FSB Pensions

[Hubert B]

FSB are offering the Smart pension to their members at a 0.5% annual management charge instead of the usual 0.75% charge. Does anyone know if there is a catch with this or how to evaluate if this is as good as it seems?

 

[UK Contractor Accountant]

Thats for an Auto Enrollment workplace pension. Free to employer and .5% to employee.

 

[billmccallum1957]

Nest offer is 1.8% of contribution and AMC of 3%.

 

[UK Contractor Accountant]

https://www.fsbpensionservices.co.uk/services-setup/

 

[pentel]

Nest offer is 1.8% of contribution and AMC of 3%.

1.8% initial charge plus 0.3% AMC. which is actually less overall very quickly than 0.5% AMC ongoing

 

[billmccallum1957]

1.8% initial charge plus 0.3% AMC. which is actually less overall very quickly than 0.5% AMC ongoing

That's why we went for NEST.

 

[pentel]

Us too, and they have performed well too.

 

[patientlady]

It depends whether you want to set up the scheme for free and you and your employees pay for the scheme through the contributions and you don't mind the fact that the scheme is run and set up by Tata - then its NEST for you. If you are in this for long term the FSB scheme as I see it has a one off set up fee, with a higher return, perhaps because you/your employees do not pay anything from there contributions for years ahead. p/l

 

[pentel]

Unfortunately in my experience there is no such thing as long term planning with pensions, the rules change very regularly with each government of the day doing their own thing.

My interpretation is that once my money is in there then getting ANY out is at the whim of our overlords... Very cynical I know, but I am never disappointed!