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Pensions, what to do?
Comments
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OK, thanks. I've been trying to navigate the FP website for performance data on the funds but can't find it.
Now time for my stupid question.
£200 is paid direct to FP every month by my employer. This was set up as part of a salary sacrifice to keep me under higher rate tax.
As the employer is paying direct, is it correct that no tax relief should be applied0 -
Interesting. Correct, current transfer value = £27282
However, the monthly £200 is paid direct by my company to FP & was set up by the company appointed IFA.
With this in mind, really I was questioning if the FP funds chosen are still good, or if there are better performing FP funds available
Before i set up on my own when i was an employee I would just transfer my company fund into my own pension plan every year to avoid paying the charges to the company appointed IFA and fund manager
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Where's darkpool nowadays?
There, you've gone and done it, you've gone and said his name!
No good will come of this...I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
FP employer pensions are more basic (usually at the request of the employer). They will have a range of funds to suit most basic investors. The managed fund is a portfolio fund that is really designed to follow benchmark. It will never be best but never worst. Exactly the same principle as the troll is saying you should use although he doesn't appear to realise it.
The crucial difference being the annual charges on the tracker are 1/3 to half the annual charges on the FP managed fund
This makes a lot of difference when all you can expect on investment returns in 5-6% BEFORE fees year0 -
£200 is paid direct to FP every month by my employer. This was set up as part of a salary sacrifice to keep me under higher rate tax.
As the employer is paying direct, is it correct that no tax relief should be applied
Yes, you're effectively getting full tax relief as the pension contributions are coming straight off your top line.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
As above, I appreciate that things may change since the pension was first set up, but does the FL pension still seem like good value?
For personal pensions via Cavendish, FL offer tiered AMCs of between 0.55% and 0.45% depending on pot size.
1% seems toppy and it's probably worthwhile trying to get this reduced.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »For personal pensions via Cavendish, FL offer tiered AMCs of between 0.55% and 0.45% depending on pot size.
1% seems toppy and it's probably worthwhile trying to get this reduced.
The difference would be the fees paid to your company's appointed IFA firm
How much advice are you getting from that 0.5% they are pocketing each year?0 -
1% seems toppy and it's probably worthwhile trying to get this reduced.
ok, if I understand Neverland correctly the 1% is approx. 0.5% to the original IFA & the rest to FL direct.
If so, & as I'm tied to the IFA via my company, what scope do I have to get a reduction on this?0 -
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