Scottish Widows RMDC reduced AMC

[posted]

A bit late to the party when we're now moving away - although many will keep their fund invested, just because of the inertia of moving finances- RMDCP Trustees have only now negotiated a fee reduction in AMC.

A reduction of 0.04% across all Funds.

In the latest booklet they emailed out, on the final page, they give the example of the Blended Equity Fund currently having an AMC of 0.26% and would be reduced to 0.22%

A) It's not clear when this takes effect but I would presume immediately
B) Where can I find the AMC for each fund. It's not in the Key Information Document for the fund, which seems very odd that it wouldn't.

I've found the following Guide to Fund Charges document from June 2024 but the small print states that the Total Expense Charge is made up of the AMC and the Fund Based Charge https://adviser.scottishwidows.co.uk/as ... 0867sw.pdf

[RobertT]

I don't think the AMC is mentioned specifically in any of the online documents relating to the RMDCP or RMPP AVC's(Bonusplan & Flexiplan), which are both managed by Scottish Widows. Which I too think is strange.
So you might have to contact with them for that info.

Although you may be able to find out the charges for the specific funds you already invest in, via the documents section of the money4life website.

I have money in two funds in my RMPP Flexiplan account via Scottish Widows. One of which has a 'charges document' dated June 2024 with separate AMC and fund based figures included.
But nothing for the other fund.

You also have to bear in mind that fund based charges in particular aren't fixed and can vary.

[posted]

been having a look at other option as to where I should move my Scottish widows pot.

Originally I did consider moving it to Nest as they have lower AMC.

Have checked a few others since and I think Interactive Investor is best as they charge a flat £156 (£12.99/month) fee.
So that's a substantial saving straight away.

Fund charges (for the shariah compliant funds I'm looking at) are marginally on the higher side.

They currently have a cashback offer on too if you open by 30th Sept.
https://media-prod.ii.co.uk/s3fs-public ... sept24.pdf

[TopperGas]

I can't understand why RM don't just allow the fund to be transferred to the new scheme, I don't really want two separate RM pension pots, along with others from past employers.

[RobertT]

I can't understand why RM don't just allow the fund to be transferred to the new scheme, I don't really want two separate RM pension pots, along with others from past employers.

If your other pots are DC pensions, transferring them all into one shouldn't be a problem.

I think I read somewhere, the RMCPP trustees didn't want to complicate things by allowing transfers in initially with it being a completely new scheme, but it'll probably be an option in the future.

Plus the RMDCP and the RMCPP are obviously completely different types of scheme, so how much pension your transferred in money would provide would have to be considered.

I think the question is more a case of whether it's actually advisable to transfer in to the RMCPP. Which will come down to when you want to retire and how flexible you want your pension income to be.