- May 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder: Simplifying the Complex World of Pension Fees
## Situation Overview
I (25M) currently have two pension pots valued at around 15k each. I am contributing approximately 21% of my salary towards my pension, with 11% coming from my employer and 10% from myself. One of my pensions is in an active 100% equity fund with a 2% fee, while the other is in an actively managed fund with Royal London, charging around 1.5% in fees.
## Concerns about High Fees
I am concerned that the high fees associated with these funds could potentially eat into my investment returns over time. I have no plans to change the amount of capital I contribute to my pension, and I intend to increase this contribution as my salary grows with age.
## Seeking Guidance for the Future
I am unsure about how to proceed with my pensions moving forward. Should I consider merging the two pensions, and if so, what costs might be associated with this decision? Additionally, should I explore increasing my pension contributions or transferring them into different assets, considering my current age and financial goals?
## How AI Legalese Decoder Can Help
The AI Legalese Decoder can assist by analyzing your pension funds and providing you with a breakdown of the fees associated with each option. It can then offer personalized recommendations on whether merging your pensions would be beneficial and suggest alternative asset allocation strategies to optimize your investment returns. With the AI Legalese Decoder’s expert insights, you can make informed decisions about your pension planning for the future.
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Yes the fees are massive. Transfer the one from the old job into a new SIPP with lower fees.
I’m guessing your current workplace won’t let you transfer out? In which case you need to crunch some figures. If you plan to stay there a long time the 2% will actually fully erode the employer contribution. You need to do some modelling to find the crossover point.
Hi /u/SmallCry561, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Are you sure the fees are accurate, or are they inflated because of the funds you have chosen?
For example RL would be c. 0.75% plus a royalty rebate each year. RL don’t have separate fund and platform fees.
I am intrigued who the 2% charge is with and what fund you have chosen?