Pension fund performance - do you monitor yours, how is it doing, do you actively change it?
- Thread starter danlightbulb
- Start date
I have 2 I know of that I want consolidate into my current one. Every time I say I will sit down and do it. I realise it’s a bank holiday or something similar.
I had 6 to consolidate! Was a bit of a pain. Now I have 3
Soldato
Ah so confused what I should do.
I've currently got £8k sat in a vanguard S&S ISA which is obviously no longer good value. I put £100 a month in ATM.
I've got 21k in my workplace pension with Scottish widows, and I have no idea what fees I'm paying there. Doesn't seem possible to see what fees my employer negotiated either on the website/app or on my previous printed yearly statements.
I think I'll call Scottish widows Monday and find out how much I'm actually paying and if its high I'll transfer the bulk of the funds to a vanguard SIPP I guess? With 29k invested total I guess the fees will be pretty good.
If my workplace pension fees are good then I'll just find a new Provider for my S&S ISA.
I've currently got £8k sat in a vanguard S&S ISA which is obviously no longer good value. I put £100 a month in ATM.
I've got 21k in my workplace pension with Scottish widows, and I have no idea what fees I'm paying there. Doesn't seem possible to see what fees my employer negotiated either on the website/app or on my previous printed yearly statements.
I think I'll call Scottish widows Monday and find out how much I'm actually paying and if its high I'll transfer the bulk of the funds to a vanguard SIPP I guess? With 29k invested total I guess the fees will be pretty good.
If my workplace pension fees are good then I'll just find a new Provider for my S&S ISA.
The only way is to call them. I need to check mine, it's doing very well but I really should move it if the fees are high.
Soldato
Scottish Widows fees aren’t too bad in my experience of administering pension schemes, I expect they’re around 0.3-0.4%. So still higher than most SIPPs.
My Aviva workplace scheme is 0.65%
so it’ll be getting transferred to Vanguard shortly once I get my final pay for that job.
My Aviva workplace scheme is 0.65%
so it’ll be getting transferred to Vanguard shortly once I get my final pay for that job.
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Usually work pension has lower fees than personal from my experience
I'd move mine to aviva if they had better funds
Work have started a new pension which we all got swapped into. They had to get the government to change the law or something to start it up. Nobody really knows what’s best to do but I’ve put the max I’m allowed in to get maximum employer contributions.
Soldato
Check if the SW pension has protected benefits ie the age of access is 55 regardless of any changes to the law. Vanguard doesn't have this and so moves as the government change the stage pension age.
Soldato
I’ve been thinking/looking into the vanguard £4 minimum charge per month change…
Thought I will share my thoughts..
If your accounts add up to 32k, there are no changes.. so unless you wanted to move before the change, there’s no reason to move now.
If your account is below 32k, it’s a question of how quickly and how likely it’s going to get to 32k.. if it’s within a year or two, which is the case for me… I might as well suck up the charges. Vanguard are still one of the cheapest platforms and the other free ones don’t feel right to me. T212 customer service sucks… it takes weeks to get any sort of support, you have to reply to their “sorry we are busy” email to keep your case open. Invest engine are non profitable at the moment, their business model needs to change else they will fold.
If your account isn’t likely to get to 32k or it’s going to take a while, then it’s worth moving it to another platform.
I’ll be interested to hear which platform people move to..
Thought I will share my thoughts..
If your accounts add up to 32k, there are no changes.. so unless you wanted to move before the change, there’s no reason to move now.
If your account is below 32k, it’s a question of how quickly and how likely it’s going to get to 32k.. if it’s within a year or two, which is the case for me… I might as well suck up the charges. Vanguard are still one of the cheapest platforms and the other free ones don’t feel right to me. T212 customer service sucks… it takes weeks to get any sort of support, you have to reply to their “sorry we are busy” email to keep your case open. Invest engine are non profitable at the moment, their business model needs to change else they will fold.
If your account isn’t likely to get to 32k or it’s going to take a while, then it’s worth moving it to another platform.
I’ll be interested to hear which platform people move to..
From what I looked at as you get closer to 32k the difference becomes less and less so being at 31 doesn't mean you should rush to 32k.
There didn't seem to be a cliff edge on fees.
Obviously the lower your pot the worse savings are.
I believe the platform fee hits 4 pounds a month at 32k with 0.15pc fee?
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That's correct there is no cliff edge. Pension craft YouTube channel showed a chart the other day.
Where are you better off? I'm not far off 80k
Yeah it does seem a strange move.
Maybe they are hoping most people just don't care and will just swallow the rises. Let's face it.. How many people even switch their phone network or bank?
But yes. As an optimal, you'd have thought hooking in the small fry who just stay forever would be worth swallowing the cost.
I suppose they have the data, the analysis done to work out this is the best path.
Exactly this - They won't have done it without understanding their own market....
I get it, I understand it, others will follow for sure....
it will depend on what your invested in, are you trading, EFT? Funds? Shares ? etc - all platforms have different costings depending on your own individual circumstances/investments etc
Funds.