MSE News: Pension funds warned over high fees

Former_MSE_Helen · 23 July 2012 at 8:36AM

"Pensions Minister Steve Webb has urged companies that charge excessive fees to offer members fairer terms..."

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Pension funds warned over high fees

Pincher · 23 July 2012 at 10:50AM

When was the last time you heard someone saying: "I'm going into Accountancy to protect shareholder rights. I am going to preserve pension fund asset values with my life."? If so, are they still working?

It's like the Catholic Church, !!!!!philes can smell the choir boys.
Now that they are having scandals with the Vatican Bank, the corruption of the House of God by Mammon is complete.

Honeypots are just too tempting for any one human.

Funding for my artificially intelligent robots financial advisers and fund managers, please.

bigbloke45 · 23 July 2012 at 11:40AM

Most of the charges went to pay fat commissions to salesmen, both direct and "independent".

Most Insurance companies tried to dress up these costs by using compound interest devices to hide the true scale e.g. "capital" or "initial" units being levied ovet the first one or two yeas, in the main. Those that didn't lost market share e.g. CU Life, who opted for reduced allocation in the first two years.

So, why should Insurance companies pay back the commission to policyholders?

It's just another bit of politicking by people who obviously don't understand the first thing about the subject i.e how capital units really work.

Dellybear_2 · 23 July 2012 at 11:55AM

I started a pension for myself relatively late in life (40's). Now approaching mid fifties, I find the money which I have invested for over 10 years to be worth very little, compared to what I had hoped for. The future looks as bleak as ever and I can expect my actual retirement amount accrued to be extremely low (Low enough to ensure that I can't retire, anyway). The fund managers living very well on my hard earned only makes matters worse and I feel desperately let down my the whole thing.

Should I say "sod it" and put the monthly pension amount into paying off the mortgage as quickly as possible instead?

I really can't stand the thought of sitting on my hands simply hoping something will improve. I nearly dumped the pension 2 years ago, but my I F A talked me round and advised me not to do anything hasty as things are sure to improve. well that certainly didn't happen!! Shall I go for it and cancel my standing order and redirect it to the mortgage account?

please help with any advise you may have - thanks

Pincher · 23 July 2012 at 12:25PM

Dellybear wrote: »

Shall I go for it and cancel my standing order and redirect it to the mortgage account?

please help with any advise you may have - thanks

Option I
_______

Listen to professional advisers. They ripped you off.

Option II
_______

Listen to total strangers on the Internet. Oh dear.

Option III
________

Learn, study, understand. Make you own decisions. :T

Yes, I know, it takes intelligence, hard work, spare time
and LOTS of luck. I studied, invested and LOST quite a bit: Equitable Life :eek: I would definitely have more money now if I just put it in a deposit account.

I think I have more chance of winning with option III.
Not a lot, but better than these professional weasels in suits.

gadgetmind · 23 July 2012 at 12:43PM

Dellybear wrote: »

please help with any advise you may have - thanks

Returns are low right now so don't let fees eat you alive. However, avoiding fees means that you need to do the leg work so that you can take charge of your own investments and not make a complete hash of it.

MSE News: Pension funds warned over high fees

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