Net Worth – ouch !!

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 🙂


2 thoughts on “Net Worth – ouch !!

  1. Good to hear that your pension got transferred ok, one less thing to worry about. Nearly all of my funds/trackers are down, apart from the ones tracking gilts/bonds but these only make a small percentage of my overall portfolio. It’s tough looking at all the red numbers but it’s all long term so no need to panic.

    Might be worth you reading up about auto-enrolment, at least you will know if the 3 month wait is valid.

    Good luck in the new job.

  2. Thanks Weenie. It was a relief to see the transfer actually happen. I have also been contacted by the pension regulator about the rest of my pension from my old employer and they seem confident and reassured that I will receive a payment – I need to call the guy back and see how long it will be before I see any payment from the old employer so that I can tell then if nothing arrives so they can chase them again.

    The good thing – the market is going up so not so much red, as you say its tough looking at the numbers but it is a long term target.

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