UK Private Pensions and why I am giving up
First we have vulture tax introduced by Gordon brown when he was the UK Chancellor of the Exchequer on taxing dividend income! Double taxation since withdrawals are taxed.
Second discover that the pension trustee charges 3.68% for what? Apart from a legal requirement to have a Trustee for each pension, what are the benefits to the plan holders.
Third the Stockbroker charges a minimum £20 about 1.5% so the fund must grow by 12% at the minimum for growth to result.
Fourth the UK Tax man has not defined the difference between Pension Contributions and the charges above. What a mess and no encouragement for anyone to takeout a Pension.
The alternative is much better! With UK Investment Trust Saving Schemes charging 0.1 to 0.3 percent per year in charges.
http://www.whatinvestment.co.uk/making-money/investment-funds/guides/811297/the-story-behind-investment-trust-saving-schemes.thtml
A good article on the best value for money that an ordinary investor can obtain and with a Global Fund Manager "Fidelity" offering schemes, it's a good sign that the product is worth offering. Merchants and Trading Houses formed groups that set up the first investment trusts and reach was set by where they traded in the world and therefore some had a global reach.
3 Quangos:
Financial Ombudsman Service
The Pensions Advisory Service
Pensions Ombudsman
1 Government Department
HMRC
And after 3 months no response, they need a good kick in the pants.
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