What pension fund do you reccomend?
Discussion
I need to start a new pension plan and start contributing each month and would appreciate some recommendations as to where to go?
Royal London or Aviva?
Or any other ideas?
I have a SIPP with Hargreaves Lansdowne but this was just consolidating some old work pensions I had paid into over the years. Being as i chose to stick half of that into Woodford I don't think I'm the best person to be managing my pension going forward so my plan is to leave the SIPP sitting as it is and start paying a grand a month into a new pension.
For context I'm 44 years old and a higher rate tax payer.
Advice would be much appreciated.
Royal London or Aviva?
Or any other ideas?
I have a SIPP with Hargreaves Lansdowne but this was just consolidating some old work pensions I had paid into over the years. Being as i chose to stick half of that into Woodford I don't think I'm the best person to be managing my pension going forward so my plan is to leave the SIPP sitting as it is and start paying a grand a month into a new pension.
For context I'm 44 years old and a higher rate tax payer.
Advice would be much appreciated.
wizzard67 said:
Budflicker said:
I did take a look at the website and this bit rules it out for me
The minimum investment criteria is £100,000
IIRC, the minimum investment criteria is waived for PH'ersThe minimum investment criteria is £100,000
JulianPH said:
Yes. There is no minimum for PH'ers. Post on the thread for the code that removes this (and also removes the initial charge).
It is generally assumed all PH'ers either have £100k already, or will do shortly. 
For what it is worth I like the Aviva set up. Wide enough choice of funds, easy to use website, reasonable charges. Once you get to £100k then maybe it is worth looking at a more specialist adviser, but not sure I see the point up then.
Edited by Condi on Thursday 21st November 22:48
Condi said:
JulianPH said:
Yes. There is no minimum for PH'ers. Post on the thread for the code that removes this (and also removes the initial charge).
It is generally assumed all PH'ers either have £100k already, or will do shortly. For what it is worth I like the Aviva set up. Wide enough choice of funds, easy to use website, reasonable charges. Once you get to £100k then maybe it is worth looking at a more specialist adviser, but not sure I see the point up then.
Edited by Condi on Thursday 21st November 22:48
My DC pension is with Royal London in one of their "governed" portfolios. Ive mentioned it on here previously but one of the main drivers is that it is extremely cheap! My pot is a decent size so the base fee is discounted by the maximum amount so the fee is 35bps. However as they are a mutual, there is a profit share each quarter that is in effect a rebate, which brings the charges down to <20bps.
I have a feeling though that you need an IFA to access Royal London. I used one (indeed they were his recommendation one we discussed that the pension would stay invested for a long time for IHT planning reasons) who charged a small one off fee - approx £500.
I have a feeling though that you need an IFA to access Royal London. I used one (indeed they were his recommendation one we discussed that the pension would stay invested for a long time for IHT planning reasons) who charged a small one off fee - approx £500.
Jockman said:
Condi said:
JulianPH said:
Yes. There is no minimum for PH'ers. Post on the thread for the code that removes this (and also removes the initial charge).
It is generally assumed all PH'ers either have £100k already, or will do shortly. For what it is worth I like the Aviva set up. Wide enough choice of funds, easy to use website, reasonable charges. Once you get to £100k then maybe it is worth looking at a more specialist adviser, but not sure I see the point up then.
That said, I'd definitely recommend a chat on the IM thread!
My work pension scheme is with Aviva. A mixed fund that charges 0.62%. I learnt on Thursday that they have an internal team for manging transfers in for other funds and that they charge nothing for this service. I noted that the annualised return for the past 5 years was nearly 9% for this fund, the default fund that we go into.
What I also learnt from my chat was that for sacrificing £100 of salary I was giving up £58 of money in my back pocket for £116 in my pension. Exactly double!
What I also learnt from my chat was that for sacrificing £100 of salary I was giving up £58 of money in my back pocket for £116 in my pension. Exactly double!
Budflicker said:
I need to start a new pension plan and start contributing each month and would appreciate some recommendations as to where to go?
Royal London or Aviva?
Or any other ideas?
I have a SIPP with Hargreaves Lansdowne but this was just consolidating some old work pensions I had paid into over the years.
Being as i chose to stick half of that into Woodford I don't think I'm the best person to be managing my pension going forward so my plan is to leave the SIPP sitting as it is and start paying a grand a month into a new pension.
Why?Royal London or Aviva?
Or any other ideas?
I have a SIPP with Hargreaves Lansdowne but this was just consolidating some old work pensions I had paid into over the years.
Being as i chose to stick half of that into Woodford I don't think I'm the best person to be managing my pension going forward so my plan is to leave the SIPP sitting as it is and start paying a grand a month into a new pension.
If you have a SIPP why do you need to start a new one? Are there any particular reasons for thinking / wishing to do this? I'm not an advocate of HL (charges slightly too high) but I'd like to understand your thoughts on the matter.
I think you should consider and try to understand your own risk profile before looking at funds and other pension providers. There are a number of risk profile funds out there (multi-asset from) from mainstream providers, and they all tend to operate slightly differently, i.e. managing a constant asset allocation or a volatility, for example:
* Vanguard Life Strategy (equity percentage from 100%, 80%, 60%, 40%, 20%)
* HSBC Global Strategy (Adventurous, Dynamic, Balanced, Conservative, Cautious)
* BlackRock Consensus (100, 85, 70, 60, 35)
* BlackRock My Map (8, 7, 6 , 5, 4, 3, 2, 1); volatility targeted, only recently launched.
* L&G Multi-Index (7, 6, 5, 4, 3)
This site/article might help you better understand your own position/thoughts.....
https://monevator.com/passive-fund-of-funds-the-ri...
I also find the TrustNet charting tool useful:
https://www2.trustnet.com/Tools/Charting.aspx?type...
You cold use this and plot the range of funds for one of the providers and review how they all rise and fall with the economic conditions and assess how comfortable you might feel with the degrees of falls (volatility). The basic premise is that more bonds equals lower volatility.
Obviously, a lot of this very much depends on the amounts in question, and if we are talking very large sums (£250k +) then it may well make perfect sense to protect yourself from the unforeseen by holding pension monies on different providers/platforms.
Budflicker said:
For context I'm 44 years old and a higher rate tax payer.
Advice would be much appreciated.
1) Why aren't you contributing / increasing your contributions in to your current company scheme?Advice would be much appreciated.
2) Are you employed, self employed, director of a company?
3) If employed, does your company operate Salary Sacrifice (sometimes referred to as salary exchange)?
Edited by cloud_dog on Monday 25th November 12:44
Edited by cloud_dog on Monday 25th November 12:46
cloud_dog said:
I think you should consider and try to understand your own risk profile before looking at funds and other pension providers.
Spot on. Definitely worth considering the less positive market outcomes and ensuring you can still sleep at night while you wait for the markets to recover.cloud_dog said:
[
Obviously, a lot of this very much depends on the amounts in question, and if we are talking very large sums (£250k +) then it may well make perfect sense to protect yourself from the unforeseen by holding pension monies on different providers/platforms.
Please be kind enough to tell us how you can "protect yourself from the unforeseen by holding your money on different providers/platforms"...?Obviously, a lot of this very much depends on the amounts in question, and if we are talking very large sums (£250k +) then it may well make perfect sense to protect yourself from the unforeseen by holding pension monies on different providers/platforms.
Edited by cloud_dog on Monday 25th November 12:44
Edited by cloud_dog on Monday 25th November 12:46
JulianPH said:
Please be kind enough to tell us how you can "protect yourself from the unforeseen by holding your money on different providers/platforms"...?
I knew I should have qualified my statement. Hey ho. Form an administrative or IT, or even remotely a fraud related perspective it may make sense to mitigate that sort of risk as much as possible if we are talking large amounts of money, not from an investment risk / return perspective. cloud_dog said:
JulianPH said:
Please be kind enough to tell us how you can "protect yourself from the unforeseen by holding your money on different providers/platforms"...?
I knew I should have qualified my statement. Hey ho. Form an administrative or IT, or even remotely a fraud related perspective it may make sense to mitigate that sort of risk as much as possible if we are talking large amounts of money, not from an investment risk / return perspective. There are plenty of threads here whereby you can spout any opinion you like, but this is not one of them.
Perhaps you could also tell us of when last any client detriment was caused by any administrative or IT error, or a fraudulent activity, by any provider/platform? That would also be interesting to hear.
Otherwise, welcome to PistonHeads!
JulianPH said:
Do you mean you should have given a factually correct answer, rather than one that was misleading?
There are plenty of threads here whereby you can spout any opinion you like, but this is not one of them.
I'm glad you agree that clarity of information is very important. I've posted nothing misleading. You appear to have taken my comment to mean investment risk when I specifically stated "provider/platform", not investment. I posted to help the OP, nothing more nothing less.There are plenty of threads here whereby you can spout any opinion you like, but this is not one of them.
JulianPH said:
Perhaps you could also tell us of when last any client detriment was caused by any administrative or IT error, or a fraudulent activity, by any provider/platform? That would also be interesting to hear.
Certainly. Beaufort Securities and SVS spring to mind. Just to caveat, this is not an exhaustive list and I haven't spent time investigating how many were affected, to what degree, and for what period of time but people were affected.I'm unsure why I appear to have irked you but I'm really not interested in this stuff and it is distracting the thread for the OP.
cloud_dog said:
Budflicker said:
I'm self employed so there isn't an employers pension scheme.
Julian when I get a chance I am going to contact Nik.
Thank you to everyone who has given advice.
Self employed as in a sole trader or director of your company?Julian when I get a chance I am going to contact Nik.
Thank you to everyone who has given advice.
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