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Another pension scandal on the way
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cepheus
Posts: 20,053 Forumite
The FSA is allowing employers to pay huge fees to unauthorised 'advisors' with money taken from employee pension funds. All for advice that doesn't have to benefit the employees, and for fees that can reduce their pensions by half.
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Is this based on the newspaper pensions sting that wasn't anything of the sort?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
The FSA is allowing employers to pay huge fees to unauthorised 'advisors' with money taken from employee pension funds.
The FSA does not exist any more. The FSA (now FCA) does not allow unauthorised advisers to deal with FCA regulated pensions.All for advice that doesn't have to benefit the employees, and for fees that can reduce their pensions by half.
Except it doesnt. This is a throwback to a calculation error made in a couple of newspapers a year or so back. They took the charges over the term, made no allowance for inflation and then applied the deductions in todays terms. Highly flawed and leads to the wrong outcome. A £1000 charge in 30 years time is not relative to £1000 charge in 2013. £1000 in 30 years may well be the cost of the weekly shop at Tesco.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 -
The FSA does not exist any more. The FSA (now FCA) does not allow unauthorised advisers to deal with FCA regulated pensions.
Except it doesnt. This is a throwback to a calculation error made in a couple of newspapers a year or so back. They took the charges over the term, made no allowance for inflation and then applied the deductions in todays terms. Highly flawed and leads to the wrong outcome. A £1000 charge in 30 years time is not relative to £1000 charge in 2013. £1000 in 30 years may well be the cost of the weekly shop at Tesco.
You better write to Ros Altman then, it is her article, have you allowed for this?because the advice is being given to a firm and not an individual, the usual regulatory protections do not apply
From our guest author, the pensions expert Dr.Ros Altman:0
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