L and G 100 previous investment query
Discussion
So this one might be interesting.
My "mother" (and yes there is a history) kindly invested £1000 x 2 for each of our kids in the Legal and General UK 100 index trust in 2014. I have a piece of paper telling me each investment had 561.48 number ofunits/shares priced at 1.7810. At the time I am sure we were told the money was in their name in some form of trust for when they are 18.
I have finally after a decade have bothered to look into this and work out what it actually is and how they are doing. Turns out this is all in her name and only she can see the fine details. She has talked me through a link to see todays price which is 325.10. However, her readout says there are 501 units only, so each sum is missing around 60 units. She didn't want to address this but I pushed the point and she has said that "they must use units for payment of the service and that must be what it is". I am not convinced. And to be honest I am not sure I care as none of this affects me and it wasn't even my money invested, but I am curious to find out from those in the know whether this is true or I am being bulls
tted.
Apparently when they are 18 we get to decide whether to transfer them into our kids names, or "if one of them has a drug problem or what have you then we just don't tell them about it"
She says there is no human element involved in looking after them and my paperwork says dealing charge £0. Any ideas?
My "mother" (and yes there is a history) kindly invested £1000 x 2 for each of our kids in the Legal and General UK 100 index trust in 2014. I have a piece of paper telling me each investment had 561.48 number ofunits/shares priced at 1.7810. At the time I am sure we were told the money was in their name in some form of trust for when they are 18.
I have finally after a decade have bothered to look into this and work out what it actually is and how they are doing. Turns out this is all in her name and only she can see the fine details. She has talked me through a link to see todays price which is 325.10. However, her readout says there are 501 units only, so each sum is missing around 60 units. She didn't want to address this but I pushed the point and she has said that "they must use units for payment of the service and that must be what it is". I am not convinced. And to be honest I am not sure I care as none of this affects me and it wasn't even my money invested, but I am curious to find out from those in the know whether this is true or I am being bulls
tted.Apparently when they are 18 we get to decide whether to transfer them into our kids names, or "if one of them has a drug problem or what have you then we just don't tell them about it"
She says there is no human element involved in looking after them and my paperwork says dealing charge £0. Any ideas?
So this is the investment:
https://markets.ft.com/data/funds/tearsheet/summar... and the per unit price is indeed 325.10 at present.
I'd expect 0 for dealing charge - they've sat there since purchase, no dealing done, no dealing charge.
Over 10 years, 60 units is an average of 6 units/year, at an average price (very roughly) of £2.50, so £30/year across the two sets of units.
You don't say which broker the units are held through, but that's not at all atypical as a fee for holding an investing account (see https://www.hl.co.uk/charges for an example at .45%/year), and yes they will sell investments to pay fees. I'd hope though that is stated in any statements she has received, if she's looked at/understood them.
edit:typo
https://markets.ft.com/data/funds/tearsheet/summar... and the per unit price is indeed 325.10 at present.
I'd expect 0 for dealing charge - they've sat there since purchase, no dealing done, no dealing charge.
Over 10 years, 60 units is an average of 6 units/year, at an average price (very roughly) of £2.50, so £30/year across the two sets of units.
You don't say which broker the units are held through, but that's not at all atypical as a fee for holding an investing account (see https://www.hl.co.uk/charges for an example at .45%/year), and yes they will sell investments to pay fees. I'd hope though that is stated in any statements she has received, if she's looked at/understood them.
edit:typo
Edited by xeny on Saturday 7th December 16:49
Gassing Station | Finance | Top of Page | What's New | My Stuff