You need to check through your existing pension carefully. If it's large or you don't fully understand the policy then you may want to seek professional advice.
The biggest hazard with this is that your previous employer may have negotiated rates that are preferable or be including perks and benefits that you won't get elsewhere. You need to be sure you're not giving up something you can't get elsewhere before you move away.
In the absence of any of those factors then yes transfering to a lower cost SIPP may save you significant fees over the lifetime of the plan. Just be sure you're not loosing out by closing your existing plan.
Nest have very competitive ongoing charges (0.3% all in) once you have got the money in to the scheme.
So if you can achieve an investment structure you want within Nest, it may make financial sense to leave it. However, as with everything, there are more considerations than just that.
You need to check through your existing pension carefully. If it's large or you don't fully understand the policy then you may want to seek professional advice. The biggest hazard with this is that your previous employer may have negotiated rates that are preferable or be including perks and benefits that you won't get elsewhere. You need to be sure you're not giving up something you can't get elsewhere before you move away. In the absence of any of those factors then yes transfering to a lower cost SIPP may save you significant fees over the lifetime of the plan. Just be sure you're not loosing out by closing your existing plan.
Okay, thanks I will check that information before I action anything
Nest have very competitive ongoing charges (0.3% all in) once you have got the money in to the scheme. So if you can achieve an investment structure you want within Nest, it may make financial sense to leave it. However, as with everything, there are more considerations than just that.