Final Salary Pension Questions...

MikeJones_2

Hi again kinglewis,

kinglewis wrote: »

...Previously the IFAs I have seen have worked by taking the relevant commission which I assume in this case as giving advice on an employers pension may not be applicable..

Firstly, the important thing to appreciate is how complex a comparison is and just how time consuming it can be for anyone, such as an IFA, to undertake.

You're probably looking at 10-20 hours work depending upon just how easily or difficult it is to obtain all of the relevent information in order to make a meaningfull and comprehensible comparison.

Secondly, because you might be considering 'opting-out' of the final salary scheme for future service, you may find it difficult to find an IFA that would even consider doing the analysis for you if you are specifically looking for a non-fee service. This is because it is extremely highly regulated, and almost considered 'toxic' from many an IFAs viewpoint.

If you're prepared to pay a fee an IFA knows payment will be forthcoming no matter what the recommendation and may be more likely to do the necessary data gathering and analysis.

You might want to ask under these circumstances for a fixed fee if the IFA is prepared to quote one rather than an hourly rate. Depends what your requirements are.

kinglewis wrote: »

...What is a resonable hourly / overall rate for this kind of advice or is that impossible to say without all of the detail??

Differs from company to company. As with any business/trade, each has its own overheads and profitability to consider.

Hope that helps.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.