Should I move my pension?

[greyinganddecaying]

My pension has dropped in value by £25k/20% this year and is continuing to drop.

It's a private pension that I've not been able to pay into for a few years (also have a workplace pension).

I'm getting a bit worried that the value keeps going down. Should I move it into my workplace pension or hang tight for the moment?

I've spoken to an IFA but their fees are 1-1.5% and I can't access that kind of money easily.

The IFA may be able to be paid directly from your pension fund, though not all pension providers will facilitate this.

If it's a private pension, is it a SIPP or is it a stakeholder pension? You can change what your pension is invested in. Stakeholder has a more limited range of choices and SIPP has more. Maybe have a look at the investment first and move it to something else within the provider first?

I have a SIPP and company stakeholder pension schemes. All of them I can change the investments.

I'm not sure what kind of pension it is, it's a "retirement account" with Scottish widows.

Tbh I'm not confident about how to choose what to invest in, I can just see that this one is not performing well and starting to panic a bit.

It would be a very unusual pension fund that HASN’T dropped substantially in value (given the state of stock markets the world over), and 20% is about par for the course. Investing is a long term game, and even then you might make a loss (took decades for markets to recover from the 1929 Stock Market crash)......stay with Scottish Widows.

I would not pay any fees to move it

I would not move it . A lot of investments are down

What is it invested into

To move it within the provider you don’t have to pay an advisor. It’s usually a list of funds you can pick. They have objectives and fees. You look at them and make a decision on whether the fund fits your preference. For example, it might be a global fund, a mixed bond and shares fund, or a ftse 100 tracker. Then they might have a lifestyle strategy meaning they start moving the fund towards more bonds near your retirement age. It’s really all quite simple!

No. Sit tight. The world economy has fallen, your pension would have fallen wherever it was invested. Stay put but:

• ask what the charges are. Anything over 1% is high and worth thinking of a move
• Look at the funds it's in. the fall indicates equities, but that's good.

. Put more in if you can
Ignore for the next couple of years