Monzo Launch Pensions

wiseonesomeofthetime

https://community.monzo.com/t/monzo-pension-its-launching-today/166343/

dunstonh

Looks expensive at 0.63%  (0.45% platform fee and 0.18% fund fee).  However, the charging is in line with robo offerings.   

Exodi

I think there's a minor oopsy.

Traditionally people suggest changing the mix between equities and bonds in favour of bonds the closer you get to retirement (as bonds are generally less volatile).

But the graphic seems to suggest that the nearer retirement you get, the more loaded up on shares you should get. An unfortunate mistake when it's following a bit about customers not understanding pensions and Monzo providing lessons.



Pedantry aside, 0.35% - 0.45% platform fee is on the higher end, but not outrageous.

I'm sure they'll do well with it.

Exodi

dunstonh said:

Looks expensive at 0.63%  (0.45% platform fee and 0.18% fund fee).  However, the charging is in line with robo offerings.   

It's 0.35% if you are Perks member which I believe costs £7 p/m (https://monzo.com/current-account/plans).

So if your pot is worth over £84k then the 'Perks' upgrade pays for itself (and you get a free weekly Greggs treat and an annual railcard).

Still pricey though.

Albermarle

Exodi said:

I think there's a minor oopsy.

Traditionally people suggest changing the mix between equities and bonds in favour of bonds the closer you get to retirement (as bonds are generally less volatile).

But the graphic seems to suggest that the nearer retirement you get, the more loaded up on shares you should get. An unfortunate mistake when it's following a bit about customers not understanding pensions and Monzo providing lessons.



Pedantry aside, 0.35% - 0.45% platform fee is on the higher end, but not outrageous.

I'm sure they'll do well with it.

Bit of a clanger there !

This market seems pretty crowded, but I guess they have the advantge that they can market it to their large customer base.