💷 Am I allowed to choose the pension scheme my employer pays contributions into? 📊 My employer has picked a scheme for me but since joining my pension has barely grown in value ⬇️ thomasselby responds
While some firms may offer you a bit of choice over your auto-enrolment investments, they don’t have to. Often you will just have the default investment charge-capped investment and possibly a limited range of the provider’s own funds.
It is, however, possible to transfer your existing auto-enrolment pension to an alternative provider. There are a number of potential benefits to doing this, including increased choice, greater flexibility when you come to taking a retirement income, and in some cases lower costs and charges. When it comes to investing, having a choice of investments can allow you to build a retirement strategy which better suits your personal preferences.
It is perfectly possible to build a suitable, well-diversified retirement strategy for much less than 0.75 per cent in a SIPP, but you need to be careful not to end up paying over the odds. Remember that investing is a long-term game, so you need to be comfortable with the risks you are taking and be prepared to ride out any short-term bumps in the road.
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