OEIC investments

smileaf

Hi, i'm would like to put some extra savings about £10k for long term (5 to 10 years) investment.

I work full time so have steady income and save each month, but haven't invested in any pension saving.

I'm new to investment but have heard from friends about OEIC offered by Scottish Widow, in particular Balanced Growth Managed Investment.

After reading the forum on MSE, i've had a look on the Hargreaves Lansdown website and they have a fund called HL Multi-Manager Balanced Managed fund.

Questions -
1. Are these two similar investment funds ? If not which one you'd recommend for stable long term growth

2. How do i invest in SW OEIC without going through IFA ? I can't see any buying option on the SW website compared to HL site.

3. Can you recommend the best way to invest in SW OEIC ie reasonable charges and reliable service.

Last but not least, i'd be very grateful if you can advise me the best investment options - for steady long term growth (10yrs) and not just short term high risk gain. Also i will invest in lump sum and regular savings as this will be my pension fund.

jimjames

SW may not be the best option. Selecting one fund from one company based on other comments may not be a good choice - the friends may only have that fund because they were advised by SW and they can only recommend their own products.

If you are looking for long term savings for pension then you have the choice of using a pension and getting tax relief or using an ISA where the funds remain tax free. You say you work full time but have no pension savings - depending on your employer there is something called auto-enrolment happening very soon where your employer has to setup a pension and pay in for you. It depends on size of company but all large companies are now covered and smaller ones over the next year or so. Having effectively free money added is worth doing if your employer also matches what you pay in.

HL are an easy option to use but not necessarily the cheapest.