Pension Platform - Transact One - Any Experiences?

stamboy

I recently went to see an IFA and he mentioned the use of pension platforms. He demo'd Transact One to me which I liked the look of.

However, I was wondering if anyone had any experience of this product or similar products as I'm quite interested in going down this route.

Thanks in anticipation

dunstonh

Transact is a full platform with all the major tax wrappers. Its better suited to larger contributions and can actually be quite good value for money for those. It can be a bit more expensive for small amounts though. It has whole of market access to funds, including institutional and retail as well as accepting direct investments such as shares, investment trusts etc, which is rare for a personal pension. Personal pensions do benefit slightly over SIPPs as they have a slight advantage over withholding tax and you dont have to worry about proportionatlity with personal pensions but do with SIPP. The first point is a very minor thing and the latter will only impact on those coming up to retirement and considering phased drawdown.

It is basically a top of the range pension plan with lots of bells and whistles. If you use the bells and whistles then you will get value for money. If you dont use them then you end up with an expensive folly.

stamboy

Thanks for response.

EdInvestor

You can get much the same kind of control and access much more cheaply with a low cost online SIPP.

dunstonh

stamboy hasnt mentioned the charges and as transact allows you to agree the charges with the adviser, how can you say an online sipp is cheaper?