All correct - but I think it understates the costs!
The disclosed fees of the underlying funds are often much higher than 1.8%, more like 2.5%. Advisers tend to promote higher cost funds, presumably because they get a kick-back from the fund manager.
On top of that the funds are allowed to pay some costs (e.g. audit fees) that are not disclosed. The general consensus is that these add a further 0.5%.
Also, if you have a regular savings plan you are often encouraged to pay from your credit card account. The plan provider will normally charge an additional 1% for this.
Finally, just be clear about the first 18 months, the advisers and the prompters go out of their way to obscure and complicate what is happening, but it is really quite simple. The whole of your contributions for the first 18 months is paid to the adviser, upfront, as commission.
So if you buy a plan saving $1,000 a month for 25 years the value of that plan after 19 months is $1,000. You will get a statement telling you that it is $19,000, but the encashment value, which is the real value, will be just $1,000.
You get the $18,000 added back into your investment pot if you hold the plan to maturity. Approximately 5% of 25 year plans are held to maturity.