If you are reading the Chair’s IGC report for Abbey Life you are a rare beast
Over 7,000,000 people have joined workplace pensions as a result of auto-enrolment, only 10,150 souls remain in Abbey, Target and Hill Samuel workplace plans This time last year, they were part of Deutsche Bank, this time this year, they’re part of Phoenix Life. It would be easy to ignore this rump of policyholders.
But the £253m they collective own – are as important as £253m in NEST or any other modern new plan.
I am very pleased that they have been looked after for two years by Dr David Hare who, by happy coincidence, looks after the Phoenix IGC… which Abbey is about to join.
As a genuine enthusiast, David has taken his work with Abbey seriously. But for all his efforts, the funds continue to under deliver as a result of sub-optimal investment management and high charges (and hidden charges further strangling performance – no doubt).
I very much doubt Dr Hare got much of a budget for his efforts. The report looks a little less scruffy than last year’s but it has a slightly elegiac tone.
No one gets left behind, but with exit penalties reducing to a maximum of 1% from April 2017, some of the lost souls in these workplace pensions might start looking for a piggy back from another scheme!
For it’s tone I give this report a green. For it’s effectiveness i give it an orange. For its work on value for money I give it an orange.