Confused & Disappointed - Pension Transfer

claretmatt

It does seem like there is certainly alot of undermining on this board and I have only been on for a few weeks.

I started off being more than happy to share my experience and knowledge of SIPPs, pensions and investments but I am certainly getting more reluctant to do so.

Pensions, drawdown and bonds might have other benefits that outweigh the costs associated and in some cases you have to pay for a product that provides good benefits.

There certainly seems to be an oversight of Inheritance Tax, Capital Gains, income tax and the asset valuation of long term care when information is given and focusing on costs and fund performance, although its important only forms part of the decision making process.

whiteflag_3

claretmatt wrote:

It does seem like there is certainly alot of undermining on this board and I have only been on for a few weeks.

I started off being more than happy to share my experience and knowledge of SIPPs, pensions and investments but I am certainly getting more reluctant to do so.


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Welcome to the club!

exil

The answer is that the best advice depends on individual circumstances and attitude to risk, which is why seeing an IFA is best. Here we can only offer opinions (and in some cases we may be misinformed or out of date, or prejudiced in favour of certain options).

No point in going on at length about IHT and CGT if you have no property to speak of.
Or talking about higher rate tax if you have a low-paid job. S2P - contract in or out - depends on circumstances! ISAs or pensions? ditto! Pay off debts or save? Company scheme or personal pension? and so on.

[Deleted User]

exil, seeing an IFA is best for those without the confidence, or ability, to do their own research

whiteflag_3

kittie wrote:

exil, seeing an IFA is best for those without the confidence, or ability, to do their own research

But quite clearly there are many on this site that cant do their own research, even the confident ones when presented with the facts in black and white they still cant work it out?

JohnG

I'm regret to say I'm more confused now than when I was at the start of this thread - I really didn't expect such vitriole amongst fellow "Money Saver Experts"?

To be honest, I now find I'm trying to figure out what hidden agendas and and/or vendettas are involved before I dare look at any facts & figures and whether they're true, false or inaccurate?

Don't get me wrong, I really appreciate much of the information that is given it's just unfortunate there seems so little harmony and so much conflict.

Cheers
John

EdInvestor

Hi John

I don't think there are any hidden agendas or vendettas going on, it boils down to a debate on two points of view:

One view is that your IFA has recommended a crummy second rate fund which is too risky for your profile (as you outlined your attitide to risk earlier) and that the product is not worth the charges/commission attached, ie it's not value for money.

The other view is that the product is OK, suitable for you, and the charges are reasonable.

Up to you to decide what you think, on the evidence posted.

whiteflag_3

JohnG wrote:

To be honest, I now find I'm trying to figure out what hidden agendas and and/or vendettas are involved before I dare look at any facts & figures and whether they're true, false or inaccurate?

John

John , as an IFA I frankly have better things to do with my time than post on this site.

The only reason I joined was after spending months of viewing the site I couldnt stand on the sidelines any longer and let some of the scandalous amateur advice that was going on ( and still going on) at the time go unchallenged. (one of my first posts is now a sticky Warning about SIPPs a thread I posted again on a few days ago )

Being IFA I am also careful to post 100% accurate information.

I can assure you that every post on this thread was made with the specific aim to help you and given that I have nothing to gain from what you decide to do all I have done is posted the facts 100%.

IMO your own IFA did a whats appears to be a good job that you said you were happy with. Tne only failing of your IFA was to correctly set out how the commission impacts or in your case doesnt impact on the transfer value into the plan.

JohnG Can you answer one question- out of all the posts over the last few days why did you thank Edinvestors reply to my post which pointed out everything she said was either inaccurate or incorrect ?

claretmatt

First of all I am not an IFA (although I do work in Finance) but I do have to echo Whiteflags comments.

I came on here originally to try and provide information to people in respect to pensions, but it seems there is a constant theme that runs through the board in respect to commission / charges / fund performance and SIPPs. These are relevant discussion topics but do not form the basis for all topics.

I think that there will certainly be the time where IFA's who genuinely want to help (AND FOR FREE!!) will think that it is not worth the time and effort and will decide to leave it to those who are only amateur financiers. I think this will be ultimately to the detriment of everyone seeking information and advice.

It just amazes me as to why anyone could be shot down and slated for simply offering help.

[Deleted User]

Offering help from an unbiased viewpoint is praiseworthy. Anyone offering help and speaking as though they are in the financial business, as a professional, really should be offering information in their signature. Otherwise the business appears to be rather underhand

The only professional I have seen to be doing this, on the mse board, is Dunstonh and he deserves my respect for being open about where he is coming from