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Independent Financial Adviser - Commission
Comments
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Or he can buy the fund via a personal pension on a lower annual management charge via the same distribution method. You can get IP Income for under 1.5% via execution only on a personal pension.If archy for instance wanted to invest in the IP income fund via an H-L Sipp, he would pay 1.5% amc on the fund,no initial charge and no charges on the SIPP wrapper.
That's cheaper and clearer.
The first post did suggest mono charged plan. However, later posts started indicating there were deductions via other means. That isnt possible on a mono charged plan.What confusion? the fact that Archy said in post 1- introduced by employer
- salary sacrifice scheme set up
- 1% charge with no other charges
No, But you can do an individual FPP with employer contributions. A small employer may prefer individual plans to a group scheme.You cant do a group FPP .Taking level commission is very common for group schemes these days.
Indemnity is just stupid given typical staff turnover. It should never have been offered and its good to see most have removed it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi all, thanks for all your posts. It's all very helpful! Sorry for any confusion. It is a Personal Pension that I have set up with the IFA, it is not a GPP although I think my employer is considering setting up a GPP in the future. I was asking around at work about IFA's and my employer put me onto this chap. The IFA is not associated in any way to where I work - only that my boss knows him.
So now that it is set up - my employer pays into my pension on my behalf through salary sacrifice. The employer does not make any contribution. I work in a small office of around 5 people. If I was to move job I would try and set up the same arrangement as it makes sense for me to use salary sacrifice if the employer doesn't really offer a good pension (other than a stakeholder). So I would stay with the same IFA.
And just to confirm - there is an AMC on the four funds that range from 1.0% upto 1.95% and out of this commission is paid to my IFA.0 -
Whiteflag: it was clear as day that it was a standard mono charged group scheme.
archy: it is not a GPP
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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I should get my coat! So do we think it's an ok pension and set up with my IFA?0
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