Author Topic: Moving a UK Prudential pension to a lower cost provider  (Read 678 times)

MontanaProf

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Moving a UK Prudential pension to a lower cost provider
« on: December 08, 2019, 11:19:24 AM »
Hi all!

I have a UK Prudential pension that has annual management fees of 0.93%

Being an avid reader of Jonathan Clements (www.HumbleDollar.com) I like to follow the strategy of having my money where it is in an index fund and has incredibly low fees.  My US pension funds are in Vanguard.

I have been in the US for 25 years, and as a UK citizen I am just not up to speed on how to move UK pension funds to a cheaper provider, or even if there is a cheaper provider.

So, I am looking for advice here, please!

1) Is the UK Prudential pension fund the lowest cost provider?
2) Can I move my UK Prudential pension fund?  I have 100% vested or full transfer value funds in it.
3) I'd like to follow an index fund, either UK or Europe or ideally both.  What's the best, lowest cost provider of these?

Many thanks!

MarcherLady

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Re: Moving a UK Prudential pension to a lower cost provider
« Reply #1 on: December 08, 2019, 02:36:46 PM »
Hi @MontanaProf,

Whether the rules of your old pension allow transfers will depend on the exact details of the pension you have, it's worth checking the current provider's site or calling them to check before you do the legwork of finding a new supplier.

To move a pension you have to find a new provider, and tell them you want to move the pension to them, they will contact your old provider and manage the transfer between them.

I have to admit I'm not much of an expert on pensions. Putting a post on the UK Tax page will get you the attention of all the UK people here who know more than I do. (we use it for anything UK specific, not just Tax)

But, I assume you are still a US citizen as well, so FATCA rules will impact you, & that might make your situation more tricky, although I guess you already know more about that than I do!
« Last Edit: December 08, 2019, 02:40:05 PM by MarcherLady »

MontanaProf

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Re: Moving a UK Prudential pension to a lower cost provider
« Reply #2 on: December 17, 2019, 03:29:50 PM »
Thank you MarcherLady!