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01 December 2010

Transfer or stick with personal pension

I am 57 & plan to retire at 65. I've had a personal pension with Standard Life since 2001. Payments made are £65,000 & value now £82,000, a 26% return, 2.8%/yr. My funds are invested in: European One 28%; UK Equity One 25%; UK property 19%; Select Property 4%; With profits 24%. My IFA believes that he can improve my future returns by my transfering to a new PP with Friends Provident that has lower charges (0.5% v 1%) plus lowering risk by altering balance of investments to unit trusts & wider geographic spread (less European based). He tells me that I would be better off to tune of £8,000 from this by the time I'm 65 in comparison with my existing PP. I don't doubt this but I am sceptical of the worth (& cost) of moving, plus I wonder if there are better alternatives. Can you help?

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