Release pension cash

DAVEJHALL wrote: »

Thanks for the reply Linton.
I should have been clearer; the DB pension is provided by my current employer and I hope to retire with it in 10yrs time......It isn't going to be touched before that. Unless I pay some AVCs into it, which is a different question.

Does anyone have thoughts on a "3% of pension pot" fee for an IFA?
Works out around £7k in my case... sounds a lot of money ... Although I understand the responsibility they take on and it's probably a similar fee to buy/sell a house ...

You said one of the 4 "frozen" pensions is final salary as well as your current one. FS=DB.

7K is an enormous amount, shop around, speak to other IFAs to get an idea what they will charge.

You should be paying for the actual work done

I struggle with how a percentage fee can be charged post RDR. I know firms and individuals do but it flies in the face of the RDR to me. Surely a straightforward fee for the work involved?

Would you accept a plumber charging £30 to replace a tap washer if you lived in a one up one down terrace but £1500 if you lived in a 6 bedroom detached?

I know it's not quite that simple but it's also not that far off.

Shop around!

Rymo wrote: »

7K is an enormous amount, shop around, speak to other IFAs to get an idea what they will charge.

Would agree on the charge being excessive and you should certainly ask a few other IFAs.

Would you accept a plumber charging £30 to replace a tap washer if you lived in a one up one down terrace but £1500 if you lived in a 6 bedroom detached?

With the same analogy - if you were the plumber who was liable for life for any damage done through botched work, would you rather take on that liability for the one up one down terrace, or the 6 bedroom detached?

Would you be content to charge the same for both jobs then?

Hi jem 16,

Whilst I see where you might be coming from I'm not aware of any liability cover that will protect you if you have carried out negligent or botched work.

If you botch a job or are negligent I think you are pretty much on your own no matter what protection (insurance etc) you may think you have.

This is taking us aside, my point was that the fees should represent fair value for the work carried out and not just a figure plucked from thin air. I thought this was part of the essence of the RDR.

I would advise anyone dealing with IFAs or other professionals / tradesmen for that matter to get several quotes or a personal recommendation from someone you trust.

Hi, I assume I'm being thicker than condensed milk, but, here goes...
Over the years I've managed to acquire the following pittances towards retirement:
1, A final salary scheme that's going to pay approx £1500 per annum
2, A company scheme that'll pay approx £600 per annum
3, A private pension with a current pot of £40k.
I'm 55 shortly and have several health issues ( nothing terminal, touch wood) and would like to get my sweaty paws on some of the above as a lump sum to treat my family and myself while I'm still fit and young enough to enjoy it. What are my options for freeing up some cash? And can I leave them separate ie leave the company ones in situ till I retire? Thanks.