In order to transfer an old permie pension I had to open a stakeholder.
The choice of funds is woeful but the process to move to a personal pension with the same provider seemed so tedious - their own advisor said they had to meet and spend time filling out forms just to tell me I'd be better off leaving it in the stakeholder due to fees. This ignores the poor returns offered by the limited funds on offer (how can some of their global equity funds barely beat cash in a bull market year like 2006 for example?)
Not only that, but not a single fund other than their cash one would hold up well in a inflationary bear market (no commodity-rich, emerging market, or absolute return funds).
A few minutes googling of SIPPs and Hargreaves Lansdown and their Vantage SIPP seems a no brainer. No need to speak to any IFAs with a hidden agenda.
The annual management fees seem no more than a stakeholder. What a joke the pensions industry is.
Now I can lose all my money trading commodity ETFs.
(anyone else read Hot Commodities by Jim Rogers?)
The choice of funds is woeful but the process to move to a personal pension with the same provider seemed so tedious - their own advisor said they had to meet and spend time filling out forms just to tell me I'd be better off leaving it in the stakeholder due to fees. This ignores the poor returns offered by the limited funds on offer (how can some of their global equity funds barely beat cash in a bull market year like 2006 for example?)
Not only that, but not a single fund other than their cash one would hold up well in a inflationary bear market (no commodity-rich, emerging market, or absolute return funds).
A few minutes googling of SIPPs and Hargreaves Lansdown and their Vantage SIPP seems a no brainer. No need to speak to any IFAs with a hidden agenda.
The annual management fees seem no more than a stakeholder. What a joke the pensions industry is.
Now I can lose all my money trading commodity ETFs.
(anyone else read Hot Commodities by Jim Rogers?)
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