Pension MoneySaving: Buy a different way to boost returns Article Discussion Area

TheLearner2008

I have a persion with Axa which I only contribute 5% of my salary too, can I get another pension through another provider like Prudential for another 5%?

dunstonh

So at the end of the day I am going to have to put my trust in someone, unless I become a Financial Adviser myself?

yes. You either get someone to do it or you DIY.

Because an Independent Financial Advisor is obviously going to push his products.

An FA will push their products. An IFA doesnt have any of their own products. Their product is the advice. That is the whole point of an IFA.

I would be very surprised if he told me - you're current pension is perfect for you!

So would I. The AXA stakeholder pension if its the saver version is pretty rubbish and easily beaten in price and investment options. The AXA investor version is better in investment choice but again easily beaten on price.

So, I would expect them to tell you there is better and present you with the better option and the cost difference to how much you would save. However, it doesnt sound like that is what you want to hear

I have a persion with Axa which I only contribute 5% of my salary too, can I get another pension through another provider like Prudential for another 5%?

you can have as many as you like.

TheLearner2008

dunstonh wrote: »

The AXA investor version is better in investment choice but again easily beaten on price.

Are you talking about the Individual Stakeholder Investor Fund Range?

dunstonh

TheLearner2008 wrote: »

Are you talking about the Individual Stakeholder Investor Fund Range?

Yes. AXA had two versions of the stakeholder. The saver range and the investor range. Saver range was rubbish as it was just one fund and really only bet the very basics of stakeholder requirements. The investor range was a bit better but at 1% you can do better than that with a modern plan.

TheLearner2008

dunstonh wrote: »

you can have as many as you like.

I was thinking of taking this one next: Prudential Personal Pension

Do you know it? I also would love to know whether I can retire in another country or move to another country and still get the money when I retire?

dunstonh

I was thinking of taking this one next: Prudential Personal Pension

Do you know it?

I do. I wouldnt want it. Never see it come up well on price compared to alternatives and doenst offer anything that you cant get elsewhere equally or better.

I also would love to know whether I can retire in another country or move to another country and still get the money when I retire?

yes you can.

TheLearner2008

dunstonh wrote: »

Never see it come up well on price compared to alternatives.

Which would your recommend for a 27 year old? Is there a price comparison site

dunstonh

Which would your recommend for a 27 year old?

There is no one best pension. Age is one part of it but also existing fund values, how much you are paying, what options and investments you want are another.

Is there a price comparison site

No. We pay for that data so its not given away free! However, even then, with different distribution channels pricing the products differently there would be no guarantee you would get the price on the price comparison.

TheLearner2008

I have a stakeholder pension from Axa but its not part of my employment?!?

dunstonh

Whats the difference between a Stakeholder and Person Pension?

Nothing fundamentally. The stakeholder pension is a budget product aimed to be simple. It has a defined charging method that used to be cost effective when first introduced but has since been left behind with modern alterantives.

Personal pensions offer greater choice of investments and can have a greater range of charging methods. Some may cost more and some may cost less than a stakeholder. Typically, personal pensions are priced to capture those with higher fund values and longer to go until retirement.