Take control of my pension now?

[Conan]

But most providers have a wide choice of funds and allow you to determine your own mix of funds, if you wish. I suspect you are in a “default fund” which typically reduces risk as you get closer to retirement (which is logical if you intend to buy an Annuity with the residual fund). But I would think that there are other funds open to you if you wish to “take control”. Check it out.

 

[Sarenco]

Bonds are not necessarily a lower risk option than Equiries.

Equities are always riskier (more volatile) than investment-grade bonds. If that was not the case, there would be no equity risk premium.

 

[nest egg]

But most providers have a wide choice of funds and allow you to determine your own mix of funds, if you wish. I suspect you are in a “default fund” which typically reduces risk as you get closer to retirement (which is logical if you intend to buy an Annuity with the residual fund). But I would think that there are other funds open to you if you wish to “take control”. Check it out.

Their default isn't a fund per se, rather it's a "strategy", i.e. you start in their 100% passive equity fund and as you get closer to retirement they move your pot progressively into other managed equity funds, bond funds and cash funds. I can choose however to take control and ignore their default, and pick from the funds they offer. There are only 5 or 6 of these from what I can see via their portal but that doesn't overly concern me as there's the existing passive fund I'm already in, and a long term bonds fund.

Is there any downside to taking control myself, other than the inherent risk with staying invested in equities? Has anyone done this with their own pension pot?

 

[Conan]

In that case it’s entirely up to you as to whether you determine the investment strategy (fund mix) going forward or let the provider determine the strategy.
The only downside of “taking control” is that you call it wrong. How actively will you monitor markets, will you tend to make decisions after the market has moved etc?
I think it is worth bearing in mind what you plan to do with the fund if you do retire early ie Will you invest in an ARF and what investment strategy will you adopt for the ARF. If you are going to transfer the residual fund into an ARF, with a potential 40 year investment timeframe then you need to consider whether a conservative investment strategy in the 10 year run-up to age 50, is the optimum strategy.
In developing an investment strategy, perhaps you need to look , not 10 years ahead, but more like 50 years.