Hi all.
My workplace pension is with Nest. In order to do salary sacrifice for my pension, I have been told I need to open a different pension account, from a given list, such as AJ Bell, Pension Bee, Scottish Widows, etc, which accepts salary sacrifice. I have SIPP with Freetrade, but that does not except salary sacrifice. So I need to open another account, and at some point in the future I will move some of those funds to Freetrade SIPP. Can I move let’s say 90% of the pension fund to Freetrade, and leave some in those account? Because I like to keep the other account open, to carry on contributing in next financial year.
I like Pension Bee, and if I keep just couple of thousands invested there and move the rest to Freetrade, the fee for Pension Bee could be reasonable. What’s your view on it?
Perhaps your decision on which new provider to go for will depend on whether they will allow partial transfers to Freetrade (some may not) and the fee they may charge (if any).
My workplace pension is with Aviva, with salary sacrifice and for simplicity, I don’t do any transfers to other SIPPs from that, have just kept it separate.
I can’t do salary sacrifice as my hourly rate after deductions is around £2 per hour. But, did do in the past.
I have contacted L & G who manage the company pension plan and they would allow me to transfer part of my pension. Had to leave something like £1,000 to keep it open.
But, I would still check that it would apply to any pension you open.
I’m with Aviva and they allow me to transfer partial or full pension pots to Freetrade. Done it twice, both methods. In the full pension transfer, which was done accidentally, Aviva just opened me a new pension account when my next salary sacrifice arrived.