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JoeCrystal wrote: »
I used RL set up with an IFA as my personal pension with different RL Governed Portfolio fund. I am reasonably okay with it. It does do Profitshare Awards which add a little extra to the pot. They do have a management charge discount according to my paperwork at
£0 to £34k: 0.10%
£34k to £68k 0.50%
£68k to £202k 0.55%
£202k to £673k 0.60%
Customer service-wise, they much prefer to work with and through advisers rather than direct. I see that you are thinking to make a single lump-sum contribution. Make sure you get a single contribution application form (or you can download it from RL adviser pages after googling it).
mcc100 wrote: »
No, I was just thinking of sending off the paperwork now as I wasn't sure how long the process took.
If you ditch the IFA it looks like you'll have to pay extra fees to go DIY so factor that in.
Mick70 wrote: »
those charghes would tie in with what I have been told by an IFA for using royal london on a possible DB-DC transfer .
I have been told RL annual chgs would be 0.35% (high value fund so would equate to the 1% less 0.65%) And that the IFA would be 0.35% also.
mcc100 wrote: »
Similar to mine as I've just checked and the RL charges have been discounted to 0.25%, whilst the IFA charge is set at £750 per year, which equates to less than 0.2%.
SonOf wrote: »
No you dont. There is no cost increase.
bostonerimus wrote: »
FYI here is a summary of the Royal London chargeshttps://adviser.royallondon.com/globalassets/docs/adviser/guides/65g2035-pension-portfolio-charges-guide.pdf
If you ditch the IFA it looks like you'll have to pay extra fees to go DIY so factor that in. If you stay with your IFA count on whatever you agree being taken out of your plan, so that might be 0.5% off each year's performance.
If you have the knowledge and guts to DIY I think you could save a lot on fees, but this is a very personal decision.
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