My SIPP seems to be underperforming: what options are there?

Robin50

OK, thanks all for your interest and comments.  I'm sorry, I'd rather keep the name of the company out of it.  

As for the charges, it is really quite hard to be precise, because they are not made clear in the annual reports and seem to vary in nature - some are taken from the current account cash "float" (so easy to add up)  but others are (I think) included in the transactions that are ongoing.  However, I think the charges in the last couple of years have been exceptionally higher than previously, so yes, my quick guess at 4.5% was not a fair reflection of the average over the last 10 years which is probably around 1.5 - 2%

What's in there? Apart from 20% commercial property I can't say: it's just labelled "mixed" in the annual valuation summary.  In other words it's a cautious portfolio managed by them.
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This is a good moment for me to stop and rethink.  I am obviously out of my depth and I don't want to waste any more of your time when it's clear that I don't even know the right questions to ask.  Time for me to do a lot of homework and probably pose questions directly to the management company.

But I thank you all most warmly for your attention, and your comments have actually helped me in the sense of taking a cold bath!   If I ever formulate better questions, I'll come back.

MeteredOut

Robin50 said:

OK, thanks all for your interest and comments.  I'm sorry, I'd rather keep the name of the company out of it.  

As for the charges, it is really quite hard to be precise, because they are not made clear in the annual reports and seem to vary in nature - some are taken from the current account cash "float" (so easy to add up)  but others are (I think) included in the transactions that are ongoing.  However, I think the charges in the last couple of years have been exceptionally higher than previously, so yes, my quick guess at 4.5% was not a fair reflection of the average over the last 10 years which is probably around 1.5 - 2%

What's in there? Apart from 20% commercial property I can't say: it's just labelled "mixed" in the annual valuation summary.  In other words it's a cautious portfolio managed by them.
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This is a good moment for me to stop and rethink.  I am obviously out of my depth and I don't want to waste any more of your time when it's clear that I don't even know the right questions to ask.  Time for me to do a lot of homework and probably pose questions directly to the management company.

But I thank you all most warmly for your attention, and your comments have actually helped me in the sense of taking a cold bath!   If I ever formulate better questions, I'll come back.

I'm guessing SJP, or a similar variant.

dunstonh

As for the charges, it is really quite hard to be precise, because they are not made clear in the annual reports and seem to vary in nature - some are taken from the current account cash "float" (so easy to add up)  but others are (I think) included in the transactions that are ongoing.  However, I think the charges in the last couple of years have been exceptionally higher than previously, so yes, my quick guess at 4.5% was not a fair reflection of the average over the last 10 years which is probably around 1.5 - 2%

Charges are typically disclosed as follows:

Service charges:
platform/provider (typically around 0.1x to 0.4x%)
adviser (typically between 0.50% and 1.00%)

Investment charges
OCF (anything from 0.05%+)
TC (transaction charges - anything from -0.xx upwards - most people ignore this figure as its not explicit and largely synthetic and flawed).
IC (incidental charges or other - usually zero for most investors)

The annual cost and charges disclosure that shows the figures in monetary terms will convert that figure to a percentage but that is a flawed calculation and will not be accurate.   This is because charges are typically taken in stages over the year but the cost and charges disclosure, whilst showing the correct monetary amount, will then use that total over the year against a static valuation to work out a percentage.  This means it could be around +/- 0.2% either side of the actual charge.

If you are in an old fashioned pension plan (the types sold by some of the salesforces, such as SJP) then charges disclosures will differ.  Maybe only showing the total and a different breakdown.

Time for me to do a lot of homework and probably pose questions directly to the management company.

Just remember that the provider doesn't give advice.   The adviser gives advice.   If you have a provider and not an adviser, then the provider is not managing your pension funds.  Nobody is apart from you.     You or your adviser picks and updates the funds.  Not the provider.