I shouldn’t look – but I have.
My net worth is going down at the moment, since I ‘re-shuffled’ my portfolio to index trackers in my NISA, I have only seen my net worth and the NISA total drop for the past 3 months.
I should be grateful that I can continue to invest and must take the view – my next monthly buys will be at the cheaper price. Just keep looking long-term and in a few years time the indexes will have bounced back and all these units I am picking up at cheap prices will have grown.
My managed funds are still making a profit – even after charges – so the trackers are not looking good and I need to stop looking at the value erosion that’s going on at the moment.
The good news is that my pension transfer has happened, my old work pension has been moved to my personal pension. I have at least secured my transfer value.
I have noticed too, that there has been press coverage on this very subject and that the government want to change to rules so that companies cannot force people to close their pension when they have only worked for a company for < 2 years. They have realised that this will result in people losing out on fund growth.
If people didn’t take such big transfer fees out of the process it would help. In my case the value of the transfer was 30% less than the pot value! The actuary adjustment is a ridiculous value – where do they dream up these fees from?
Well, at least I have broken my ties with that fund and can only wonder what the pension will be like at my new company. Although I am not sure if they are following the rules – I thought that under auto-enrollment you had to join a pension from day 1? At my new job – I have to wait 3 months before I can join.
Off to do something else and stop looking at my net worth 🙂