Monthly contributions

[JapaneseMike]

I've a Monex iDeCo and my company pension means i can only contribute 12000 a month.

I have this automatically 自払 from my bank account.

When the funds arrive in my iDeCo it seems the monthly fee (200 odd yen) is deducted before purchasing the selected funds. While this seems minor, given ive only 12000 to play with it actually hits 2.5% of my investment. Over the years that will add up.

Question - is there a way to pay for the maintenance fee separately from the monthly contributions.

Cheers
JM

[RetireJapan]

Hi Mike

That is an interesting question. I don't know of any way to do that...

Anyone else?

[JapaneseMike]

Do you have similar experience, or is it a bad configuration on my part?

[RetireJapan]

I think it is standard for fees to come out of the monthly contributions

[adamu]

I don't use Monex, but looking at their site I don't see anything that says the money is deducted from monthly payments. Unless this "お客様の資産管理にかかる費用です" means deducted from instalments - although I think it just means management fee.

https://info.monex.co.jp/ideco/commission/index.html

This link says the fee is 167 yen/mo, which goes towards paying the nenkin fund association and Monex's trust bank. It doesn't say where the money is taken from though.

https://info.monex.co.jp/ideco/flow/aft ... ation.html

This link has some info about how to make changes to your account, including changes related to monthly payments. Although that page doesn't say what changes you can make, it just says phone them and they'll send you a form.

Not sure if I'm helping here, although wanting to avoid a chunk of your allowance being swallowed by fees is an obvious enough desire that if they don't support that it must be a deliberate choice.

[JapaneseMike]

Thanks adam, i'll give them a call and see what happens, but i think you're right in that it's a deliberate aetup. Assume this is common across all ideco provides and is simply the rule of the system.