Possible serious problem with pension unit pricing

wombat42_2

dunstonh wrote: »

Have you proof of that accusation?



The unit price on the website shows 120.7 which is the correct fund price for cloes on Friday

Well I have just given an account of my experiences with MI where they provided unit prices and fund switches for funds that ceased to exist some time earlier. How blatant can you get ? There obviously isnt much monitoring going on where the list of funds which they claim to support, and provide unit prices for, isnt even accurate.

The fund price has been 120.7 for over a week now which is hardly credible. What evidence do you have that the price is right ? The PP prices should actually relate to the Unit trust prices on the previous day.

dunstonh

If you look at the price chart you will see two things. One, that prices move daily and two, that there was a period where no data was updated on the price feed. As MI take their data on the website from citywire, then it is no surprise that this particular fund showed no movement on the unit price during that period when there was no data feed update.

http://webfund5.finexprestel.com/FirstSoftware/chart.wsp?unitcode=MTMNRP&unittype=F&span=60&index=

Lots of funds have suffered a dead period on fund feeds. However, that is a lot different to miscalculating unit prices. The unit price is still being updated daily. It's just the software provider not updating the fund price. This could be a fault with the provider or the software supplier. This week, I havent been able to get any fund updates since Tuesday from Cofunds. Two weeks ago Selestia were down for 3 days on some. MSN money frequently gets the price wrong and they use a yahoo price feed.

wombat42_2

Have i got any chance of being able to do a stock transfer from MI Gartmore China PP to Gartmore China unit trust in an HL SIPP ?

dunstonh

wombat42 wrote: »

Have i got any chance of being able to do a stock transfer from MI Gartmore China PP to Gartmore China unit trust in an HL SIPP ?

No. They are two different funds.

wombat42_2

Any point in me switching to MI SIPPs for PR and non-PR ?
See http://www.merchant-investors.co.uk/main/funds/fund_prices_sipp.aspx

EdInvestor

wombat42 wrote: »

Any point in me switching to MI SIPPs for PR and non-PR ?
See http://www.merchant-investors.co.uk/main/funds/fund_prices_sipp.aspx

Remind us of why you have this PP at MI? Rather a high-cost provider isn't it?

wombat42_2

EdInvestor wrote: »

Remind us of why you have this PP at MI? Rather a high-cost provider isn't it?

I first went with MI about 6 years ago as they were virtually unique at that time in not charging bid/offer spreads on funds, unlike any other provider if you contacted them direct without an IFA. Also no switching or admin charges

They charge 2% initial fee to put money in, and they charge typically about 1% AMC on top of about 1.5% AMC for the fund. No other charges.

Recently they have been making admin blunders and a year ago even allowed me to switch to a fund that unknown to me ceased to exist a few weeks earlier. Their mirror fund unit pricing seem to have gone up the creak of late and sometimes at complete variance to the underlying UT. I have lodged a complaint with MI about this.

MI dont have any online accounts.

I wanna switch to an HL SIPP ASAP but unfortunately some of my PP funds are PR.

dunstonh

I first went with MI about 6 years ago as they were virtually unique at that time in not charging bid/offer spreads on funds, unlike any other provider if you contacted them direct without an IFA. Also no switching or admin charges

6 years ago loads of providers had no initial charges.

They charge 2% initial fee to put money in, and they charge typically about 1% AMC on top of about 1.5% AMC for the fund. No other charges.

Expensive.

wombat42_2

dunstonh wrote: »

6 years ago loads of providers had no initial charges.

Expensive.

Actually I started the policy about 12 years ago. I think they were pretty unique at that time. I havent added any more dosh for about 6 years. They do add bonus units ( I think about half a percent a year).

dunstonh

MI remind me a bit like Skandia. Once upon a time they were the elite option allowing investment choices that were not normally available to the average consumer. Top of the range premium products.

However, as others have caught up and gone past them, they got left behind and what was once the best has gone past it's sell by date.