Dump Welplan pension ?

Alistair31 · 13 February 2018 at 10:11PM

I currently have very little by way of a pension, 9 months with current employer who pay the minimum required, I pay 13.5% voluntarily. It is with Welplan but I am thinking would I be better just contributing the minimum in order to get the employer match and then starting a SIPP with particular funds TBC. Perhaps just more VLS80 ?

I am not entirely sure what fees I am being charged by Welplan -possibly 0.6%- and I believe my money is invested in L&G growth fund.

I am not in a hurry to make a change as they, Welplan, are assisting in transferring in a few small pension pots but any advice is greatly appreciated.

Stick or twist ?

dunstonh · 14 February 2018 at 1:17AM

Insufficient information to go on. You seem to be looking at solutions before checking to see if there is an issue that needs a solution.

IanSt · 14 February 2018 at 12:04PM

Yes, you really need to find out for sure how much the current scheme charges, what funds it invests in and what other funds it contains that you could perhaps move into. Once you have that information then you'll be in a much better position to decide whether it's going to be advantageous to open up a secondary pension.

Does the company use salary sacrifice for your payments into the pension?

If it is then don't forget to include any NI savings that you are making when you compare the costs of continuing to pay into the existing scheme against the costs of any new scheme.

AppleShandy · 15 March 2018 at 6:16PM

0.6% charge is correct. Over past 2 years Mar 2016 - Mar 2018 growth fund is returning 25% approx. They were one of the first to get master trust accreditation and have recently been awarded the defacto assurance mark. They have a Global Equity fund which has returned approx 32% over 2 years.

Dump Welplan pension ?

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