Now Pensions

Starbrite

Just received my 1st yearly pension statement from my workplace pension provider Now Pensions,

What a cowboy outfit they are!

The statements has data up to 31st March 2019 so is 10 months out of date for a start and I noticed the line about the charges...

You pay a monthly administration charge of £1.50, which covers the cost of running the Scheme. You also pay an annual investment charge of 0.3% of the fund, which covers the cost of investing your money.

Does that seem excessive to you? I don't have a large sum in there a but if I was say to accumulate 10.000 £18.00 and year with 3% on top so say £300.00 seems a lot to me.

Trying to remember what my Scottish Widows pensions charges are.

cloud_dog

You've got your percentages wrong....0.3% of £10k is £30.

Dazed_and_confused

You can buy a new calculator with the £270 cloud_dog has saved you!

Marcon

The Now Pensions scheme year ends on 31 March. Pension regulations require statements to be produced within 12 months of the year end. What's your beef? They have done as required.

As others have pointed out, you have not understood the difference between 0.3% and 3% - that's hardly the fault of Now Pensions.

JoeCrystal

Starbrite wrote: »

Just received my 1st yearly pension statement from my workplace pension provider Now Pensions,

What a cowboy outfit they are!

The statements has data up to 31st March 2019 so is 10 months out of date for a start and I noticed the line about the charges...

You pay a monthly administration charge of £1.50, which covers the cost of running the Scheme. You also pay an annual investment charge of 0.3% of the fund, which covers the cost of investing your money.

Does that seem excessive to you? I don't have a large sum in there a but if I was say to accumulate 10.000 £18.00 and year with 3% on top so say £300.00 seems a lot to me.

Trying to remember what my Scottish Widows pensions charges are.

Hmm... sound rather cheap actually. Assuming you got £10k in the pension pot, (£30+£18 = £48 so 0.48%), so not excessive at all in my opinion. The default fund charge cap is at 0.75% for auto-enrolment. So you are doing well already. I am paying 0.75% at my workplace pension scheme myself with Aegon.

Nothing stopping you for getting online access and check to get the up to date figures on the pension pot. I checked my pension schemes at least monthly

Albermarle

Trying to remember what my Scottish Widows pensions charges are

Probably significantly more .

sandsy

Highly unlikely you'd get a cheaper option elsewhere.

Starbrite

cloud_dog wrote: »

You've got your percentages wrong....0.3% of £10k is £30.

Ops sounds about right I am dyslexic!:D

Starbrite

Marcon wrote: »

The Now Pensions scheme year ends on 31 March. Pension regulations require statements to be produced within 12 months of the year end. What's your beef? They have done as required.

As others have pointed out, you have not understood the difference between 0.3% and 3% - that's hardly the fault of Now Pensions.

99% of companies give you a statement with a month old date not 10 months! I am used to more up to date statements...

Starbrite

JoeCrystal wrote: »

Hmm... sound rather cheap actually. Assuming you got £10k in the pension pot, (£30+£18 = £48 so 0.48%), so not excessive at all in my opinion. The default fund charge cap is at 0.75% for auto-enrolment. So you are doing well already. I am paying 0.75% at my workplace pension scheme myself with Aegon.

Nothing stopping you for getting online access and check to get the up to date figures on the pension pot. I checked my pension schemes at least monthly

Their online system is just as out date... think it was last updated in November!



I just used 10k as a round figure... I have no where near that in this, its sub 500!!!:rotfl:

Roly79

They are pretty shoddy in my experience......zero communication a terrible website.....To be fair they did manage to get my transfer to a Sipp correct although took forever as I expected