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Work pension paying commission, transfer advice after RDR?
jamesd
Posts: 26,103 Forumite
My workplace offers a pension that is paying 0.25% commission to an IFA, sold on non-advised basis. One of the services included in the package deal is advice about switching to the pension. Another is advice about pensions in general. How are the latter two handled from 1 January 2013? Still allowed to transfer into existing commission paying schemes? What about new employee or resuming after a temporary stoppage of a day, month of year?
I'm trying to determine which if any of the things the company needs to resolve with the IFA firm.
I'm trying to determine which if any of the things the company needs to resolve with the IFA firm.
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Comments
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pre-RDR contracts can continue to pay commission. New employees can continue on commission basis (either on direct offer or where advice is solely related to the group scheme). Increases can pay commission. top ups and transfers in can pay commission.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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RDR only affects advised-sales.0
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Thanks. Nice and easy, with no need for contract renegotiations between employer and IFA.0
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