Pension Rip-Off

jem16

EdGasket wrote: »

1) 10 mins on the phone to financial advisor for which he received £3,600 commission (I have written evidence of this from the pension company). Rip-Off

Sounds like you opted for an execution only pension where you told the adviser what you wanted and he simply set it up.

Yet you didn't take the time to discuss what it would cost and could probably have got it cheaper elsewhere. In fact you could probably have got a full advice pension from an IFA for less than you have paid for a non-advised pension.

2) Savings tied up until retirement

That's why it's called a pension.

If you didn't want that, why ask for one?

3) At the point of retirement you then have to pay more money to a financial advisor to arrange a drawdown or favourable annuity because a lot of providers will not deal directly with the public.

You will get a better deal going through an IFA. If you don't want to pay then DIY and go with the lesser deal.

A colleague was recently charged over £4,000 for a drawdown to be arranged. Rip-Off

Seems to be like you and not discuss the costs before agreeing.

You seem to have made all of the decisions yourself regarding the pension and now you want to blame everybody else.

jem16

Gettingeven wrote: »

I clearly do understand the commission system. What part of my bond commission argument do you not understand, then?

The bit where you agree to the fee/commission as set out in the IFA's schedule of charges?

bluebird

sometimes it goe's over my head.....

fairleads

I would say that anyone who invests in a cash fund whether within or outside of a tax wrapper has every right to expect a nominal return on the investment. Further, any IFA who advises an individual to invest in the Standard Life Managed Cash Pension Fund which has a record of producing a negative return is placing their own interests before that of their client.

jem16

fairleads wrote: »

Further, any IFA who advises an individual to invest in the Standard Life Managed Cash Pension Fund which has a record of producing a negative return is placing their own interests before that of their client.

There is nothing here to suggest that the OP was advised by an IFA - in fact quite the opposite appears to be true and the Op has advised himself.

Linton

jem16 wrote: »

There is nothing here to suggest that the OP was advised by an IFA - in fact quite the opposite appears to be true and the Op has advised himself.

Exactly - look at #33 - the OPs contact with the IFA was apparently 10 mins in the phone. Doesnt sound like time to understand the OPs situation and attitude to risk, come up with a considered proposal for investments, and discuss and agree the precise investment, more like the time for the OP to tell the IFA what he wanted.

If the OP was advised he may have cause to complain, if not the only person about whom he has any grounds to complain is himself.