Trapped in Employers Pension?

24

Comments

  • Skyhigh
    Skyhigh Posts: 332 Forumite
    HappyHarry wrote: »
    The fees and charges should be absolutely clear.

    After Googling for various documents and digging through them for about an hour, it's 1.12%. It would be nice if it was simply on the "dashboard" they supply - where there's not even a listing of charges (although they'll happily show me what is being put in) :-/
    HappyHarry wrote: »
    The performance is due to the funds you are invested in, not the pension plan itself. Most....
    It would appear it's a very "safe" fund that's been chosen by the business with very very little risk, so it's achieved an average of about 5% (and went down the first 1.5 years - it's only this last year that's dragged it back up).

    As you said, it's down to the fund chosen.

    Hence looking at a SIPP for greater control and diversity as I'm not (personally) happy with the spread.

    HappyHarry wrote: »
    You should be able to choose to invest in a range of different funds within the plan, though some will charge more than the defaults.

    The fee's are a bit silly from SL when compared to other providers - it's £372 per year in fees to be able to invest in other funds/stocks.
    (that said, apparently it's a "GFRIP" with SL, not a SIPP)


    Thank you for the comments
  • Skyhigh
    Skyhigh Posts: 332 Forumite
    Thrugelmir wrote: »
    Then presumably you'd be happy to make a contribution to pay for having a bespoke service?

    Yes as it would save me time, remove uncertainty and mean I wouldn't have to wait until the end of the tax year to do a SA and claim the relief.

    I'm a firm believer in paying for a service that saves time and simplifies things - as long as it's reasonable.
  • xylophone
    xylophone Posts: 44,341 Forumite
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    mean I wouldn't have to wait until the end of the tax year to do a SA and claim the relief.

    You are a higher rate tax payer? Have you contacted HMRC re an adjustment to your tax code?

    https://www.gov.uk/personal-tax-account
  • atush
    atush Posts: 18,726 Forumite
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    Think before you get personal please as you're not aware of others circumstances.

    We arent mind readers. You want us to take into account personal circumstance? Then put it in your OP.

    As a side note, sorry about your child's health. That is very hard for a parent. but shouldnt make you feel angry about being 'forced' to have an auto enrollment pension. If anything, it should make you feel you need to think about your old age and be glad at least now your employer is forced to help you.
  • Bazofts_Revenge
    Bazofts_Revenge Posts: 299 Forumite
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    The Workplace pension I have is run through Standard Life. I dumped the default funds straightaway and for the first 6 months split it 50/50 with Vanguard FTSE Developed Europe - uk and Vanguard FTSE Developed World - UK. Once they introduced Woodfords fund I split contributions 33% Europe, 33% World & 34% Woodford as it had a bit to catch up. The last year has seen growth of 27%, 21% and 13% respectively. Above the investment summary graph is a button saying 'switch funds' You just use that to select alternatives.
    Solar PV cost £5760 (15/03/13)
    FIT inc + Electricity saved £3746 (65% Paid back) Tax free
    Last update 30/09/17
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Bazofts_Revenge wrote: »
    The last year has seen growth of 27%, 21% and 13% respectively.

    Adjust for the currency exchange movement in the period and the results aren't so spectacular though.
  • Bazofts_Revenge
    Bazofts_Revenge Posts: 299 Forumite
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    Thrugelmir wrote: »
    Adjust for the currency exchange movement in the period and the results aren't so spectacular though.

    Oh I know but a gain these days no matter what is good in 5 years World has done 103% and Europe 95%

    I was gambling on the currency exchange tbh but more on the hope on getting europe cheap and them having a recovery not on the basis of a crash in the pound.

    I am in the scheme to get my employers 3% the scheme itself is only about 1% of my wealth so happy to experiment. My main aim in posting was to show the OP that I can swap funds on Standard Life and I would expect he can too it is just not that obvious.
    Solar PV cost £5760 (15/03/13)
    FIT inc + Electricity saved £3746 (65% Paid back) Tax free
    Last update 30/09/17
  • Skyhigh
    Skyhigh Posts: 332 Forumite
    Bazofts_Revenge wrote: »
    The Workplace pension I have is run through Standard Life. I dumped the default funds...... Above the investment summary graph is a button saying 'switch funds' You just use that to select alternatives.

    Interesting changes.

    I have seen the 'switch funds' option, but one of the documents I'd been directed to stated about level 2 & 3 investments (i.e. level 1 is 'auto invest', 2 is some choice over funds, 3 is stocks and open trading) where there's £££'s charges to do this.

    That said, upon reviewing other documents, it says no charges for switching funds within their range of allowed funds - so I'll likely review and see if I can switch as I'm open to more risk.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Skyhigh wrote: »
    I don't even expect there to be a State Pension when I get to retirement age in 30-40 years.

    State pension provision is a core principle of society. That almost without exception everybody subscribes to. That isn't to say that for a better quality of retirement that the onus is on people themselves to make their own provision. Look upon the state pension as a safety net. Nothing more.
  • Skyhigh
    Skyhigh Posts: 332 Forumite
    Thrugelmir wrote: »
    State pension provision is a core principle of society. That almost without exception everybody subscribes to. That isn't to say that for a better quality of retirement that the onus is on people themselves to make their own provision. Look upon the state pension as a safety net. Nothing more.

    Yes and I agree, but I'm working on the assumption that the net might not be there when I retire. If it is, that's a bonus.
    (ageing population, glut of ageing baby boomers, more coming out than going in, longer life expectancy and thus healthcare costs jumping up, etc, etc, blah, negative outlook for 2057)
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