Pension advice desperately needed??

Roger175

Macka09 said:

Thanks for the advice

someone else has mentioned starting with a SIPP and choosing a global tracker. 

I am looking into this now. 

No time like the present, as they say. 

When choosing a SIPP provider, do make sure you look at the charges. 

In your other thread (in Savings & Investments), I mentioned AJ Bell and Hargreaves Lansdown, these just happen to be two that I use, but I'm considering transferring out of HL and into AJ Bell because the platform fees are lower (0.25% for AJ Bell compared to 0.45% for HL). There are various other providers also. 

Macka09

My Standard Life pension charges 0.98%. I haven’t looked at this before. I’ll check my Nest now. 

Update. Nest is 0.3% which clearly isn’t too bad from looking at other providers. Plus they don’t charge to move the money in or out. 

dunstonh

Macka09 said:

My Standard Life pension charges 0.98%. I haven’t looked at this before. I’ll check my Nest now. 

Update. Nest is 0.3% which clearly isn’t too bad from looking at other providers. Plus they don’t charge to move the money in or out. 

Standard Life operate discounts on many plans.  Especially workplace ones (where 0.98% wouldnt be allowed).    The default is usually around 0.98%+0.02% TC =  1%.    So, is that 0.98% before discounts or is there no discounts?

Macka09

dunstonh said:

Macka09 said:

My Standard Life pension charges 0.98%. I haven’t looked at this before. I’ll check my Nest now. 

Update. Nest is 0.3% which clearly isn’t too bad from looking at other providers. Plus they don’t charge to move the money in or out. 

Standard Life operate discounts on many plans.  Especially workplace ones (where 0.98% wouldnt be allowed).    The default is usually around 0.98%+0.02% TC =  1%.    So, is that 0.98% before discounts or is there no discounts?

Their is no discounts for this from what I can see. 

xylophone

Plus they don’t charge to move the money in or out. 

Not to transfer in or out but there is a hefty contribution charge.

https://www.nestpensions.org.uk/schemeweb/nest/my-nest-pension/contributions-and-fees.html

What fees do I pay?

We have the same low charges for all members. This stays the same whether a member is contributing or not, whatever fund they’re contributing to, and no matter how much is in their retirement pot.

These charges are made up of two parts:

• a contribution charge of 1.8% on each new contribution into your pot
• an annual management charge (AMC) of 0.3% on the total value of your pot each year

So if you paid £1,000 into your pot over the year, your contribution charge would be £18. If your pot was then worth £10,000, you’d pay an AMC of £30.

The total charge would come to £48. That’s just under 0.5% of the total value of their retirement pot.