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  • FIRST POST
    • Lily1
    • By Lily1 5th Oct 17, 7:08 PM
    • 170Posts
    • 61Thanks
    Lily1
    £10k fee to transfer!
    • #1
    • 5th Oct 17, 7:08 PM
    £10k fee to transfer! 5th Oct 17 at 7:08 PM
    Been to an advisor today. The company they use for transferring pension would charge max of £10k on an £800k pot. Nearly fell off my chair. Aim I naive?
Page 1
    • jimi_man
    • By jimi_man 5th Oct 17, 7:12 PM
    • 116 Posts
    • 109 Thanks
    jimi_man
    • #2
    • 5th Oct 17, 7:12 PM
    • #2
    • 5th Oct 17, 7:12 PM
    Well on the face of it, it seems a lot. However it only works out at 1.25%.

    Presumably any liability for the transfer rests with them, so the bigger the pot, the more the risk?
    • HappyHarry
    • By HappyHarry 5th Oct 17, 7:15 PM
    • 468 Posts
    • 720 Thanks
    HappyHarry
    • #3
    • 5th Oct 17, 7:15 PM
    • #3
    • 5th Oct 17, 7:15 PM
    Been to an advisor today. The company they use for transferring pension would charge max of £10k on an £800k pot. Nearly fell off my chair. Aim I naive?
    Originally posted by Lily1
    You can certainly find cheaper, but £10k is 1.25% so itís not extortionate given the level of risk the Adviser is taking on. It will also depend where in the country you are, business costs tend to be higher in the South East and London than elsewhere, and this can be reflected in the fee.

    Iím more concerned that you are seeing an Adviser who is passing over the business to another company. Why not go directly to an IFA who has the pension transfer permissions themselves, rather than having to pass your business on?
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
    • dunstonh
    • By dunstonh 5th Oct 17, 7:16 PM
    • 89,919 Posts
    • 56,592 Thanks
    dunstonh
    • #4
    • 5th Oct 17, 7:16 PM
    • #4
    • 5th Oct 17, 7:16 PM
    I had a job quoted where there was over £20,000 difference between the three quotes I got. Financial services is no different to other business areas. You get cheap, medium, expensive and greedy.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Lily1
    • By Lily1 5th Oct 17, 7:29 PM
    • 170 Posts
    • 61 Thanks
    Lily1
    • #5
    • 5th Oct 17, 7:29 PM
    • #5
    • 5th Oct 17, 7:29 PM
    In the midlands so expensive costs. We did ask if it could be done by this company, only once we were in the appointment did we learn that they use a third party Living colour, though cannot find details of them so far.
    • tacpot12
    • By tacpot12 5th Oct 17, 8:05 PM
    • 745 Posts
    • 646 Thanks
    tacpot12
    • #6
    • 5th Oct 17, 8:05 PM
    • #6
    • 5th Oct 17, 8:05 PM
    What is the £10K for? To advise on the transfer, to setup the new product you are transferring into or to manage the transferred funds for the first year? You need to be really clear because £10K is a lot for any of these services; and completely excessive to setup the new product.

    I would definitely shop around, and steer clear of any recommendation to use a company you can find no record of!
    • xylophone
    • By xylophone 5th Oct 17, 8:39 PM
    • 23,666 Posts
    • 13,791 Thanks
    xylophone
    • #7
    • 5th Oct 17, 8:39 PM
    • #7
    • 5th Oct 17, 8:39 PM
    http://forums.moneysavingexpert.com/showthread.php?p=73193693#post73193693

    post 19.
    • Lily1
    • By Lily1 5th Oct 17, 8:42 PM
    • 170 Posts
    • 61 Thanks
    Lily1
    • #8
    • 5th Oct 17, 8:42 PM
    • #8
    • 5th Oct 17, 8:42 PM
    Just to transfer. There was going to be a couple of other costs for investment advice and running said investments annually.
    • Lily1
    • By Lily1 5th Oct 17, 8:53 PM
    • 170 Posts
    • 61 Thanks
    Lily1
    • #9
    • 5th Oct 17, 8:53 PM
    • #9
    • 5th Oct 17, 8:53 PM
    Thanks xylophone for the link again, is there something specific I should be reading?
    • craig1912
    • By craig1912 5th Oct 17, 10:28 PM
    • 22 Posts
    • 15 Thanks
    craig1912
    My cost was £1250 on £840k with ongoing costs of approx 0.5%
    • Lily1
    • By Lily1 5th Oct 17, 10:42 PM
    • 170 Posts
    • 61 Thanks
    Lily1
    Wow! That is very good. Can you recommend a pension transfer specialist?
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