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evestor Pension Review

as of 26/03/2021 at 1:27 pm

Our View

evestor is for DIY investors who don’t need advice – customers have a relatively easy digital journey which will allocate them into one of three ‘ready made’ investment portfolios for pensions. Costs are relatively low and you can get going from just £1. It is not the most obvious choice for pensions once in retirement but a low-cost option for those saving up.

Our Pension Rating

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We score each provider on about 20 different criteria including cost, service, website, functionality, customer feedback and our experience of the service. All overseen by our PhD gonk!

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Recommended For

Beginner Investor

In a nutshell

Low cost

Good on mobile

Simple investment choice

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You Say

Your overall rating

How Your Ratings Work

Don’t want to take our word for it? We ask existing customers and investors to rate their experience with the company – based on value for money, overall service and the website. We need at least 20 customer reviews before we add anyone to our Best Buys list.

Based on 9 reviews

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Not the provider you wanted to review? Please contact us at bestbuys@boringmoney.co.uk if you would like to propose an ISA or pension provider for us to add.


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We love customer reviews because it’s the only way we can check the user experience across a meaningful sample of independent people. We collect all of your reviews and use them to calculate the overall “You Say” score for each provider. We also use this customer rating in our analysis, to make sure we’re not rewarding companies which look good online but fail to deliver in practice. Finally we use the aggregated data in our research and consultancy with providers, so we can tell them what customers love or hate and help them to improve.

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What to Expect

  1. Best Buy 2021

Investment Choice

Products

Stocks and Shares ISA

Investment Account

Pension

Investments available

Investment help

Robo advice / ready-made portfolios

Drawdown

evestor do not currently offer drawdown services, so those looking to access their pension in the near future would need to transfer it to a different provider.

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The 'Geeky' Details

Provider details

evestor is a simple robo-adviser that offers a selection of three risk portfolios; low, medium and high. You’re not able to pick and choose your own funds and company shares – it’s all managed for you.

Charges are very cheap at 0.49% per year, including management and investments. And you can invest from as little as £1.

The website and app are also a bit more novice-friendly than most, so more suitable for the less experienced (and those that want someone else to do the leg work for them). If you’re interested in low cost advice, it might be worth having a look at their sister firm OpenMoney.

 

 

 

 

Important Facts & Figures

Provider Size:

New robo-adviser
Minimum amounts: £1 minimum investment

Your Questions

"Hello! I'm looking to start investing and after lots of research I'm torn between Evestor and Vanguard Lifestrategy as they both have low fees and passive investing. I understand Vanguard is more established with a traditional platform, while Evestor is newer to the market with a simple easy to use platform. The entry requirements are much higher for Vanguard (£500 upfront and £100/month) while Evestor starts at £1. Is there any benefit of stretching my investment to use the Vanguard fund? Also do you know with Vanguard if I miss a monthly payment, will I be charged? I know this is possible with Evestor to stop a direct debit, however I'm not sure what the consequences (if any) would be of missing a payment with Vanguard. Many thanks, Charlie"

Charlie, UK

30/07/2019

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Your question

Hello! I'm looking to start investing and after lots of research I'm torn between Evestor and Vanguard Lifestrategy as they both have low fees and passive investing. I understand Vanguard is more established with a traditional platform, while Evestor is newer to the market with a simple easy to use platform. The entry requirements are much higher for Vanguard (£500 upfront and £100/month) while Evestor starts at £1. Is there any benefit of stretching my investment to use the Vanguard fund? Also do you know with Vanguard if I miss a monthly payment, will I be charged? I know this is possible with Evestor to stop a direct debit, however I'm not sure what the consequences (if any) would be of missing a payment with Vanguard. Many thanks, Charlie

Charlie, UK

30/07/2019

Michael Akinwotu says

Hi Charlie,

As a start, you are right about both these providers offering low cost, passive investing options.

Both will cost you around 50p per year for every £100 invested, and there are not many cheaper options for a diversified investment solution.

Investing Comfortably

I think the key question is what you can afford to invest and what amount will be comfortable for you on a monthly basis.

Regular investing is a great way to start, as it allows you to invest smaller amounts and by setting up a direct debit it makes it a habit – similar to setting up a standing order into a savings account.

Making investing a habit is an effective way to build up a decent pot over the long term.

Investing is not like a savings account

Unlike a savings account where you may decide to put cash away to use for a holiday next year - with investing you want to stick with it over the longer term (at least 5 years) due to the effect of compounding, and some of the potential dips you could experience along the way.

Affordable investing

Because of this, it’s important that you are investing an amount you can afford.

So if that is less than £100 per month, I would say go with Evestor instead of Vanguard.

If you can comfortably afford £100 per month, then Vanguard is a great option (and for full disclosure, around half of my portfolio is invested in a Vanguard LifeStrategy fund.)

Direct debits

Regarding stopping direct debits, both providers allow you to stop a direct debit at any time, but you will likely need to give around 7-10 working days notice so they can stop the payment in time.

For missing payments, Vanguard also won’t charge you.

However you could be charged by your bank account if the direct debit is active and it bounces.

If you think this could be possible in the future, then I’d consider Evestor’s other brand OpenMoney.

They will ask you a few questions to understand your financial circumstances, and to understand if investing is suitable for you.

If they decide that investing is indeed for you, they will recommend a portfolio which matches your attitude to risk, as well as your investing goals.

 

Hope this helps,

Michael

 

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.