We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Hargreaves lansdown
MOUNTY
Posts: 89 Forumite
I have a new generation pension with Friends Provident. My IFA receives annual commission from them.
To reduce all management charges and commissions should i transfer my pension to HL
I want my monthly payments to benefit me and not others.
To reduce all management charges and commissions should i transfer my pension to HL
I want my monthly payments to benefit me and not others.
0
Comments
-
I want my monthly payments to benefit me and not others.
So why are you looking to transfer your pension to HL where they will be paid more in commission than your current IFA is?
A typical internal fund at FP would have a TER of 1%. HL uses UT/OEICs where the TER is usually around 1.6-2.6%. The NGP pensions also had fund based discounts that could see the AMC drop back to around 0.6%
An NGP FP pension would not pay trail commission unless it was taken instead of initial commission. There may be some renewal payment on the regular premium. However, they are typically pence rather than pounds and not charged explicitly and again, usually it was instead of initial commission. The method of commission the IFA took would have no bearing on your pension charges (with an FP NGP plan).
So, why do you think that paying HL more commission and you paying higher charges will benefit you?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 -
Thanks again for your valuable advise.So why are you looking to transfer your pension to HL where they will be paid more in commission than your current IFA is?
A typical internal fund at FP would have a TER of 1%. HL uses UT/OEICs where the TER is usually around 1.6-2.6%. The NGP pensions also had fund based discounts that could see the AMC drop back to around 0.6%
An NGP FP pension would not pay trail commission unless it was taken instead of initial commission. There may be some renewal payment on the regular premium. However, they are typically pence rather than pounds and not charged explicitly and again, usually it was instead of initial commission. The method of commission the IFA took would have no bearing on your pension charges (with an FP NGP plan).
So, why do you think that paying HL more commission and you paying higher charges will benefit you?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards