Is my discount broker a joker?

wotsthat

Hi

I followed some of Martin's advice concerning change of agency and the use of discount brokers.

My Scottish Widows pension was purchased direct by me and I take all responsibility for fund choices. I wanted to transfer an old pension from a closed Barclays manged fund and change the agency to Cavendish.

I started this process in October 2005 and the transfer still hasn't taken place. What little progress has taken place is only because I've chased Cavendish at 3 weekly intervals. They are very slow in responding, if at all, to emails.

Is it a case of you get what you pay for? Has anyone else used them?

dunstonh

Is it a case of you get what you pay for?

It can be.

Pension transfers can be a bit slow at times. My longest outstanding one now is 13 months despite monthly chasing. Three to Four weeks is the norm. The last Barclays one I transferred took 3 weeks.

It would also depend on whom you are transferring it to as some of these are quicker than others at issuing the business.

dunstonh

Also worth noting that normal IFAs can beat Cavendish with some contracts, even with the IFA taking a modest cut. It appears that in a number of areas, the commissions paid to network members is higher than what Cavendish get so the Network IFA member can rebate more back than Cavendish.