SBI account setup - confirm allocation

[elmparkroyal]

Hi,

First, would just like to say thanks to Ben and everyone on here for all the incredibly helpful info. Managed to get my IDeCo setup relatively quickly and just waiting on my UK pension response (not so quick!).

Have a question about setting up my account on the SBI site.

My choices for fund allocation which I selected on the application are showing on my account. I believe I have to confirm these before my first payment goes in. Is it possible to change my fund selection at all? What with the current situation in the world I'm wondering if I should tweak some things.

Thanks

[KyushuWoozy]

I believe I have to confirm these before my first payment goes in.

Don't think so. I didn't allocate mine for months. Until then they were automatically allocated.

Is it possible to change my fund selection at all?

Yup, just takes a few clicks.

Hope this helps.

By the way, about the UK pension thing, I called up every few weeks and politely enquired about the progress. I got mine quicker than others I read about here. Not sure if calling helped or if I was just lucky.

[elmparkroyal]

Thanks, I'll have a look at it again. Are there fees for changing the fund allocation after the first payment goes in?

Yes, I have wondered about chasing them up on the phone. On the Government gateway site it's been stuck at received for weeks now. It also says I should receive a reply by the middle of Feb. Tbh though what with everything going on I understand my attempt to pay class 2 contributions is probably not exactly a high priority!

[Beaglehound]

Took about 4 months to get an answer for UK NICs for me, and yes, one would imagine it might take a bit longer given the current situation.

[KyushuWoozy]

Are there fees for changing the fund allocation after the first payment goes in?

No fees, tinker as much as you like, but I suspect in the long-term it won't make much difference, just try and put in as much as you can each month. The main point is that you got started, well done.

[stevendorrans]

Is it possible to change my fund selection at all? What with the current situation in the world I'm wondering if I should tweak some things.

I'm wondering what level of iDeCo you qualify for. Some people are only allowed to invest 12,000 yen a month. This is the same as a monthly membership at a sports club or what some people spend on alcohol on a Friday night. The point is, for iDeCo most people don't have so much to worry about particularly when you consider you get tax relief.