SW (old) Work Pension plan

20122013

I have 4 funds on my SW pension plan:

1. Scottish Widows Global Equity CS8
2. Scottish Widows Pension Portfolio Two CS8
3. SW SSGA International Equity Index CS8
4. SW BlackRock ACS World ex UK Equity Tracker CS8

On my SW online account there was a £32.54 cash balance, when I queried it SW said that it was a fee and later supplied a spreadsheet which shows that each month the same fund name (Scottish Widows Global Equity CS8 (see below) shows approximately the same debit amount.

SWAC	Scottish Widows Pension Portfolio Two CS8	-£32.54

I would like to know is this the only fund out of my 4 funds which has a fee? what is this fee for?

As I have checked all the funds have management fees but not sure why this fund seems to be only one which charges a fee? Platform fee?

I am again thinking for switching out of SW but not sure what other platform's administration and customer service are like?

Albermarle

Normally investment fund fees are paid internally in the fund. So I presume this is a fee for managing the whole pension plan/platform fee. Maybe they just take it out of one fund for convenience.

I am again thinking for switching out of SW but not sure what other platform's administration and customer service are like?

SW has been underinvested over the years and their website/ IT systems were clunky. I think there has been some improvements recently.

I have a SW pension, that was originally Zurich and still operates separately from the main SW offering. My opinion of this operation is - Website a bit clunky but usable - interactions with customer service have been very slow. However very cheap fees, partly I presume as it is linked to a very large ex employer.

I am happy to keep it ticking over, but if I was to start withdrawing from it, I would probably move it first. Because when withdrawing you are more likely to have some direct contact, and I am not confident about their responsiveness.

20122013

https://forums.moneysavingexpert.com/discussion/comment/81977164#Comment_81977164

Great points, especially about having to make contacts when drawing down. On this spreadsheet it is showing the monthly fee is approx £32 for a £100K portfolio, is that still good? Strange as I have not noticed here is a cash balance on my account before.

dunstonh

I would like to know is this the only fund out of my 4 funds which has a fee? what is this fee for?

Scottish Widows take the annual management charge through sale of units to cover the charge. They do not take it within the fund.

Providers often have different ways on how they take it, but the largest fund is very common or the last in the first one out, or if there's a target weighting , then the fund that's highest above that target will be used.

I am again thinking for switching out of SW but not sure what other platform's administration and customer service are like?

It doesn't sound like you're on the Scottish Widows platform. It sounds like an insured personal pension. Insured personal pensions tend to be much more basic but for most people, that's fine.

20122013

https://forums.moneysavingexpert.com/discussion/comment/81977215#Comment_81977215

I see your point, I am not sure how to tell whether I am on the SW platform or not.

This is the link I use to login; https://personal.secure.scottishwidows.co.uk/policy/payments/

I have made a verbal and written request to have my contributions invested in one fund and for some reason they been split into my 4 funds. Before speaking to SW, I wonder how this can be rectified so I know what to expect.

dunstonh

I see your point, I am not sure how to tell whether I am on the SW platform or not.

The fact you have insured funds tells us that you're not on a platform. Plus, the link you gave is for the insured contracts, not their platform contracts.

20122013

Being basic should not be a problem for me, however, from previous experience, I have made a verbal and written request to have my contributions invested in one fund and for some reason they been split into my 4 funds. I wonder how this can be rectified so I know what to expect before speaking with SW?