IFA pension advisor

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A

Anaconda

Well-Known Member
Posts
4,800
Location
Thames Valley
Yes I know it's the general Land Rover section but no way is it going in "Anything goes".
Short story, I want to pay more into my pension, my pension provider won't allow it so I need to change. To do this I need to employ a IFA to sort it out.
Initial fee to look into this and come up with some options is £500.
To transfer the pensions, if viable, is 2.5% of pension pot and to manage from then on is 1% per year.
Is this normal behaviour for such things?
I don't feel confident that I could make the correct decisions myself to transfer my pensions.
Although I have checked the company and advisor via the FSA (or whatever its called) what else can I check?
Thanks in advance.
 
I think pensions are a minefield, Iirc there were one or two ifas on the disco3forum.

We saw ours recently, and for them to go through the pensions and offer advice on savings etc is going to be circa 1.5k, not cheap but I would rather pay and know now than curse myself in 10yrs time for being a tightwad.
If I do nothing at least I will hopefully know what to do.
 
V8bob said:
If you are quite happy with your current pension and how much it will give you, for what you pay in, then why not set up a separate 2nd pension?
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Not really, I guess it depends on costs involved. In my mind it would be better to contribute more to a sum of money rather than starting again for 10 years.
The £500 initial fee I don't really have a problem getting my head round paying, less than Defender insurance, the transfer fee and ongoing fee I have to question. Although with a litte research it doesn't seem abnormal.
 
lynall said:
I think pensions are a minefield, Iirc there were one or two ifas on the disco3forum.

We saw ours recently, and for them to go through the pensions and offer advice on savings etc is going to be circa 1.5k, not cheap but I would rather pay and know now than curse myself in 10yrs time for being a tightwad.
If I do nothing at least I will hopefully know what to do.
Click to expand...
To me they are incredibly complicated and something I think might be a good idea may cost me badly.
Until I paid the mortgage off I couldn't really pay in enough but now I have some money spare I have found I can't pay in more. Something to do with the original company being bought out.
Who would have thought being in your 50s is emotionally harder than being a teenager!
 
Anaconda said:
To me they are incredibly complicated and something I think might be a good idea may cost me badly.
Until I paid the mortgage off I couldn't really pay in enough but now I have some money spare I have found I can't pay in more. Something to do with the original company being bought out.
Who would have thought being in your 50s is emotionally harder than being a teenager!
Click to expand...
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I have my doubts being mid 50s is even worth adding/starting to any pension.
Recently changed job and decided I am not starting another pension at 56.
I think existing ones means I will be able to retire early and keep afloat until state pension kicks in.
 
lynall said:
I have my doubts being mid 50s is even worth adding/starting to any pension.
Recently changed job and decided I am not starting another pension at 56.
I think existing ones means I will be able to retire early and keep afloat until state pension kicks in.
Click to expand...
I always have a nagging doubt that any advice is really in my interest and more likely any extra money just goes in additional fees. The fact the advisor has a new car and a big house goes some way towards confirming my fears!
 
Anaconda said:
I always have a nagging doubt that any advice is really in my interest and more likely any extra money just goes in additional fees. The fact the advisor has a new car and a big house goes some way towards confirming my fears!
Click to expand...
Many moons ago we went to see an ifa for our first mortgage, he was a huge round man called Alan Middleton Stewart, and I really liked the bloke gave good advice, and yes he had a large house in a lot of ground with a very nice car!
The co he worked for then sold out to another and so on a few more times over the years, and now they are well known in financial circles for charging high fees.

What they need to teach at school is, 1 start a pension asap, 2 keep paying into it no matter how small an amount you can afford as time is more important than the amount you pay in, of course the more you pay the better off you will be, but time is the main consideration.

I do think once you are past a certain age the thing to do, is is do not waste any more time and money on a pension, what you have is what you have.
 
lynall said:
I have my doubts being mid 50s is even worth adding/starting to any pension.
Recently changed job and decided I am not starting another pension at 56.
I think existing ones means I will be able to retire early and keep afloat until state pension kicks in.
Click to expand...
Good luck waiting for the state pension to kick in. Frankly the way our governments extend retirement age you're quicker to buy an asset and sell later. The reason for pensions being a minefield was the advertising for consolidation. An independent financial advisor, would find commonality of the providers to try and merge it. Most pension scheme for companies are linked to a small provider that's supported by a large insurance company to another major company Ponzi's in old monies but has a nice coloured bow.
When I was in the RAF early eighties they introduced a pension package. As I kept my leaving documents with good advice from Gold Rover here I claim I enquired and now have a veteran pension. Mid 2000s the company I worked for DHL offered me a pension scheme on a two tier for under forty or over forties. Over forty being I, would mean I pay greater into the pot creating a smaller wage to gain later like a newbie starting at 18. Turn out no benefit either way. Today I work for Royal Mail as an agent and pay for a pension scheme the government introduced to companies to catch all. I now have three types military company and await state pension.
I see daily when in work canteen, a death wall of former workers of various age with long careers in Royal Mail. They are an expensive example for what long term pension worth. I decided to take semi retirement at sixty with my service pension not great but as a bachelor livable. With several years of parts time working or whether to say stuff it because of the wall of death or going Gaga. A pension scheme is only valuable if you know what the result is at the end of work ability.
IMG_20250508_114450_1~2.jpg
 
saxavordian said:
Good luck waiting for the state pension to kick in. Frankly the way our governments extend retirement age you're quicker to buy an asset and sell later. The reason for pensions being a minefield was the advertising for consolidation. An independent financial advisor, would find commonality of the providers to try and merge it. Most pension scheme for companies are linked to a small provider that's supported by a large insurance company to another major company Ponzi's in old monies but has a nice coloured bow.
When I was in the RAF early eighties they introduced a pension package. As I kept my leaving documents with good advice from Gold Rover here I claim I enquired and now have a veteran pension. Mid 2000s the company I worked for DHL offered me a pension scheme on a two tier for under forty or over forties. Over forty being I, would mean I pay greater into the pot creating a smaller wage to gain later like a newbie starting at 18. Turn out no benefit either way. Today I work for Royal Mail as an agent and pay for a pension scheme the government introduced to companies to catch all. I now have three types military company and await state pension.
I see daily when in work canteen, a death wall of former workers of various age with long careers in Royal Mail. They are an expensive example for what long term pension worth. I decided to take semi retirement at sixty with my service pension not great but as a bachelor livable. With several years of parts time working or whether to say stuff it because of the wall of death or going Gaga. A pension scheme is only valuable if you know what the result is at the end of work ability.
View attachment 341132
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I think we will be okay, two adults both with two pensions, plus one house possibly two to rent out, of course if she leaves me that will all change!
 
lynall said:
Many moons ago we went to see an ifa for our first mortgage, he was a huge round man called Alan Middleton Stewart, and I really liked the bloke gave good advice, and yes he had a large house in a lot of ground with a very nice car!
The co he worked for then sold out to another and so on a few more times over the years, and now they are well known in financial circles for charging high fees.

What they need to teach at school is, 1 start a pension asap, 2 keep paying into it no matter how small an amount you can afford as time is more important than the amount you pay in, of course the more you pay the better off you will be, but time is the main consideration.

I do think once you are past a certain age the thing to do, is is do not waste any more time and money on a pension, what you have is what you have.
Click to expand...
The bloke seems nice enough and easy to get on with and I'm sure his advice will be sound.
I am in two minds whether to just put the additional money aside, ISAs for example, or into a transfered pension.
I have a feeling he is used to clients with more money than me.
Be great if I had a dying date so I can plan accordingly!
Think I'm going to pay the £500 and listen to his advice and see what's what. Might not take it but will atleast listen.
 
Anaconda said:
The bloke seems nice enough and easy to get on with and I'm sure his advice will be sound.
I am in two minds whether to just put the additional money aside, ISAs for example, or into a transfered pension.
I have a feeling he is used to clients with more money than me.
Be great if I had a dying date so I can plan accordingly!
Think I'm going to pay the £500 and listen to his advice and see what's what. Might not take it but will atleast listen.
Click to expand...
I don't know if any of this is relevant to you but I've used it for good pensions advice in the past. Might be worth looking or asking the question on there before parting with £500 (if u haven't already)
 
Anaconda said:
The bloke seems nice enough and easy to get on with and I'm sure his advice will be sound.
I am in two minds whether to just put the additional money aside, ISAs for example, or into a transfered pension.
I have a feeling he is used to clients with more money than me.
Be great if I had a dying date so I can plan accordingly!
Think I'm going to pay the £500 and listen to his advice and see what's what. Might not take it but will atleast listen.
Click to expand...
Premium bonds are okay, safer than betting as you can always get your initial sum back, though you have to remember cash devalues 50 percent every 10 years, well it is still worth the same but buys 50 precent less stuff, plus you might just win something.
 
lynall said:
Premium bonds are okay, safer than betting as you can always get your initial sum back, though you have to remember cash devalues 50 percent every 10 years, well it is still worth the same but buys 50 precent less stuff, plus you might just win something.
Click to expand...
I do have some of them and it recent years they have worked out in comparison to savings accounts available. Brings a moment of joy each month when you win something.
 
Anaconda said:
I do have some of them and it recent years they have worked out in comparison to savings accounts available. Brings a moment of joy each month when you win something.
Click to expand...
I think they were great in the past before credit card got it feet under the table. Or post office savings or Halifax and similar. But with the interest rates effectively zilch for savers. You think a few years savings will have to be 10 or 15 years in similar status of the high interest rate we had in the past. Considering value of wealth today not a lot of people can afford save that long. With credit card boom and today instant cash why save.
 
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