> 00:18:28.285
might not offer a broad range of investment options.

450
00:18:28.545 --> 00:18:31.045
So if that's a big deal, transferring perhaps

451
00:18:31.065 --> 00:18:34.765
to your workplace pension might offer you more choice.

452
00:18:35.345 --> 00:18:39.725
Um, now some people might want more choice than their

453
00:18:39.725 --> 00:18:40.805
workplace pension offers,

454
00:18:41.625 --> 00:18:44.805
but if you were still employed with your employer

455
00:18:44.985 --> 00:18:46.725
and you move away from the workplace pension,

456
00:18:47.025 --> 00:18:49.285
you might miss out on valuable employer

457
00:18:49.285 --> 00:18:50.565
pension contributions.

458
00:18:50.785 --> 00:18:55.125
So we would need to think, um, long and hard, um,

459
00:18:55.225 --> 00:18:57.325
before we, we, we went and did that.

460
00:18:57.705 --> 00:19:01.445
Now you can also think about your investment options, um,

461
00:19:02.435 --> 00:19:04.405
from the perspective maybe of your needs

462
00:19:04.465 --> 00:19:07.285
and objectives, maybe thinking about your

463
00:19:07.925 --> 00:19:10.525
provider's approach to things like responsible investment

464
00:19:10.985 --> 00:19:12.965
or environmental social

465
00:19:13.065 --> 00:19:15.085
and governance factors, ESG factors

466
00:19:15.085 --> 00:19:16.365
they're often referred to.

467
00:19:16.505 --> 00:19:18.045
You might hear them described like that.

468
00:19:18.305 --> 00:19:22.445
Now those help investors measure the ethical

469
00:19:22.445 --> 00:19:25.005
and sustainable sustainability impact

470
00:19:25.225 --> 00:19:27.605
of a particular business or sector.

471
00:19:28.065 --> 00:19:29.845
Now that could be important to you

472
00:19:30.145 --> 00:19:32.805
or there could be other areas that are, are,

473
00:19:32.945 --> 00:19:34.565
are really important to you as well.

474
00:19:35.385 --> 00:19:39.645
Now I probably should say at this point that it is important

475
00:19:39.645 --> 00:19:41.565
to know that your pension money is invested

476
00:19:41.585 --> 00:19:45.205
and it means that the value can go down as well as up.

477
00:19:45.205 --> 00:19:47.045
And there is not any guarantee

478
00:19:47.195 --> 00:19:49.925
that bringing all your pension funds together into one place

479
00:19:50.185 --> 00:19:53.165
is going to result in a larger pension pot at retirement

480
00:19:53.505 --> 00:19:56.565
or a larger retirement income when you come to retire.

481
00:19:56.745 --> 00:20:00.765
And you could get back less than you pay in.

482
00:20:01.665 --> 00:20:02.765
Now, just one point

483
00:20:02.765 --> 00:20:04.805
that I wanna finish off touching on here.

484
00:20:04.955 --> 00:20:09.525
Okay, um, if you, um, have, uh, a workplace pension

485
00:20:10.065 --> 00:20:12.245
you might have recently been, uh, or

486
00:20:12.265 --> 00:20:14.685
and particularly if that workplace pension has moved

487
00:20:15.085 --> 00:20:17.125
recently from one provider to another,

488
00:20:17.475 --> 00:20:19.205
your new pension provider might have

489
00:20:19.205 --> 00:20:20.285
contacted you, get in touch.

490
00:20:20.285 --> 00:20:24.365
Yeah. Yeah. They might have done making an offer to say

491
00:20:24.395 --> 00:20:26.325
that, you know, you could transfer all

492
00:20:26.325 --> 00:20:28.325
of your older workplace pension plans

493
00:20:28.345 --> 00:20:30.885
or all your older pension plans into this new one.

494
00:20:31.225 --> 00:20:34.605
Now the first thing to say about that is that we all need

495
00:20:34.605 --> 00:20:36.205
to be constantly vigilant

496
00:20:36.225 --> 00:20:38.605
and on the lookout for pension scams.

497
00:20:38.835 --> 00:20:42.565
Okay? So if you are in any doubt at all about the validity

498
00:20:42.565 --> 00:20:44.325
of the correspondence that you've received,

499
00:20:44.585 --> 00:20:46.525
always a good idea to get in touch

500
00:20:46.525 --> 00:20:49.045
with your new workplace pension provider, um,

501
00:20:49.315 --> 00:20:52.405
with using details that you get from a trusted source.

502
00:20:52.825 --> 00:20:55.445
Now, maybe a good idea to speak to your employer in

503
00:20:55.445 --> 00:20:58.205
that instance, but once you are comfortable that

504
00:20:58.205 --> 00:21:02.365
that correspondence has come from the new pension provider,

505
00:21:02.635 --> 00:21:04.485
this can be a relatively simple

506
00:21:04.585 --> 00:21:07.245
and cost-effective way of being able to pull all

507
00:21:07.245 --> 00:21:08.605
of your older pensions

508
00:21:08.605 --> 00:21:11.725
or all the ones that you want together into one place.

509
00:21:11.905 --> 00:21:15.485
Now we do need to, um, bear in mind

510
00:21:15.515 --> 00:21:17.445
that if you are approached in this way,

511
00:21:17.715 --> 00:21:20.405
your new provider is not recommending that you transfer

512
00:21:20.545 --> 00:21:21.845
or advising you to do it.

513
00:21:21.865 --> 00:21:23.925
It is, it is purely your decision.

514
00:21:24.595 --> 00:21:27.925
What it is doing however, is uh, it's likely

515
00:21:27.945 --> 00:21:30.965
to have in this pack the annual management charge

516
00:21:31.145 --> 00:21:34.845
of the new workplace pension plan if it has recently moved

517
00:21:34.905 --> 00:21:36.125
the annual management charge

518
00:21:36.145 --> 00:21:38.365
of your previous workplace pension plan,

519
00:21:38.505 --> 00:21:39.685
the fund options available,

520
00:21:40.025 --> 00:21:41.445
the retirement options available,

521
00:21:41.545 --> 00:21:46.125
and an invitation to help facilitate moving all

522
00:21:46.125 --> 00:21:47.925
of these pension plans together.

523
00:21:48.265 --> 00:21:50.965
Now you do still need to bear in mind that you need

524
00:21:50.965 --> 00:21:52.525
to identify if any

525
00:21:52.525 --> 00:21:55.045
of your older pensions have any protections on them,

526
00:21:55.105 --> 00:21:57.405
and Sarah and I are gonna talk about that in just a second.

527
00:21:57.865 --> 00:22:01.325
But if they can be moved, if there's no barriers to that,

528
00:22:01.595 --> 00:22:04.005
then this can be particularly useful.

529
00:22:04.285 --> 00:22:06.645
I would say for people that have maybe only started their

530
00:22:06.645 --> 00:22:09.365
pension savings journey, perhaps in the last sort of 10,

531
00:22:09.365 --> 00:22:12.725
15 years, they've had a number of different jobs

532
00:22:13.145 --> 00:22:15.645
and that's resulted in several relatively

533
00:22:15.645 --> 00:22:16.765
small pension pots.

534
00:22:17.345 --> 00:22:19.885
Now if you are then thinking of transferring,

535
00:22:20.195 --> 00:22:22.525
it's a really good opportunity to try

536
00:22:22.525 --> 00:22:24.605
and track down any lost pensions that you may have.

537
00:22:24.605 --> 00:22:27.165
So these could be pensions from jobs you did some time ago

538
00:22:27.165 --> 00:22:29.005
where maybe, you know, you, you moved a address

539
00:22:29.065 --> 00:22:31.525
and you didn't give the pension provider your new address.

540
00:22:32.185 --> 00:22:35.365
Now it's estimated there's a staggering 26 billion pounds,

541
00:22:36.195 --> 00:22:38.205
billion pounds in lost pensions.

542
00:22:38.285 --> 00:22:40.085
I mean, that's a huge, huge amount of money.

543
00:22:40.945 --> 00:22:44.285
Now the really good news is you don't need to pay somebody

544
00:22:44.345 --> 00:22:45.645
to help you track this down.

545
00:22:45.835 --> 00:22:48.405
There's a free to use government service called the Pension

546
00:22:48.685 --> 00:22:50.245
Tracing Service, which is an

547
00:22:50.245 --> 00:22:51.445
online service that you can use.

548
00:22:51.505 --> 00:22:54.205
Now, as long as you have some basic information either about

549
00:22:54.505 --> 00:22:57.965
who the pension provider is or your employer's current

550
00:22:57.985 --> 00:23:00.485
or old address, then you can just pop that in.

551
00:23:00.905 --> 00:23:03.325
And what this service will do is not like kind

552
00:23:03.325 --> 00:23:06.325
of a government funded pension sniffer dog that will run

553
00:23:06.325 --> 00:23:08.485
around, get all your pensions enthusiastically

554
00:23:08.485 --> 00:23:09.885
and bring them back in return for a treat.

555
00:23:10.185 --> 00:23:12.525
But it will give you up to date details

556
00:23:12.625 --> 00:23:14.005
for your pension scheme.

557
00:23:14.345 --> 00:23:17.645
And then you need to get in touch with the pension scheme

558
00:23:17.645 --> 00:23:18.965
and say, actually I think I've got a

559
00:23:18.965 --> 00:23:20.125
pension pot with my name on it.

560
00:23:20.345 --> 00:23:23.445
So the details are on screen now long URL, which I,

561
00:23:23.795 --> 00:23:27.365
well I'll read out gov uk hy uh slash find hyphen pension

562
00:23:27.565 --> 00:23:28.725
hyphen contact hyphen details.

563
00:23:29.465 --> 00:23:32.285
But I say it's on the screen, so, um, do give that a try.

564
00:23:32.305 --> 00:23:34.325
You think you have got some old pensions.

565
00:23:34.385 --> 00:23:37.685
Now, Justin, you mentioned a moment ago, um, sort

566
00:23:37.685 --> 00:23:39.605
of protections you may have on older style

567
00:23:39.845 --> 00:23:41.125
pensions and yet a bit

568
00:23:41.125 --> 00:23:42.125
More jargon That I used.

569
00:23:42.125 --> 00:23:43.205
Yeah, yeah, yeah, jargon.

570
00:23:43.465 --> 00:23:45.885
So something called a guaranteed annuity rate is something

571
00:23:45.885 --> 00:23:47.485
that, you know, a number of older schemes might have.

572
00:23:47.715 --> 00:23:50.085
Firstly, what on earth is a guaranteed annuity

573
00:23:50.085 --> 00:23:51.485
rate and why does it matter?

574
00:23:51.635 --> 00:23:52.645
It's a very good question.

575
00:23:52.755 --> 00:23:54.045
Okay, look, you wouldn't expect

576
00:23:54.045 --> 00:23:56.285
to see this on a modern pension contract.

577
00:23:56.705 --> 00:23:58.725
Um, but a guaranteed annuity rate,

578
00:23:58.725 --> 00:24:01.245
which you'll sometimes see referred to as a a GAR

579
00:24:01.265 --> 00:24:04.645
or a GAR, they were quite common on pensions

580
00:24:04.645 --> 00:24:06.565
that were set up maybe in the eighties

581
00:24:06.565 --> 00:24:08.245
or nineties, even if you're still paying

582
00:24:08.315 --> 00:24:09.565
into that pension today.

583
00:24:09.985 --> 00:24:12.965
So what the guaranteed annuity rate does is it's the

584
00:24:13.165 --> 00:24:16.045
provider, um, promising to pay a minimum level

585
00:24:16.045 --> 00:24:18.045
of income when you come to retirement

586
00:24:18.065 --> 00:24:19.525
and take those pension benefits

587
00:24:19.525 --> 00:24:22.085
and convert that into a retirement income

588
00:24:22.265 --> 00:24:23.445
for the rest of your life.

589
00:24:24.025 --> 00:24:25.925
The rate that you'll get from that provider

590
00:24:25.925 --> 00:24:28.485
that offers the guaranteed annuity rate is likely

591
00:24:28.545 --> 00:24:31.845
to be higher than most people could get on the open market

592
00:24:31.915 --> 00:24:33.125
when they come to retire.

593
00:24:34.105 --> 00:24:35.605
So I guess it begs the question,

594
00:24:36.105 --> 00:24:37.405
how much extra are we talking?

595
00:24:37.745 --> 00:24:39.885
Is this just a couple of extra pounds each month

596
00:24:40.145 --> 00:24:42.565
or could it be a whole extra chunk of money?

597
00:24:43.105 --> 00:24:45.965
And the truth of it is, it really depends on the size

598
00:24:45.985 --> 00:24:47.285
of your pension pot.

599
00:24:47.385 --> 00:24:49.005
But to give you an indication,

600
00:24:49.105 --> 00:24:52.445
the current deed annuity rates that we commonly saw were

601
00:24:52.445 --> 00:24:54.605
between nine and 11%.

602
00:24:54.625 --> 00:24:57.005
We sometimes saw them a little bit higher than that. Yeah.

603
00:24:57.225 --> 00:24:58.965
Um, and uh,

604
00:24:59.185 --> 00:25:02.245
and that to give you a bit of context is around 30

605
00:25:02.385 --> 00:25:05.845
to 50% higher than most people could probably expect

606
00:25:05.845 --> 00:25:07.045
to get on the market at the moment.

607
00:25:07.625 --> 00:25:09.125
So what that could mean is if you've,

608
00:25:09.125 --> 00:25:11.365
for every hundred pounds you've got in your pension pot,

609
00:25:11.865 --> 00:25:13.965
you could through this guaranteed annuity rate, get

610
00:25:13.965 --> 00:25:17.685
between nine and 11 pounds of income a year compared

611
00:25:17.765 --> 00:25:19.845
to say six pounds at today's rate.

612
00:25:19.945 --> 00:25:22.245
So, you know, if you, depending on size of your pension pot,

613
00:25:22.245 --> 00:25:23.645
that could make a big difference.

614
00:25:24.425 --> 00:25:27.045
Now there are various factors that you'll need to consider,

615
00:25:27.065 --> 00:25:29.725
but in any case, if you do have one of these pensions

616
00:25:29.725 --> 00:25:31.845
and it's got more than 30,000 pounds in it,

617
00:25:32.115 --> 00:25:34.405
then you will need to take financial advice

618
00:25:34.665 --> 00:25:35.885
before you transfer it.

619
00:25:36.405 --> 00:25:37.805
Absolutely, you will. Now, uh,

620
00:25:37.945 --> 00:25:40.405
tax free cash is another one to think about.

621
00:25:40.405 --> 00:25:42.125
That's the tax free lump sum

622
00:25:42.125 --> 00:25:44.045
that you can take when you start

623
00:25:44.045 --> 00:25:45.645
to take your pension benefits.

624
00:25:45.905 --> 00:25:49.965
Now currently that is set at 25% of the value of the fund,

625
00:25:50.225 --> 00:25:53.445
but once again, some older style pension contracts did

626
00:25:53.465 --> 00:25:57.325
enable people to take more than 25% tax free cash.

627
00:25:57.625 --> 00:26:01.125
And it is possible to be able to transfer your pension

628
00:26:01.505 --> 00:26:02.645
and to keep that benefit.

629
00:26:02.945 --> 00:26:04.565
But we would generally suggest speaking

630
00:26:04.565 --> 00:26:05.805
to a financial advisor

631
00:26:05.945 --> 00:26:07.845
before, uh, transferring one

632
00:26:07.845 --> 00:26:09.245
of those if you're in that situation.

633
00:26:09.705 --> 00:26:12.885
Now another thing that we often get asked about isn't it,

634
00:26:12.905 --> 00:26:15.805
is what's the minimum age at which I can take my pension

635
00:26:16.245 --> 00:26:20.605
benefits, um, that is currently age 55 and less.

636
00:26:20.665 --> 00:26:23.125
Of course you are seriously or terminally ill.

637
00:26:23.465 --> 00:26:27.365
Um, but that 55 is due to increase to age 57

638
00:26:27.945 --> 00:26:29.845
in April, 2028.

639
00:26:30.355 --> 00:26:33.245
Okay? Now, once again, it's not very common,

640
00:26:33.345 --> 00:26:37.045
but some older style contracts did enable people to take,

641
00:26:37.265 --> 00:26:40.325
um, their pension benefits before that age 55.

642
00:26:40.745 --> 00:26:42.725
Uh, if you were in that situation

643
00:26:42.725 --> 00:26:46.485
and you were thinking about transferring it then um, you,

644
00:26:46.575 --> 00:26:48.565
you'd probably be well served to speak

645
00:26:48.625 --> 00:26:51.445
to a financial advisor in that instance as well.

646
00:26:52.545 --> 00:26:54.925
You might have heard of something called a loyalty bonus.

647
00:26:55.555 --> 00:26:56.725
It's a jargon alert, isn't it?

648
00:26:57.885 --> 00:27:00.605
A loyalty bonus, particularly if have had something called a

649
00:27:00.605 --> 00:27:02.445
with profits plan in the past.

650
00:27:02.905 --> 00:27:05.165
The key thing to know about this is to get

651
00:27:05.165 --> 00:27:07.125
that loyalty bonus, you normally need

652
00:27:07.125 --> 00:27:08.565
to stay invested in that fund.

653
00:27:08.825 --> 00:27:10.885
If you transfer your pension out of that fund,

654
00:27:11.185 --> 00:27:12.605
you lose that loyalty bonus.

655
00:27:13.385 --> 00:27:15.805
And just to reiterate that final point we,

656
00:27:15.805 --> 00:27:17.805
we mentioned earlier on, you do get some people

657
00:27:17.905 --> 00:27:19.685
who are still employed with their employer

658
00:27:19.685 --> 00:27:21.725
but they want to leave their employer's

659
00:27:21.725 --> 00:27:22.845
workplace pension scheme.

660
00:27:23.425 --> 00:27:27.165
If you do that, you do run the risk of missing out on

661
00:27:27.165 --> 00:27:29.565
that valuable employer pension contribution.

662
00:27:29.895 --> 00:27:32.965
Often employers will only pay into the workplace pension

663
00:27:33.235 --> 00:27:34.245
that they set up.

664
00:27:34.265 --> 00:27:37.325
So by moving away you can miss out on that contribution

665
00:27:37.625 --> 00:27:41.165
and that could result in you having a significantly lower

666
00:27:41.165 --> 00:27:42.805
pension pot at retirement. Couldn't

667
00:27:42.805 --> 00:27:43.805
It? That could make a

668
00:27:43.805 --> 00:27:44.445
big difference.

669
00:27:44.505 --> 00:27:46.885
So we've been through some of the pros and cons,

670
00:27:46.945 --> 00:27:48.725
but if you are thinking, okay, well I want

671
00:27:48.725 --> 00:27:51.085
to transfer my pension or pensions, can you just go ahead

672
00:27:51.085 --> 00:27:52.085
and sort it out yourself?

673
00:27:52.385 --> 00:27:53.925
And the answer is maybe,

674
00:27:54.145 --> 00:27:56.085
and it will depend on the kind of pension you have

675
00:27:56.085 --> 00:27:57.485
and we've sort of alluded to this,

676
00:27:58.305 --> 00:28:01.005
but if you have certain kinds of pen pensions,

677
00:28:01.005 --> 00:28:02.925
then you will have to get financial advice

678
00:28:03.305 --> 00:28:04.885
before you transfer 'em.

679
00:28:04.885 --> 00:28:07.365
Now it's worth remembering that these rules are here

680
00:28:07.365 --> 00:28:08.685
that they're designed to protect you

681
00:28:08.705 --> 00:28:10.925
to make sure you don't lose out by transferring.

682
00:28:11.025 --> 00:28:13.045
So James, can we have our next slide please?

683
00:28:13.865 --> 00:28:18.005
So these rules apply if you have a defined benefit pension

684
00:28:18.355 --> 00:28:20.765
that has more than 30,000 pounds in it

685
00:28:21.065 --> 00:28:23.925
and you want to transfer to a defined contribution pension,

686
00:28:24.745 --> 00:28:27.565
or if you have a defined contribution pension

687
00:28:27.595 --> 00:28:28.965
with more than 30,000 pounds.

688
00:28:29.265 --> 00:28:30.965
And it has one of these guarantees about

689
00:28:30.985 --> 00:28:32.605
how much you will get it retirement

690
00:28:32.865 --> 00:28:35.205
and you'd lose that by transferring.

691
00:28:36.105 --> 00:28:38.725
Now whether you have to take financial advice

692
00:28:38.785 --> 00:28:40.565
or not, it is often a good idea.

693
00:28:40.565 --> 00:28:42.605
Thanks very much James. That's, that's enough slide.

694
00:28:42.605 --> 00:28:45.245
Let's go back to Justin and me. Um, you could lose it.

695
00:28:45.275 --> 00:28:46.645
It's important, often a good idea

696
00:28:46.665 --> 00:28:48.645
to have financial advice anyway and that's

697
00:28:48.645 --> 00:28:50.605
because a financial advisor will look at

698
00:28:50.605 --> 00:28:51.645
your own circumstances.

699
00:28:51.795 --> 00:28:53.325
They'll kind of look at your income,

700
00:28:53.325 --> 00:28:55.445
the risk you're prepared to take, what you're trying

701
00:28:55.445 --> 00:28:57.365
to achieve with your pensions and retirement.

702
00:28:57.785 --> 00:28:59.165
And if you have a husband, wife,

703
00:28:59.185 --> 00:29:01.645
or partner take their circumstances into account

704
00:29:02.105 --> 00:29:04.325
and then they'll kind of draw a short list of options

705
00:29:04.385 --> 00:29:06.925
and then make a specific recommendation so you know,

706
00:29:06.925 --> 00:29:08.765
they can be really worth their weight in gold.

707
00:29:09.585 --> 00:29:11.685
Now we have talked through some

708
00:29:11.685 --> 00:29:13.565
of the pros and cons, haven't we? About

709
00:29:14.065 --> 00:29:15.065
We have indeed. It's

710
00:29:15.065 --> 00:29:16.205
probably just worth a bit of a recap

711
00:29:16.205 --> 00:29:17.365
because I think, I think it's, I think we've

712
00:29:17.365 --> 00:29:18.485
rattled through quite a lot of the

713
00:29:18.485 --> 00:29:19.485
Last 20 minutes. Of course, you know,

714
00:29:19.485 --> 00:29:20.085
it's a lot

715
00:29:20.085 --> 00:29:21.485
to fit into 20 minutes, isn't it?

716
00:29:21.485 --> 00:29:22.885
It's probably a lot to take on as well.

717
00:29:23.065 --> 00:29:25.605
So just to recap some of the main factors

718
00:29:25.605 --> 00:29:27.685
that you might want to think about if you are considering

719
00:29:27.765 --> 00:29:29.005
transferring your pension.

720
00:29:29.265 --> 00:29:32.525
So firstly is to compare that annual management charge

721
00:29:32.785 --> 00:29:36.005
of your new pension plan with the annual management charge

722
00:29:36.185 --> 00:29:37.205
of any of the plans

723
00:29:37.205 --> 00:29:40.325
that you're thinking about transferring into that new one.

724
00:29:40.505 --> 00:29:42.765
Uh, charges aren't the only factor to consider,

725
00:29:42.945 --> 00:29:44.965
but they're certainly a good place to start.

726
00:29:45.505 --> 00:29:49.245
Um, next, if you have older pension contracts, perhaps

727
00:29:49.245 --> 00:29:51.205
that have limited investment options

728
00:29:51.225 --> 00:29:54.685
and maybe they're not meeting your needs, then switching

729
00:29:54.685 --> 00:29:57.365
to something with more choices could be advantageous to you.

730
00:29:57.785 --> 00:30:01.645
Do bear in mind, most workplace pensions have a fairly broad

731
00:30:01.645 --> 00:30:03.605
range of investment needs, don't they? Yeah,

732
00:30:03.605 --> 00:30:04.605
Indeed.

733
00:30:04.625 --> 00:30:09.085
Um, if you were within say, five to 10 years of looking

734
00:30:09.105 --> 00:30:12.125
to take your pension benefits always worthwhile having a

735
00:30:12.125 --> 00:30:15.205
look at what options your existing provider has

736
00:30:15.265 --> 00:30:16.805
for accessing your pension.

737
00:30:17.225 --> 00:30:20.285
If those aren't really meeting your needs, then a transfer

738
00:30:20.285 --> 00:30:21.845
to another plan might be beneficial.

739
00:30:22.505 --> 00:30:23.845
And as you were mentioning

740
00:30:23.845 --> 00:30:26.925
before, a lot of people will have had a lot of jobs

741
00:30:27.305 --> 00:30:29.125
and a lot of pension funds built up.

742
00:30:29.305 --> 00:30:31.845
And if all of those various different pension funds,

743
00:30:32.025 --> 00:30:35.005
the F factor, the F factor indeed is making it difficult

744
00:30:35.005 --> 00:30:37.565
for you to engage with your pension scheme,

745
00:30:37.915 --> 00:30:41.965
then perhaps transferring them into one plan might make it

746
00:30:41.965 --> 00:30:44.845
easier for you to deal with and to engage.

747
00:30:45.025 --> 00:30:47.605
But I would say please don't let the ease of use

748
00:30:47.625 --> 00:30:49.805
and convenience completely override charges

749
00:30:49.985 --> 00:30:51.445
and other important factors.

750
00:30:51.545 --> 00:30:53.565
And also let's always,

751
00:30:53.865 --> 00:30:56.125
always keep our eye out for pension scams.

752
00:30:56.875 --> 00:30:58.205
Well, I think we've packed quite

753
00:30:58.205 --> 00:30:59.245
a lot in, do you think we should be?

754
00:30:59.245 --> 00:31:00.565
I think so. Is it time to let Johnny

755
00:31:00.565 --> 00:31:01.605
back into this studio? I think

756
00:31:01.765 --> 00:31:02.765
I think so, yes. Come on,

757
00:31:02.765 --> 00:31:03.125

758
00:31:03.585 --> 00:31:04.585
Here's Johnny.

759
00:31:04.935 --> 00:31:07.045
Hello. Hello. Thank you for that.

760
00:31:07.245 --> 00:31:10.765
I, I've found a seat next to Rachel, so Hello Rachel. Hello.

761
00:31:10.825 --> 00:31:13.325
Taking, not even going back into the studio I

762
00:31:13.325 --> 00:31:14.325
Taken. Yeah, it's taken over

763
00:31:14.325 --> 00:31:15.085
my desk now.

764
00:31:15.895 --> 00:31:17.325
Sorry about that. Is that good?

765
00:31:17.325 --> 00:31:18.725
Is that good or bad, Rachel? Um,

766
00:31:18.795 --> 00:31:19.795
I'll let you know at the end.

767
00:31:20.695 --> 00:31:23.325
Thank you. Thank you for that abuse. Right.

768
00:31:23.505 --> 00:31:25.285
So, um, I'm joined by Rachel.

769
00:31:25.665 --> 00:31:27.405
Um, Rachel handles all the

770
00:31:27.565 --> 00:31:28.765
questions here, pension awareness.

771
00:31:28.785 --> 00:31:31.125
So all the questions, um, that you've been putting in the,

772
00:31:31.225 --> 00:31:34.445
uh, chat, um, and question section alongside our screen.

773
00:31:34.505 --> 00:31:36.325
Now, that's what you look after, isn't it Rachel?

774
00:31:36.845 --> 00:31:38.445
I do, I'm trying my best to look.

775
00:31:38.445 --> 00:31:39.885
There's lots of questions coming in,

776
00:31:39.885 --> 00:31:41.085
so I hope you guys are ready.

777
00:31:41.615 --> 00:31:43.605
We're on stand. There's lots of it. We're on standby. Yes.

778
00:31:43.865 --> 00:31:46.525
Be be. Before we start that though, I just wanted to, um,

779
00:31:46.675 --> 00:31:49.845
I've, I've got some things Rachel, I wrote from that show.

780
00:31:49.845 --> 00:31:50.925
I thought it was a brilliant show.

781
00:31:51.045 --> 00:31:52.765
I thought it was a really, really good show.

782
00:31:52.765 --> 00:31:55.925
Very informative. Yeah. Um, so not too long ago,

783
00:31:55.925 --> 00:31:58.725
maybe a month ago, two months ago, I got a call

784
00:31:59.065 --> 00:32:01.325
and you never think you're gonna get a scam call, do you?

785
00:32:01.545 --> 00:32:03.005
Me and Rachel would do these shows. True.

786
00:32:03.005 --> 00:32:04.805
Quite a lot of these shows, um, through the year.

787
00:32:05.185 --> 00:32:07.565
Um, and we've done lots of shows on scamming,

788
00:32:07.565 --> 00:32:11.325
but never had a call Two months ago I had a call,

789
00:32:11.595 --> 00:32:13.965
knew exactly what to do, I just hung up, put down.

790
00:32:14.025 --> 00:32:16.765
But it just shows you show it was a scam. I think it was.

791
00:32:16.765 --> 00:32:18.885
It wasn't my mom. It was a scam. It was a scam.

792
00:32:19.105 --> 00:32:22.645
No, it was, I, well I think it was a scam. But anyway,

793
00:32:23.115 --> 00:32:24.965
What I would say to you on that, Johnny, is

794
00:32:24.965 --> 00:32:27.285
that it's very unlikely you are going

795
00:32:27.565 --> 00:32:30.165
to be direct marketer called outta the

796
00:32:30.165 --> 00:32:31.365
blue about your pension.

797
00:32:31.545 --> 00:32:34.085
So if you are, that is always a pretty good,

798
00:32:34.275 --> 00:32:36.685
well it should ring some alarm bells with you as well.

799
00:32:36.755 --> 00:32:39.685
Yeah. Just on the, on the, on the, um, on the subject

800
00:32:39.745 --> 00:32:40.765
of scams as well.

801
00:32:41.025 --> 00:32:43.925
The other thing to say is if people are rushing you

802
00:32:44.225 --> 00:32:45.965
to make a decision that there's a degree

803
00:32:45.965 --> 00:32:47.565
of urgency on what always a warning sign.

804
00:32:47.585 --> 00:32:48.845
Always a warning sign. Always warning

805
00:32:48.845 --> 00:32:49.845
Sign. Yeah. Yeah, yeah.

806
00:32:49.845 --> 00:32:51.085
You did the right thing there Johnny.

807
00:32:51.145 --> 00:32:52.205
By, yeah, by hanging up.

808
00:32:52.415 --> 00:32:54.725
Great. Great. Um, so I,

809
00:32:54.725 --> 00:32:57.325
and I like these, um, little sayings that you've got.

810
00:32:57.545 --> 00:32:59.685
Um, jargon, jargon alert.

811
00:33:00.115 --> 00:33:02.125
Yeah, I that dragon alert, we're gonna steal that one.

812
00:33:02.425 --> 00:33:05.565
And, uh, F Factor. Love that. Um, so I

813
00:33:05.565 --> 00:33:06.565
Trade marking that one.

814
00:33:07.505 --> 00:33:09.085
Th I have three pensions.

815
00:33:10.025 --> 00:33:11.925
Um, well now two, I've actually combined,

816
00:33:12.125 --> 00:33:13.845
I did a combined Right, okay.

817
00:33:14.145 --> 00:33:16.525
Um, but one of my pensions, you,

818
00:33:16.545 --> 00:33:18.765
you mentioned about looking at the kind of the small print

819
00:33:18.765 --> 00:33:20.805
and the, the bits and bobs on, on the Mm-Hmm.

820
00:33:21.305 --> 00:33:24.405
The pension and one of my pensions, it was

821
00:33:24.435 --> 00:33:26.365
with Aveva I believe.

822
00:33:26.425 --> 00:33:27.845
And it said that there

823
00:33:27.845 --> 00:33:30.085
would, I'm probably gonna say something. You had

824
00:33:30.085 --> 00:33:31.525
A protected retirement age.

825
00:33:31.675 --> 00:33:35.205
Yeah, 55. So I was gonna, it worked well, wanted

826
00:33:35.205 --> 00:33:36.485
to get my money as quick as I can.

827
00:33:36.865 --> 00:33:39.645
So, um, I didn't move that, didn't do that.

828
00:33:39.745 --> 00:33:41.685
So that, that's really good. I'm ignoring that.

829
00:33:42.065 --> 00:33:45.965
Um, also you spoke about apps, I've,

830
00:33:47.165 --> 00:33:48.925
I feel like I've got pensions with everybody.

831
00:33:48.965 --> 00:33:51.365
I haven't, but funny enough I have got another pension.

832
00:33:52.065 --> 00:33:56.285
Um, I had an, had another pension with Royal London. Okay.

833
00:33:56.505 --> 00:33:58.525
And this might be another thing, a thing of like

834
00:33:58.985 --> 00:34:00.205
Ask off Yay.

835
00:34:00.465 --> 00:34:02.085
But there's another, but when I combined it,

836
00:34:02.085 --> 00:34:03.325
I lost the, lost the app.

837
00:34:03.545 --> 00:34:05.525
Um, but the other provider I've got has got an app,

838
00:34:05.525 --> 00:34:06.525
but I had a fantastic app.

839
00:34:06.525 --> 00:34:08.805
But when I had the Royal London app on my

840
00:34:08.805 --> 00:34:10.725
phone, I checked all the time.

841
00:34:10.885 --> 00:34:13.165
I felt, yeah, I get a statement once a year

842
00:34:13.185 --> 00:34:16.205
and didn't really open the, the letter. Um, we'll ignore

843
00:34:16.205 --> 00:34:17.205
That bit. Sorry,

844
00:34:17.205 --> 00:34:20.405
sorry. But when I had the app it made me feel

845
00:34:20.465 --> 00:34:21.805
closer to my money.

846
00:34:21.845 --> 00:34:22.725
I think that's, it makes you, it's more

847
00:34:22.845 --> 00:34:23.525
tangible makes feel like

848
00:34:23.525 --> 00:34:24.685
It's a bank account, doesn't It?

849
00:34:24.715 --> 00:34:28.005
Exactly, exactly. Um, so apps really, really cold. Yeah.

850
00:34:28.065 --> 00:34:29.405
Um, and I definitely

851
00:34:29.405 --> 00:34:30.405
Make it easier for you.

852
00:34:30.605 --> 00:34:32.725
I mean, in a way, you know, pensions aren't bank accounts

853
00:34:32.725 --> 00:34:34.445
and some people buy checking kind of every day.

854
00:34:34.445 --> 00:34:35.765
It might spook them slightly. Yeah.

855
00:34:35.845 --> 00:34:37.685
'cause you know, pensions are long term investments,

856
00:34:37.905 --> 00:34:39.885
but I've also got, got the app

857
00:34:40.025 --> 00:34:42.045
and I do check mine quite frequently

858
00:34:42.145 --> 00:34:44.525
and it doesn't, you know, it's kind of, I know it's invested

859
00:34:44.525 --> 00:34:47.325
for the long term but like you, I quite like feeling

860
00:34:47.325 --> 00:34:49.525
that tangibility and feeling connected to it.

861
00:34:49.665 --> 00:34:51.485
So, you know, definitely works for some people.

862
00:34:52.205 --> 00:34:54.445
Brilliant. Well I'm getting kicked under the table

863
00:34:54.505 --> 00:34:56.325
by Rachel, so get on with the questions

864
00:34:56.325 --> 00:34:58.845
because I'm getting, so, um, Rachel,

865
00:34:59.255 --> 00:35:00.485
let's go with the first question.

866
00:35:01.035 --> 00:35:02.365
Okay, thank you. Yeah, no,

867
00:35:02.365 --> 00:35:03.605
we've got so many to get through.

868
00:35:03.705 --> 00:35:06.325
So Johnny take a breather.

869
00:35:06.345 --> 00:35:08.285
You can have a little rest now let, let me fire away

870
00:35:08.285 --> 00:35:09.405
with these questions guys.

871
00:35:09.405 --> 00:35:11.805
Have a sip of water. 'cause I'm gonna try see if I can get

872
00:35:11.805 --> 00:35:13.125
through as many as possible

873
00:35:13.425 --> 00:35:15.445
and I just wanna say to everyone, there's been a lot

874
00:35:15.445 --> 00:35:16.605
of questions, um,

875
00:35:17.185 --> 00:35:20.045
and there's some quite specific to people's circumstances,

876
00:35:20.305 --> 00:35:22.765
so I've kind of grouped them together to keep them generic.

877
00:35:22.825 --> 00:35:24.485
So do you know, please bear with me.

878
00:35:24.505 --> 00:35:26.405
I'm doing my best to get through them all so that,

879
00:35:26.425 --> 00:35:27.885
anyway, let's get started.

880
00:35:28.195 --> 00:35:31.405
Okay. Um, so a lot of these themes you've touched on,

881
00:35:31.405 --> 00:35:32.885
but I'm just gonna go through the ones,

882
00:35:32.905 --> 00:35:34.165
the main themes that I'm getting.

883
00:35:34.265 --> 00:35:35.485
So we spoke about charges.

884
00:35:36.225 --> 00:35:38.125
Um, so one of the questions is,

885
00:35:38.125 --> 00:35:40.045
do different providers charge different fees?

886
00:35:41.345 --> 00:35:44.485
Um, I'll take that if you like. Yes, absolutely they do.

887
00:35:44.905 --> 00:35:48.445
Um, so particularly if it's personal pensions,

888
00:35:48.445 --> 00:35:50.845
like Sarah mentioned, they have different charge rates,

889
00:35:50.875 --> 00:35:53.285
they have different points at which tiering

890
00:35:53.285 --> 00:35:54.845
of charges might alter.

891
00:35:54.985 --> 00:35:57.085
But there, what is one degree

892
00:35:57.085 --> 00:36:01.045
of commonality across all workplace pension providers is

893
00:36:01.045 --> 00:36:03.725
that the default fund must have a charge

894
00:36:03.785 --> 00:36:06.405
of 0.75% or less.

895
00:36:06.905 --> 00:36:10.045
So that is one of the great things about workplace pensions.

896
00:36:10.105 --> 00:36:11.605
As I mentioned, they're transparent

897
00:36:11.785 --> 00:36:13.725
and you know that if you stay in that default fund,

898
00:36:13.725 --> 00:36:15.445
you're not going to be paying more than that.

899
00:36:15.825 --> 00:36:17.365
So that's, I mean, most people probably know,

900
00:36:17.365 --> 00:36:19.285
but the default one is the one that you are kind

901
00:36:19.285 --> 00:36:21.565
of plunked into when you get automatically enrolled.

902
00:36:21.785 --> 00:36:24.405
And many people, it's designed to be, you know, a a,

903
00:36:24.565 --> 00:36:26.725
a good fund for the majority of scheme members

904
00:36:26.865 --> 00:36:28.085
and many people stay in it.

905
00:36:28.345 --> 00:36:32.005
So although as Justin said it's a maximum of north 0.75%,

906
00:36:32.095 --> 00:36:33.645
there could still be some variation

907
00:36:33.645 --> 00:36:35.765
because a number of providers will charge less than that.

908
00:36:35.825 --> 00:36:37.925
So that's the two ways that charges can vary.

909
00:36:39.015 --> 00:36:41.925
Super, thank you. Um, this is quite a popular one.

910
00:36:41.945 --> 00:36:43.045
I'm seeing this from a lot of people.

911
00:36:43.345 --> 00:36:45.165
Um, so is there a minimum amount

912
00:36:45.355 --> 00:36:46.765
that anybody needs in their pension

913
00:36:46.765 --> 00:36:47.885
to be able to transfer it?

914
00:36:47.885 --> 00:36:50.605
Quite a lot of people say they've got less than 500 pounds

915
00:36:50.665 --> 00:36:52.445
and they've been told that they

916
00:36:52.445 --> 00:36:53.685
can't transfer it for that reason.

917
00:36:53.865 --> 00:36:54.865
Is that correct?

918
00:36:55.845 --> 00:36:59.645
I think that would possibly vary from provider to provider

919
00:36:59.835 --> 00:37:02.925
that some providers will have a, a minimum amount

920
00:37:02.925 --> 00:37:05.325
that they will accept for a pension transfer.

921
00:37:05.665 --> 00:37:08.285
Um, so that might be the case in some instances,

922
00:37:08.505 --> 00:37:10.605
but it's likely to be quite low.

923
00:37:10.765 --> 00:37:12.325
I appreciate 500 pounds.

924
00:37:12.705 --> 00:37:13.725
Um, might be the case,

925
00:37:13.865 --> 00:37:16.445
but there isn't normally a particularly low minimum.

926
00:37:16.805 --> 00:37:19.525
I think once upon a time our might have been a thousand

927
00:37:19.525 --> 00:37:20.885
or 2000 or something like that.

928
00:37:21.275 --> 00:37:23.325
Yeah, yeah. As I say, I think it is something

929
00:37:23.325 --> 00:37:24.725
that probably does, does vary bit from

930
00:37:25.005 --> 00:37:26.445
provider to provide us.

931
00:37:26.445 --> 00:37:29.205
So for somebody who has a very small pension, um,

932
00:37:29.275 --> 00:37:31.765
they might find it harder to transfer it.

933
00:37:31.985 --> 00:37:34.325
Um, if it is a sort of low amount, maybe you had a job

934
00:37:34.325 --> 00:37:36.005
for a short time or you're in the pension scheme

935
00:37:36.005 --> 00:37:38.245
for a short time and you've not then added to

936
00:37:38.245 --> 00:37:39.445
that pension since 'cause you're

937
00:37:39.445 --> 00:37:40.525
name with a, a new employer.

938
00:37:40.985 --> 00:37:42.965
But as I say, it's not necessarily something

939
00:37:42.965 --> 00:37:46.125
that all pension providers will have the same flaw.

940
00:37:46.185 --> 00:37:48.885
So that might be that some have a higher or lower one.

941
00:37:49.415 --> 00:37:51.885
Great stuff. Yeah. So one to check with your provider.

942
00:37:52.025 --> 00:37:55.365
Indeed. Great stuff. Thank you. Okay, next question then.

943
00:37:55.825 --> 00:37:58.005
Um, this is quite a good one.

944
00:37:58.185 --> 00:38:02.045
If you, um, if you've joined a new new pension scheme, say

945
00:38:02.045 --> 00:38:03.205
for instance you've joined a new employer,

946
00:38:03.425 --> 00:38:06.005
is there a certain timeframe that you, you have

947
00:38:06.005 --> 00:38:08.045
to trans if you wanted to transfer that, you have

948
00:38:08.045 --> 00:38:09.925
to transfer that pension into

949
00:38:09.925 --> 00:38:11.245
another pension if you wanted to?

950
00:38:11.665 --> 00:38:13.365
No, I'm sorry. Would you like to,

951
00:38:13.365 --> 00:38:15.285
to go ahead or I happily will. Well I,

952
00:38:15.285 --> 00:38:16.645
I'll say 'cause this is sort of what you were talking

953
00:38:16.645 --> 00:38:20.245
about earlier on, where you will be contacted by um, well,

954
00:38:20.245 --> 00:38:24.245
so if, if you have joined your new employ employer, then uh,

955
00:38:24.265 --> 00:38:25.365
no there's not a timeframe.

956
00:38:25.945 --> 00:38:28.605
If your employer's pension has moved from providers,

957
00:38:28.875 --> 00:38:30.805
then you might get contacted as John, uh,

958
00:38:30.805 --> 00:38:33.605
Justin was explaining earlier on and offered

959
00:38:33.665 --> 00:38:36.445
or invited to transfer your old pensions

960
00:38:36.445 --> 00:38:37.685
to this new, um, provider.

961
00:38:37.785 --> 00:38:41.045
And that will normally have a, a timeframe, as Justin said,

962
00:38:41.115 --> 00:38:42.405
they're not advising you,

963
00:38:42.405 --> 00:38:44.005
they're just giving you the, the offer.

964
00:38:44.545 --> 00:38:46.365
Um, and normally you'll have to kind

965
00:38:46.365 --> 00:38:48.005
of move within a certain number of months,

966
00:38:48.105 --> 00:38:51.965
but if it's just signing up with your new employer, um,

967
00:38:52.355 --> 00:38:53.445
then it's different, isn't it?

968
00:38:53.445 --> 00:38:56.165
Because I mean I, I've, you know, I transfer my pensions.

969
00:38:56.165 --> 00:38:57.885
I've been with my employer for a couple of years

970
00:38:57.885 --> 00:38:59.605
and it actually took me a bit of time to do it.

971
00:38:59.605 --> 00:39:02.045
Yeah. But there wasn't a cutoff date. I could still do that.

972
00:39:02.045 --> 00:39:04.045
Move my pensions that I had from previous work.

973
00:39:04.565 --> 00:39:07.205
Absolutely. Yeah, you can, you can at any point you can,

974
00:39:07.205 --> 00:39:09.445
you can move your, your pensions across.

975
00:39:09.825 --> 00:39:11.685
Um, yeah, there's not a time.

976
00:39:12.025 --> 00:39:13.645
Yes when you get that, um,

977
00:39:14.035 --> 00:39:15.925
that offer from the new pension provider,

978
00:39:15.985 --> 00:39:18.045
it might have some sort of set timeframe for it,

979
00:39:18.105 --> 00:39:20.205
but it's nothing stopping you being able to

980
00:39:20.765 --> 00:39:22.125
transfer later on if you want to.

981
00:39:23.005 --> 00:39:25.635
Great stuff. Thank you. Okay. This is another big one.

982
00:39:26.015 --> 00:39:28.515
Um, if you're not sure you've got other pensions,

983
00:39:28.715 --> 00:39:29.995
I know we mentioned this briefly before.

984
00:39:29.995 --> 00:39:31.995
Mm-Hmm. Um, how do you track them down?

985
00:39:32.905 --> 00:39:34.675
It's, it is a bit of a sort of chicken and egg question.

986
00:39:34.675 --> 00:39:35.675
It's a really good question.

987
00:39:36.155 --> 00:39:38.355
I mean, I think you have to have a bit of an inkling

988
00:39:38.425 --> 00:39:39.795
that you may have had a pension

989
00:39:40.015 --> 00:39:41.675
or you know, you've had a job

990
00:39:41.675 --> 00:39:44.075
that you aren't sure whether you had a pension or not.

991
00:39:44.595 --> 00:39:48.075
I mean, my, my thought on this is it's really worth seeing

992
00:39:48.075 --> 00:39:49.115
if you've got lost pensions

993
00:39:49.315 --> 00:39:50.675
'cause you've got absolutely nothing to lose

994
00:39:51.095 --> 00:39:53.275
and you've got potentially thousands to gain.

995
00:39:53.455 --> 00:39:55.555
So, um, obviously we had the address

996
00:39:55.615 --> 00:39:57.995
of the government website on screen earlier on.

997
00:39:58.345 --> 00:39:59.595
It's a free to use service.

998
00:39:59.775 --> 00:40:03.115
Now the only caveat is you would need a bit of information.

999
00:40:03.215 --> 00:40:05.115
So you don't necessarily need to know

1000
00:40:05.115 --> 00:40:06.915
who the pension provider is or was,

1001
00:40:07.335 --> 00:40:09.635
but if you don't know that, even the old name

1002
00:40:09.635 --> 00:40:11.875
of the pension provider, 'cause it may have, you know,

1003
00:40:11.875 --> 00:40:13.035
changed or, or merged.

1004
00:40:13.565 --> 00:40:16.075
You'd either need to know your employer's current name

1005
00:40:16.575 --> 00:40:17.755
or an old name.

1006
00:40:17.775 --> 00:40:19.835
So maybe you worked for them 20, 30 years ago

1007
00:40:19.975 --> 00:40:20.915
and they were called, you

1008
00:40:20.915 --> 00:40:22.235
know, blogs, machines or something.

1009
00:40:22.465 --> 00:40:25.035
They may have changed name or been taken over three

1010
00:40:25.035 --> 00:40:28.235
or four times as long as you knew that old name.

1011
00:40:28.305 --> 00:40:30.755
That would be enough to be a starting point.

1012
00:40:30.775 --> 00:40:33.035
You pop that into the government, um,

1013
00:40:33.035 --> 00:40:34.195
pension tracing service.

1014
00:40:34.575 --> 00:40:36.475
And then what happens, because I've, I've done this myself.

1015
00:40:36.935 --> 00:40:38.915
The name of the current pension provider

1016
00:40:38.935 --> 00:40:41.115
or pension scheme, the contact details come up.

1017
00:40:41.455 --> 00:40:43.555
So I would say give it a go

1018
00:40:43.555 --> 00:40:45.315
because if if there isn't a pension pot

1019
00:40:45.315 --> 00:40:47.635
with your name on it, you are not gonna get money

1020
00:40:47.635 --> 00:40:48.755
but you're not gonna lose anything.

1021
00:40:49.175 --> 00:40:50.475
But they, you're got worse off are you?

1022
00:40:50.615 --> 00:40:51.995
But there could be, and I mean

1023
00:40:51.995 --> 00:40:53.955
genuinely could be thousands of pounds. So could do

1024
00:40:53.955 --> 00:40:54.955
It. Can I just add something onto that

1025
00:40:54.955 --> 00:40:55.275
as well

1026
00:40:55.735 --> 00:40:59.275
and even if you have um, an inkling of

1027
00:40:59.295 --> 00:41:00.835
of employers that you might have worked for.

1028
00:41:00.855 --> 00:41:02.515
Yes. That's a great place to chase up.

1029
00:41:02.615 --> 00:41:05.955
But remember Sarah mentioned earlier on that the, um,

1030
00:41:06.135 --> 00:41:09.155
the pension dashboard is on the way as well

1031
00:41:09.175 --> 00:41:11.915
and that's due to be with us in two years time

1032
00:41:12.175 --> 00:41:13.955
and that's exactly what that's going to do.

1033
00:41:13.985 --> 00:41:18.675
It's going to identify all of the pension, um, uh, uh,

1034
00:41:18.725 --> 00:41:21.115
plans that you have, including

1035
00:41:21.815 --> 00:41:23.435
the state pension as well, isn't it?

1036
00:41:23.435 --> 00:41:25.675
Yeah, yeah. Yes. Is gonna be on there. So, um, alright.

1037
00:41:25.855 --> 00:41:28.915
Not available just at the moment, but not too far away is

1038
00:41:28.915 --> 00:41:29.915
It? But in the meantime definitely

1039
00:41:29.915 --> 00:41:31.435
worth having a check on the

1040
00:41:31.455 --> 00:41:34.165
gov, um, UK the pension tracing service website.

1041
00:41:35.575 --> 00:41:36.805
Great stuff. Thank you.

1042
00:41:36.945 --> 00:41:38.445
And actually that was one of my questions

1043
00:41:38.445 --> 00:41:39.605
Justin, so thanks for that.

1044
00:41:39.705 --> 00:41:41.685
The dashboard, um, that we mentioned earlier,

1045
00:41:41.685 --> 00:41:43.245
people are asking when is it coming?

1046
00:41:43.385 --> 00:41:45.765
So two years I heard you say approximately.

1047
00:41:46.045 --> 00:41:47.565
'cause it's been in the making for a long time,

1048
00:41:47.565 --> 00:41:48.645
hasn't it? It has

1049
00:41:48.645 --> 00:41:50.045
Been in the making for a while

1050
00:41:50.105 --> 00:41:53.085
and obviously it's, it's a massive undertaking to be able

1051
00:41:53.085 --> 00:41:54.605
to have everyone's pensions details.

1052
00:41:54.785 --> 00:41:57.205
So it is a, a challenging thing to do,

1053
00:41:57.225 --> 00:41:58.885
but that's when we're being told at the

1054
00:41:58.885 --> 00:41:59.965
moment, isn't it? Yeah, yeah.

1055
00:42:00.105 --> 00:42:02.045
So yeah, a couple of years-ish from now, as you say,

1056
00:42:02.105 --> 00:42:04.325
it has been, its, its launch has been delayed a couple

1057
00:42:04.325 --> 00:42:06.685
times, but, but it is a, it is a huge undertaking

1058
00:42:06.745 --> 00:42:10.405
but I think it will definitely make life so much easier

1059
00:42:10.585 --> 00:42:12.085
for people because you will just have

1060
00:42:12.085 --> 00:42:14.005
that instant visibility of what you have

1061
00:42:14.545 --> 00:42:17.005
and crucially with the state pension as well and we know,

1062
00:42:17.205 --> 00:42:19.565
'cause we also carry out research into the state pension

1063
00:42:20.065 --> 00:42:22.925
and in fact some research we carried out very recently using

1064
00:42:23.125 --> 00:42:25.165
DWP figures show that only half

1065
00:42:25.185 --> 00:42:28.725
of pensioners get the full new state pension amount.

1066
00:42:29.035 --> 00:42:31.005
Many people are unaware they're not on track

1067
00:42:31.005 --> 00:42:32.125
to get the full state pension.

1068
00:42:32.385 --> 00:42:34.285
And again, the pensions dashboard will help with that.

1069
00:42:36.605 --> 00:42:39.005
Brilliant, thank you. Okay, next question then.

1070
00:42:39.065 --> 00:42:40.965
Um, we, we've touched on this briefly.

1071
00:42:41.125 --> 00:42:44.445
I think you mentioned this Sarah, practically transferring a

1072
00:42:44.445 --> 00:42:47.445
pension or combining a pension, is it difficult to do?

1073
00:42:47.585 --> 00:42:50.605
Is it a case of you just get in touch with your provider

1074
00:42:50.705 --> 00:42:52.645
and they'll do most of the legwork for you?

1075
00:42:53.465 --> 00:42:55.525
Or is it a bit more arduous than that?

1076
00:42:56.435 --> 00:42:59.245
Yeah, so I mean it shouldn't be difficult.

1077
00:42:59.275 --> 00:43:00.325
It's not that there's gonna be

1078
00:43:00.325 --> 00:43:01.445
a lot of steps for you to take.

1079
00:43:01.665 --> 00:43:03.405
It can sometimes take some time

1080
00:43:03.465 --> 00:43:05.845
and that varies again from provider to provider.

1081
00:43:06.185 --> 00:43:08.125
And it might vary in terms of whether you've got,

1082
00:43:08.125 --> 00:43:10.365
you're bringing together a handful of pensions

1083
00:43:10.425 --> 00:43:12.565
or you are just bringing, moving one into the other

1084
00:43:12.665 --> 00:43:14.605
and the kind of pensions you've got if they're

1085
00:43:14.755 --> 00:43:15.925
very old ones and so on.

1086
00:43:16.145 --> 00:43:18.605
So it, it, I mean definitely it shouldn't be a barrier

1087
00:43:18.605 --> 00:43:20.645
to you transferring if you think it's right for you,

1088
00:43:21.265 --> 00:43:23.885
but it's not like, um, so for example,

1089
00:43:23.885 --> 00:43:25.365
if you were going switch your bank account,

1090
00:43:25.365 --> 00:43:27.925
there's this current account switch service guarantee,

1091
00:43:27.925 --> 00:43:30.005
which says it'll be done within seven working days.

1092
00:43:30.475 --> 00:43:32.645
It's not necessarily like that could take a bit longer,

1093
00:43:33.065 --> 00:43:35.485
but it definitely shouldn't be something that's, you know,

1094
00:43:35.485 --> 00:43:36.845
it's something that individuals can do

1095
00:43:36.865 --> 00:43:38.085
if you want to transfer your pension.

1096
00:43:38.655 --> 00:43:40.045
Agree with that wholeheartedly.

1097
00:43:40.085 --> 00:43:42.685
I think Sarah touched on the key point there.

1098
00:43:43.145 --> 00:43:44.845
The only time is likely to be,

1099
00:43:44.845 --> 00:43:47.885
if they're very old contracts, that can sometimes, um,

1100
00:43:47.915 --> 00:43:50.165
take a little bit longer, but by

1101
00:43:50.165 --> 00:43:52.525
and large it should be relatively straightforward.

1102
00:43:54.295 --> 00:43:55.525
Great stuff. Thank you. I'm,

1103
00:43:55.525 --> 00:43:57.365
I'm gonna put in quickly here, we've got two more

1104
00:43:57.365 --> 00:43:58.525
minutes and two more questions.

1105
00:43:58.755 --> 00:44:01.245
Okay. Let's do Talk quickly. Justin,

1106
00:44:01.945 --> 00:44:02.945
Go. Let's do it.

1107
00:44:02.945 --> 00:44:03.645
Okay, I'll,

1108
00:44:03.675 --> 00:44:05.685
I'll the most popular last two then.

1109
00:44:05.745 --> 00:44:08.405
Um, so I think I'm gonna go for this one.

1110
00:44:08.705 --> 00:44:10.485
Can you transfer an annuity?

1111
00:44:12.265 --> 00:44:15.565
Um, don't get asked that very often. No.

1112
00:44:15.905 --> 00:44:19.325
Um, we've stumped. Yes. Generally not. I don't

1113
00:44:19.325 --> 00:44:20.325
Think. I don't, no, I, um,

1114
00:44:20.325 --> 00:44:22.085
yeah, I don't think you can.

1115
00:44:22.185 --> 00:44:25.205
But once you've got the annuity is, it's a contract.

1116
00:44:25.265 --> 00:44:26.445
You've, you've made that decision.

1117
00:44:26.515 --> 00:44:29.125
It's basically a, um, a kind of contract for life, isn't it?

1118
00:44:29.125 --> 00:44:30.965
Well remember there was some talk about a secondary

1119
00:44:31.045 --> 00:44:33.285
annuity market, but let's, let's say no by

1120
00:44:33.285 --> 00:44:34.925
and large it's not a common thing people do.

1121
00:44:35.035 --> 00:44:38.565
Yeah. Lovely. Thank you. Okay, uh, final one then.

1122
00:44:38.625 --> 00:44:42.045
Um, I'm going to go for, um,

1123
00:44:42.935 --> 00:44:44.645
quite a few people are asking this one.

1124
00:44:44.745 --> 00:44:48.085
Um, is it worth seeing a financial advisor on this topic

1125
00:44:48.345 --> 00:44:49.885
or can you do it yourself?

1126
00:44:51.665 --> 00:44:53.965
I'd say it's a, it's a, it's a really good question.

1127
00:44:54.035 --> 00:44:55.285
It's actually quite a big question

1128
00:44:55.285 --> 00:44:57.365
that I think you need about, you know, five, 10 minutes.

1129
00:44:57.375 --> 00:44:58.565
Don't worry, we're not gonna take that.

1130
00:44:59.325 --> 00:45:02.525
I, I think the short answer is there are circum some

1131
00:45:02.525 --> 00:45:04.725
circumstances where you have to take financial advice.

1132
00:45:04.855 --> 00:45:06.485
There are lots of circumstances

1133
00:45:06.495 --> 00:45:09.165
where a financial advisor can really add value,

1134
00:45:09.705 --> 00:45:12.125
but for some people especially they've got quite small

1135
00:45:12.125 --> 00:45:14.725
pension pots, they may not need to see a financial advisor.

1136
00:45:14.745 --> 00:45:16.645
And in fact they might find it's not

1137
00:45:16.645 --> 00:45:17.845
quite so cost effective.

1138
00:45:17.865 --> 00:45:20.405
So it is up to the circumstances you are in,

1139
00:45:20.825 --> 00:45:22.725
but a financial advisor can, you know,

1140
00:45:22.725 --> 00:45:24.605
they can be in value in terms invaluable in terms

1141
00:45:24.605 --> 00:45:25.725
of the insights that they bring.

1142
00:45:26.465 --> 00:45:28.765
Yes, I think many people would be surprised at

1143
00:45:28.765 --> 00:45:31.605
how much benefit they find from seeing a financial advisor

1144
00:45:31.875 --> 00:45:34.325
despite the fact that not very many people do.

1145
00:45:34.325 --> 00:45:36.765
Yeah. But hopefully we'll see more people getting advice.

1146
00:45:38.365 --> 00:45:40.565
Brilliant, brilliant. So thank you Rachel.

1147
00:45:40.625 --> 00:45:42.045
Before I wrap up, I'd just like to go

1148
00:45:42.045 --> 00:45:45.045
and say big thank you to Sarah and Justin.

1149
00:45:45.515 --> 00:45:47.565
Want that a fantastic show. Rachel,

1150
00:45:47.785 --> 00:45:48.785
It was fantastic. It

1151
00:45:48.785 --> 00:45:50.365
was so informative. Thank you.

1152
00:45:50.465 --> 00:45:52.765
And I know we didn't get big round applause, we didn't get

1153
00:45:52.765 --> 00:45:54.565
through everyone's questions so I apologize,

1154
00:45:55.105 --> 00:45:58.605
but we have got more sessions so do come along and we'll try

1155
00:45:58.605 --> 00:46:00.405
and get in as many questions as we can. And

1156
00:46:00.585 --> 00:46:01.585
I'm gonna follow up with that. Rachel

1157
00:46:01.585 --> 00:46:04.005
is completely right as afternoon,

1158
00:46:04.135 --> 00:46:05.845
we've got two more shows.

1159
00:46:06.055 --> 00:46:08.005
We've got Agon who will be in the studio

1160
00:46:08.545 --> 00:46:12.245
at 1230 till one 15 talking about financial wellbeing,

1161
00:46:12.245 --> 00:46:14.405
finding the balance between money and mindset.

1162
00:46:14.735 --> 00:46:16.605
Great show. We're gonna have some fun

1163
00:46:16.605 --> 00:46:17.765
in, uh, fun with that one.

1164
00:46:18.065 --> 00:46:20.325
And, um, also we're joined by Money Helper.

1165
00:46:20.385 --> 00:46:23.685
Um, this afternoon at two 30 I'll be joined

1166
00:46:23.745 --> 00:46:26.565
by Jackie from Money Helper in the studio.

1167
00:46:27.225 --> 00:46:29.645
Um, so we look forward to seeing you then.

1168
00:46:29.645 --> 00:46:31.885
If you're not booked onto them, get booked onto them

1169
00:46:32.465 --> 00:46:33.965
and thank you for joining us.

1170
00:46:33.995 --> 00:46:36.525
What a great show. Bye everybody. Thanks.