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Thread: Old Mutual

  1. #1

    Old Mutual

    Hi All

    My IFA is suggesting I move my personal pension to Old Mutual because of issues we have been having with changing funds with Scottish Widows taking up to four days to be completed.
    The initial advice is it will be cheaper for me because I have other share Isa,s with OM and the charge by the IFA to do the change will br 500,does this sound ok ?

  2. #2
    You should ask for a breakdown of charges (including ongoing adviser charges) for both options so you can compare. There are cheaper platforms out there so you should ask why Old Mutual has been chosen over others. It!!!8217;s good the charge to switch is fixed. Do you pay an ongoing charge as well anyway? Will they not cover this work within that?

  3. #3
    I doubt the fund switching is the single reason for the IFA justifying a move. Scottish Widows' retirement account and their PPs, have a fairly limited fund range, where as Old Mutual have a wider range of funds.

    With your ISAs already being on Old Mutual, you will benefit from 'tiering' on the charges, plus the fact your pension and ISA will be on the same platform. As MH says its just worth asking your IFA to talk through the justification for choosing them.

  4. #4
    He is suggesting the switch given the time it!!!8217;s taking Scottish Widows to instigate selling and the switching of funds,also like as previously advised I will have in excess of 450k with OM.
    I am paying my IFA 0.25% on going charge already for limited advice

  5. #5
    Ok, on the face of it, that sounds fairly sensible, especially with 450k there.

    A 0.25% ongoing charge is pretty low, of course dependent on what it includes.


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