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Virgin money
Comments
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That's only for Stakeholder pensions which are becoming outdated and almost obsolete. Most personal pensions can easily beat that on charges.
As to Virgin - yes it's expensive for DIY and very poor fund choice. It uses a UK Index tracker which, performance wise, comes out as 274th of 276 funds.
Price wise it's charging 1%pa for an Index Tracker when you can get the likes of HSBC trackers for 0.37%.
It's easily beaten both in price and more importantly performance. Avoid like the plague.
To be honest, as the OP has managed to pick the worst DIY option available, seeing an IFA would probably be the best option - and no I'm not an IFA. :cool:
ok thanks for clearing that up.0 -
No, you turned the deal down I thought.
Of course I did as what you want is bad investing. 100% into a single sector is bad advice. Yet that is what you want.I'm happy to stand by what I consider a good investment .
Your choice. You have paid extra charges to pay for your opinion. So, you only have yourself to blame.but if you genuinely think there is a better alternative, there could be money in it for both of us
Of course there is a better alternative. It is harder to find a worse one. However, you seem very closed to anyone that tells you that. Perhaps you feel you a bit defensive after being told what you have is not good value and the investment method is not good investing. People like to think what they buy is best and will often go defensive when they find out that they have paid more than they needed for lower quality.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 -
whitepaper wrote: »You will be able to invest the pension pot any way you like, in whatever you like (as long as it is legal) and with any charges you prefer.
What you are suggesting would not get past his compliance department as it would be bad advice.
Please stop with the ridiculous taunts as you are only showing yourself up to be rather foolish at the moment. It is certainly not helping the OP as there are much better options out there, both for DIY and IFA advised.
What is your current pension pot at the moment?0 -
whitepaper wrote: »Well, I would probably be happy to open up the deal to you too, but I'm not sure you could get any suitable indemnity, not having any suitable financial qualifications.
If you can, and you are interested, do let me know.
Even if I was an IFA, I would steer clear of beligerent individuals such as yourself.
You are happy, great. I would not invest with Virgin myself.0 -
The FSA requires much more than that from an IFA who is offering advice. Using solely a FTSE All Share Index tracker fund would be poor advice and dunstonh could end up with a redress liability based on recommending only that fund.whitepaper wrote: »How can that be a bad investment?
How much do you have to invest? Over what duration will the comparison be made? Can you decide to stop and say who wins at any time? Can the other party? Do you want to place any limits at all on the type of investments that can be used?
It's unlikely that you have sufficient money to invest to make the bet worthwhile.0 -
The challenge is some what childish but surely contains a nugget of truth. If the financial sector more broadly would take payment in the form of a percentage of the I creased value generated then many may be interested. Currently there are only options for a flat fee, hourly rate or until recently percentage commission, though the.atter presumably still exist for ongoing advice if the fee is explicitly stated.
Historically, with issues such as equitable life then this wouldn't appear feasible.0 -
take payment in the form of a percentage of the I creased value generated then many may be interested.
Structured products maybe? Not that I am a fan.0 -
Are you really advocating performance fees? Those are normally heavily criticised, and should be, because they increase the likely profits of the firms providing the products.If the financial sector more broadly would take payment in the form of a percentage of the I creased value generated then many may be interested.0 -
Are you really advocating performance fees? Those are normally heavily criticised, and should be, because they increase the likely profits of the firms providing the products.
Yes, so long as they are instead of, rather than in addition to, the flat rate currently being charged.
In many ways its odd that what are some of the largest institutions in the world couldn't act in this manner, and all of the risk is absorbed by generally a relatively poor individual.
The gfc obviously showed that the majority of these large institutions couldn't beat the market. But if your fund manager had more skin in the game then it might focus things a bit more, alignment of interests and all that.0
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