RetireJapan

I started my iDeCo with Monex just last month. They took 2 x 12,000yen payments for me at once for December and January.
When I checked the JIS&T website just now to see if the payments have hit my account yet, I see this screen:

https://ibb.co/x6zTtrV

My balance is already only 20,961yen despite paying in 24,000yen just the other day? That seems like a big loss (over 12%!) for such a short amount of time.

Just wondering if I am missing something, for example fees I didn't know about....

Thanks.

All iDeCo accounts have a government about 4,000 yen opening fee as well as a small monthly admin fee.

RetireJapan wrote: ↑Sat Feb 13, 2021 5:39 am All iDeCo accounts have a government about 4,000 yen opening fee as well as a small monthly admin fee.

I see. My bad for not knowing this. How much is the monthly admin fee, roughly?

Roger Van Zant wrote: ↑Sat Feb 13, 2021 5:55 am

RetireJapan wrote: ↑Sat Feb 13, 2021 5:39 am All iDeCo accounts have a government about 4,000 yen opening fee as well as a small monthly admin fee.

I see. My bad for not knowing this. How much is the monthly admin fee, roughly?

Hi Roger,

As Ben has mentioned before there are several fees.

In your very first contribution you will be discounted an fee of 2,777 yen charged by the National Pension Fund Association (国民年金基金連合会). This payment will be done only once. Then, in each of your monthly contribution you will be charged twice:

* National Pension Fund Association fee (again). The fee was 103 yens when back in 2018, but after have a look at what I have been charged lately seems to be higher currently, not much though, 105 yens (perhaps because VAT increment from 8% to 10%).

* Asset administrator fee (信託銀行). This is also a fix fee, that was of 64 yens back in 2018, but now it has become 66 yens.

Then, additionally your iDeCo provider can charge you another fee. SBI does not do it though.

Let me add up a couple of snapshots, one with the fees when I started iDeCo in 2018:



And this one with a fee history report that I have just generated through SBI iDeCo page. (the cool thing is that they support also English )



Hope it helps!

Thanks, very helpful!