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Pension charges not in annual statement - why not
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Most internal funds have TERS that match the AMC. That has been the trend for a couple of years now.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.0
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SquareMeal wrote: »In my pension, the charge is subtracted daily by cancelling units in each fund.
How old is this contract as this is unusual these days. You may well find that the charges are not competitive, compared to more modern contracts - but clearly, some research is required.
Don't the cancelled units appear on the statement?Warning ..... I'm a peri-menopausal axe-wielding maniac
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The cancelled units do not appear on the statement. The statement only shows the current size of the fund and a projection.
I spoke again last night to the advisor who set up the pension for me. I asked who do the charges go to - Standard Life, the fund managers or the advisor ? He said that a proportion goes to the advisor, some to Standard Life and some to the fund manager. For funds that are "internal", as most of mine are, ie. managed by Standard Life, there is no third party fund manager, so the charge for those just goes to Standard Life and my advisor.
I am still shocked that the law allows charges not to be listed on an annual statement. It's a disgraceful state of affairs IMO. I could argue that, without showing the charges, it is not really a "statement" at all.0 -
Oh and the pension is about 7 years old.0
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I am still shocked that the law allows charges not to be listed on an annual statement. It's a disgraceful state of affairs IMO. I could argue that, without showing the charges, it is not really a "statement" at all.
I just checked a couple of Standard life pension statements and saw there were no units being cancelled on the plan.The charges were being taken within the fund and reflected within the unit price and of course fund charges are published.
What type of pension is yours. From 7 years ago that would suggest it was a mono charged plan with SL and cancelling of units isnt what they do with their mono charged plans. Their SIPP could do it or a COMP/CIMP or legacy group personal pension.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.0 -
Debt Free Chick - your posts on this forum are extremely helpful!
Incidentally, I've just PM'd you about something I'm currently working on for which I would really value your help. Feel free to decline if you wish...just would be good to hear back and not sure if your in-box is full and thus not accepting PMs, so posting here. In haste, Dee0
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