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Beware expensive drawdown plans
EdInvestor
Posts: 15,749 Forumite
http://business.scotsman.com/personal-finance/Inertia-may-cost--pension.5492070.jp
High charges can deplete your fund quite quickly.If the investment oif your drawdown is stable and no ongoing advice is needed you will often do better to move to a cheaper provider with no annual fee. Having income paid on an annual of 6-monthly basis will also cut costs..
High charges can deplete your fund quite quickly.If the investment oif your drawdown is stable and no ongoing advice is needed you will often do better to move to a cheaper provider with no annual fee. Having income paid on an annual of 6-monthly basis will also cut costs..
Trying to keep it simple...
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"according to hargreaves lansdowne"0
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Yet the HL plan is actually more expensive than many drawdown plans and if you are using SIPPs with unit trusts then its barely any different to an IFA using unit trusts.
The Scottish Widows retirement plan can actually be a fair bit cheaper than HL's SIPP. Mainly due to fund based discounts. This makes the fund charges cheaper. Having an charge for drawdown may be a negative compared to those that dont but if the AMC on the funds is cheaper then that makes up for it. Std Life I dont like and it can be expensive. I see there is no mention of the cheaper drawdown plan
It just seems like another story promoted by HL to try and sell more of their pension by slagging off competitors that may or may not be worse than them.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 -
Yet the HL plan is actually more expensive than many drawdown plans and if you are using SIPPs with unit trusts then its barely any different to an IFA using unit trusts.
The article does not mention the HL drawdown plan.I see there is no mention of the cheaper drawdown plan
The article says:At the low-cost end of the market, Sipp provider Sippdeal has no annual management charge and an annual income withdrawal fee of up to £120, compared with £154 at Scottish Widows.Trying to keep it simple...0 -
There is no mention of drawdown plans that are cheaper than SIPPdeal.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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Are there any drawdown plans cheaper than Sippdeal? If you play your cards right, a Sippdeal drawdown can cost you a tenner a year (plus VAT).Alliance Trust used to be quite cheap but they have put their prices up.Trying to keep it simple...0
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