Changing/swap of pension by IFA

feesarefare

Bigsmak wrote: »

Hi..

Thanks for the welcome!

No problam - nice to have another industy opinion on here

(Although I've been a member longer than you! )

Where have you been hiding then?

Bigsmak

feesarefare wrote: »

Where have you been hiding then?

Mostly the Comps board...lol.. Never won anything though ... but decided the other week to start reading a bit more and found these forums can be quite additive!

yelf

it sounds like very good advice to me and very reasonably charged.

feesarefare

yelf wrote: »

it sounds like very good advice

On what basis- there has been no actual evidence t back this up yet

very reasonably charged

Charges havent been mentioned. What makes you think this is this case?

yelf

feesarefare wrote: »

yelf wrote: »

On what basis- there has been no actual evidence t back this up yet



Charges havent been mentioned. What makes you think this is this case?

well I'm hardly going to ask to see all the paperwotrk am I? Based on the info provided by the OP I can not see why it wouldnt be a good idea.

Initial charge of 3%? But since when were charges the main factor anyway? Not only that but I am very familair with the Skandia pension proposition, so please dont coem up woith such randon rebuttals.

yelf

Bigsmak wrote: »

The IFA has to include all the commission including renewal when projecting. The time frame also has to have been taken into account.

Exactly, when asking for a projection the life company ask what trail commission will be taken so this is reflected in the projectiuons and RIY.

feesarefare

yelf wrote: »

feesarefare wrote: »

well I'm hardly going to ask to see all the paperwotrk am I? Based on the info provided by the OP I can not see why it wouldnt be a good idea.

IMHO the OP posted enough to make me think the situation is far from clear cut- all the usual hallmarks "i was approached" "more funds and lower charges" the "chance of a review" etc etc....

Initial charge of 3%?

The initial commission is 3% , not the initial charges (from the information thats been posted)

BTW dont you think that level of commission for the work involved is outrageous?

But since when were charges the main factor anyway?

Quite a major factor I think.They have a huge effect on returns dont they?

Not only that but I am very familair with the Skandia pension proposition, so please dont coem up woith such randon rebuttal

Equally please dont post about "very good advice" and "reasonable charges" when you are not in posession of the full facts.

feesarefare

yelf wrote: »

Exactly, when asking for a projection the life company ask what trail commission will be taken so this is reflected in the projectiuons and RIY.

Well I would like to see the projections. If they stack up all well and good, Im just a bit sceptical that you add in new initial commission, the charges on more "aggresive" funds and the "review" commission that there will be compelling agrument for moving from a charges point of view.

Perhaps you might find this interesting

http://www.fsa.gov.uk/pubs/other/pensions_switch.pdf

yelf

feesarefare wrote: »

yelf wrote: »

feesarefare wrote: »

The initial commission is 3% , not the initial charges (from the information thats been posted)

BTW dont you think that level of commission for the work involved is outrageous?


Quite a major factor I think.They have a huge effect on returns dont they?


Equally please dont post about "very good advice" and "reasonable charges" when you are not in posession of the full facts.

1) no i dont
2)Fund performance is far more improtant than charges - as well you,know.
3) Oh get over yourself, i was making a generalised comment on general info provided. Since when did MSE have a compliance dpet?

feesarefare

yelf wrote: »

feesarefare wrote: »

yelf wrote: »

1) no i dont

Why?

2)Fund performance is far more improtant than charges - as well you,know.

Nope- nearer retirement ,when the pensions are (should be) invested in lower risk assets then charges make all the difference. Also, you can control charges you cant control performance.

3) Oh get over yourself, i was making a generalised comment on general info provided. Since when did MSE have a compliance dpet

Glad weve clarified that then.

There is clearly no MSE dept to prevent people speaking complete B*ll*cks either.