Scottish Widows RDR charges

SallyG

Is the list of RDR SW "adviser" charges shown in my first post a list of the charges SW has always made to non-IFA-advised /direct sales customers?
Were these charges previously taken from the pension fund but appeared only as a downward movement in the unit price rather than as a separate charge?
So far in my direct sale drawdown documents I can't find any reference to a fee for an annual review.

dunstonh

Is the list of RDR SW "adviser" charges shown in my first post a list of the charges SW has always made to non-IFA-advised /direct sales customers?

Possibly. The contract is largely a fee based one and has been since launch.

Were these charges previously taken from the pension fund but appeared only as a downward movement in the unit price rather than as a separate charge?

You need to answer that one by checking your records.

The adviser charges would not impact on unit price. They would sell units to meet the charge or take them from the cash account if there was cash in it.

So far in my direct sale drawdown documents I can't find any reference to a fee for an annual review.

Most tied sales reps are transactional and not servicing. Have there been reviews previously? These may have been done informally whereas RDR formalises such things.

SallyG

I'm going to check for reductions in unit numbers outside my annual drawdown event - but if SW sell my pension units to meet their charges would they/should they alert me when they do it - even just as a courtesy/looking after their customer?
Why have they put those new RDR charges on their website before informing existing customers?
The call centre couldn't name the adviser " responsible" for my drawdown-he seems to be pretty much freelance = not sure who checks on him.
I have no idea what good drawdown care consists of............

dunstonh

if SW sell my pension units to meet their charges would they/should they alert me when they do it - even just as a courtesy/looking after their customer?

No. Charges are agreed at outset. No updates are needed after that unless they change.

Why have they put those new RDR charges on their website before informing existing customers?

Perhaps they are not changing pre RDR customers. Perhaps they will notify at first review point (that is by far the most common method). Perhaps there is no change to notify.

The RDR is not as big as being made out. New names for things that were already there, a change on certain things arranged post RDR (but not pre RDR) but mostly things will be the same bar a few new forms and a different layout on certain things.

The call centre couldn't name the adviser " responsible" for my drawdown-he seems to be pretty much freelance = not sure who checks on him.
I have no idea what good drawdown care consists of............

Tied sales reps tend to have a high turnover. Some companies are worse than others. You are probably in a pool with no defined adviser. Just whoever it is allocated to that day. They are unlikely to have a bespoke offering with all people using them limited to a narrow selection of investments. Probably their dire "portfolio" funds. So, the review doesn't require much at all or a personal adviser as its following the company line where you fit them rather than they fit you.