I do not have a big gripe with the fund choices for the A and B accounts. They have to be conservative as it's more about capital protection than it is about capital appreciation.
What I do have a major problem with is both the timing of switches, and the lack of transparency that the process has. I have lost thousands of dollars during switches because of the timing of the currency exchange or the day of sale/buy differential. I just had another one that I am currently investigating. They gave me the closing price for the fund on the day before the order was made!!!
If that is in fact the way that some fund switches can occur then I will start gaming the market. All I would need to do is watch the Asian market afternoon performance and then place an order to switch cash to an equity fund prior to 7am UK time in order to get a nice pop. Do that 3-4 times a year switching between equities and cash on those days that there is a 5% jump in Asia and one would stand to increase returns significantly during the course of a full year.
Typhoonpilot