Is Legal and General a Good Pensions Provider

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  • Old_Slaphead
    Old_Slaphead Posts: 2,748 Forumite
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    Once set up and running (via monthly DD) system seems to work ok - the funds are reasonable performers (in an "average" sort of way) and charges are low. Everything works fine PROVIDED you don't need to make any alterations, single payments or fund switches and you don't have to call customer services for any reason.

    Suppose at end of day, a low management charge (currently I'm paying 0.6%) is paid for by dire customer service. You pays your money etc etc.

    I'd be extremely hacked of if I were paying 1-1.5% AMC
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    There are too many restrictions with pensions when you come to claim on them, plus the poor service from the insurance companies and the below average performance makes them not worth the hassle.

    Only questionning the last point. Performance has nothing to do with the tax wrapper. The same funds on fidelity for your ISA are available on the pensions. So, if you were to use the same funds on both the pension and the ISA, the performance would be the same.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • wombat42_2
    wombat42_2 Posts: 1,312 Forumite
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    Old_Slaphead wrote: »
    Once set up and running (via monthly DD) system seems to work ok - the funds are reasonable performers (in an "average" sort of way) and charges are low. Everything works fine PROVIDED you don't need to make any alterations, single payments or fund switches and you don't have to call customer services for any reason.

    Suppose at end of day, a low management charge (currently I'm paying 0.6%) is paid for by dire customer service. You pays your money etc etc.

    I'd be extremely hacked of if I were paying 1-1.5% AMC

    You could invest in L&G trackers using Hargreaves and Landsdowne (although they dont give any discount for trackers, for example for UK Index tracker they charge the same as L&G):
    http://www.h-l.co.uk/fund_research/security_details/sedol/0103653.hl

    The advantage of that is that you would have a better CS with H&L instead of L&G and you have a choice of 2000 other funds you could select (including other companies trackers with cheaper charges than L&G).
  • Old_Slaphead
    Old_Slaphead Posts: 2,748 Forumite
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    Very true....but I don't use a tracker for my pension. I use L & G Managed (+Distribution and Cash). The charge for the L & G Managed via the UT option (and consequently via Vantage) is 1%.

    FWIW I also have a Vantage account but not the HL Vantage SIPP.
  • roguebrogue
    roguebrogue Posts: 254 Forumite
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    wombat42 wrote: »
    They are far from unique in this, but their customer service staff are generally Neanderthal and moronic. I usually know much more about the companies products than the person I speak to. I suspect that pay their staff badly and hire just about any school leaver who can spell their own name.
    To be fair, for anyone working in a call centre like theirs it must be a nightmare (bad management and bullying etc) and only people who cant get work anywhere else work there.

    Awful awful things to say. I presonally work for L&G and it is nothing like you say, and I am neither moronic nor a Neanderthal, and nor are my colleagues.

    Of course I'm not in the pensions department, so can't speak for them...but I just think what you said was very harsh.
  • wombat42_2
    wombat42_2 Posts: 1,312 Forumite
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    roguebrogue wrote: »
    Awful awful things to say. I presonally work for L&G and it is nothing like you say, and I am neither moronic nor a Neanderthal, and nor are my colleagues.

    Of course I'm not in the pensions department, so can't speak for them...but I just think what you said was very harsh.

    I can assure you that the number of idiotic problems i have had with L& G have been huge and mind numbing. Most of them were however about 7 years ago and i had hoped that things had improved these days but no they made some stupid errors. It isnt so much that errors are made. What is more irritating is the way that they dont get resolved properly and errors get compounded.

    It is true that I have found that I find I kn ow generally more about the products than the L&G staff i am talking to.
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