Teresa Fahy, 53, had several pensions but knew relatively little about them. That has changed since transferring them to the Vantage SIPP (Self Invested Personal Pension). We recently asked her to write her story.
Last year I decided to make sure I'll be in a good position when I retire. I've about 10 years to go and I want to make those years really work for me.
I had several pensions scattered around and no idea what they were looking like. I had a pot from an old job and another set up on the recommendation of my accountant. I couldn't manage either online. Consolidating them under one roof and having full direct control really appealed to me. I wanted to watch them grow, or otherwise, and invest as I decide.
No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
Since transferring them to the Vantage SIPP my pension situation has become much clearer. My pension is now a living thing I can watch and keep in touch with constantly. It's no longer a faraway pot I'm putting in the hands of somebody else.
I feel more familiar with who's looking after my money. It's not just a faceless company – I can choose funds run by actual people who have proven themselves in the financial markets. For example, I read about Neil Woodford in the newspapers and bought his new fund in my SIPP.
I thought buying investments would be difficult but the website makes the process very easy. Now I've done it, I feel really confident about doing it again. I've worked in the pharmaceutical industry and always considered buying pharmaceutical shares. Now for the first time I have the ability to do it in my pension.
Transferring was really easy and far quicker than I expected. One pot was transferred in a week and the other in just under two weeks.
I have the option of adding to my pension when I want. This is important as I'm self-employed and my income can fluctuate. I can decide not to make contributions in quiet months and then catch up with debit card payments in the good months.
I have confidence in Hargreaves Lansdown because it isn't a big multinational organisation. It may well become that one day, but it's still very much in touch with its clients. When I phone the Helpdesk with questions, everything is explained to me very clearly. I can easily ask for further clarification on anything I don't understand. At no time do I feel they're talking double Dutch to me. I lost a bit of that confidence with my last provider, a big insurance company. I would read something in the paper and start worrying about what it means for my pension pot.
As a result of bringing my pensions into the Vantage SIPP, I hope they'll be worth more when I retire. I feel much more confident about my pension arrangements.
This is not advice. If unsure transferring to a SIPP is suitable, please ask us for advice.
Transferring to the Vantage SIPP
The Vantage SIPP is for people who want to make their own investment decisions. Before applying, investors should read our Terms & Conditions and Key Features (including the Important Investment Notes, Transfer Checklist and Common Transfer Declaration).
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.