What type of pension?

Pal

Deemy - 5% p.a.? Please name a modern personal pension product that has fees that high.

Then lets compare it to the Hargreaves Lansdown SIPP that appears to have an annual fee of up to 1.75% p.a. plus an up front charge of 0.25% - this was on the first fund on their list - the other funds will vary.

I really cannot see why the HL SIPP is somehow better than a personal pension if an individual is going to invest in funds. For an individual holding shares I agree completely that a SIPP might be appropriate, but the OP said that they didn't understanding investing, suggesting that a SIPP is completely inappropriate. Even access to the multitude of funds offered by HL doesn't appear to be worth it for an inexperienced investor - surely they are better off paying 0.8% charges on a stakeholder investing in tracker funds?

To clarify my financial position, I make money advising companies on occupational pension schemes, designing insurance arrangements and advice on institutional investment products. All work is fee based - no commission.

I do not make any money at all from the recommendation of the retail products that EdInvestor seems so keen to recommend to anyone who posts on these boards, irrespective of their circumstances.

Pal

Pal wrote:

Deemy - 5% p.a.? Please name a modern personal pension product that has fees that high.

No response from Deemy. Anyone else think he made his figures up?

I'll sticky this thread for a while to make sure that he sees it.

oceanblue_3

Not sure he will - single issue fanatics are often myopic!

fez_2

28 years old, earning 19k

You need to provide further info.

When do you hope to retire? What level of income do you require at that time? How much are you prepared to spend now and in the future toward meeting your goal?

Once these questions are answered, there are many other considerations to be taken into account. If you want to keep it simple, win the lottery, pools, premium bonds etc., and stick two fingers up to work and pensions!! If only!!

natanddan1

Apologise to the original poster, reading through the comments and bickering its a wonder she isnt more confused.

come on people, less whinging and critizising and give some good advice

Useless_but_trying!

I think its a real shame that this thread has turned into such a cat fight between what Im guessing are professional financial advisors. Im 30 and have similar questions to Susancorsi so was looking forward to reading this thread for useful, practical advice. Instead Im left reading an online argument on pension charges. Instead of coming out any the wiser, I am now more confused and Im sure Susancorsi wonders why she even posted the thread in the first place. Any advice, speaking with lay-mans terms, without any acronims would be greatly appreciated. If you cant do that, then can I suggest you create another thread titled "Im a better IFA than you!" and fight it out there!

Murphy_The_Cat

I think that the last two posters may be missing a minor detail.

This thread was last actively added to over 4 months ago - in forum terms, its as dead as the parrot in the Monty Python scetch !

May I respectfully suggest that Useless but trying! starts a new thread and asks his question afresh.

just my tuppence worth.

MTC

dunstonh

I think its a real shame that this thread has turned into such a cat fight between what Im guessing are professional financial advisors.

You guessed wrong.

Useless_but_trying! wrote:

then can I suggest you create another thread titled "Im a better IFA than you!" and fight it out there!

Perhaps you should start a new thread as Murphy_the_cat suggests and stick to your subject rather than make incorrect assumptions.

Pal, if you are reading this, can you unsticky this thread please as its largely obsolete now with "A" day rules coming in since this thread started.

Useless_but_trying!

Dunstonh - as you kindly replied to the thread I had already posted asking my question about pensions, I would have thought you would have noticed that I had indeed already posted a new thread and were therefore a tad late on your suggestion course of action.

dunstonh

I lose track with the threads sometimes. They all merge into each other....