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Moving PP from Standard Life
Comments
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- AMC is printed only on the fund sheet. I get a discount of 0.2% because of how the policy was set up.
Most funds only have charges on their fund factsheets or KIIDs.- Fund prices are all high (even after discount) compared to currently available on SIP platforms (>1% more)
Possibly you are not comparing like for like. e.g. comparing pension AMC with UT/OEIC AMC is not correct. If its your normal 1% plan with a 0.2% discount then the internal funds will be 0.8%. Not cheap by todays standards (SL have cheaper plans as do most providers). You can get down to 0.4% very easily with internal funds nowadays (and that includes passives and managed)- The funds are mirrors of the actual funds, so difficult to track/compare actual performance as most sites dont show them.
Whilst occupational (institutational) pension funds tend not to appear on the data websites, the retail ones do.
Not an issue.- As they are mirrors, I cannot transfer easily to another provider- I am sure there maybe more 'modern' PPs that have lower charges, but why am I stuck in an old one? and difficult to change
Its not difficult to change. As I have said, SL are very good on that front.- Not possible to select low cost tracker funds
Most SL pensions have access to some trackers but most consumers tend to use multi-asset funds and these tend to be quite cheap on personal pensions.It looks to me that different pension providers have different charges for similar funds.
Correct.Whereas with SIPPs, you can select a low cost platform, and then you select the FUND for lowest cost (and other parameters of course)
Not correct. Some platforms will have clean priced. Some super clean.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 -
most consumers tend to use multi-asset funds and these tend to be quite cheap on personal pensions.
And unless you really can get cheaper via a SIPP, and/or reckon you've got Ninja skills at asset allocation, choosing one solid multi-asset fund with a low fee PP is going to be the best option for most people.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
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