Has Anyone Heard Of Action In Retirement (Peterborough), please

Lizbetty

Hi everyone

I'm a little worried about this as my Mum has mentioned that she has been liaising with this firm to transfer her and my Dad's pensions, as they have both retired within the last month.

I note they have only been trading since 2012...it's ringing alarm bells for me, I'm not up on pensions but I have a bad feeling about this.

Can anyone help at all please?

Thanks
Lucy

sorcerer

be very carefull, if the company is saying they can give you back your pension in one lump sum, if you transfer, they are likely to be left with a big tax bill in the end.

Check to see if they are regulated in the UK by the FSA.

dunstonh

Has Anyone Heard Of Action In Retirement (Peterborough), please

It appears to be a small, single person firm. It is on the FCA register.

I'm a little worried about this as my Mum has mentioned that she has been liaising with this firm to transfer her and my Dad's pensions, as they have both retired within the last month.

Quite a normal transaction that can occur at that time. With money purchase pensions, using the open market option via local IFA firms is very common. Indeed, it is common sense. If its a defined benefit scheme then that is something to be on guard about.

I note they have only been trading since 2012

The individual has only been through the current company since 2012 but has a history that goes back further than the start date of the publication of the FCA register in 2001. He seems to change networks every few years. Whilst that would be a small concern that would make you ask why that is the case, there could be good reasons. The principle has been running since 2005 under FCA entry 429450 - Financial Strategies (North) Ltd and is an IFA firm.

Judging by the profile of the IFA in question, he appears to be well qualified and has over 25 years experience. On paper, no concerns there at all.

xylophone

http://www.air-money.co.uk/Documents/Your%20options%20booklet.pdf

Their brochure?

Were your parents seeking the Open Market Option for their money purchase pensions?

Lizbetty

Thanks for your replies. That has put my mind at rest - I did tell my Mum I was concerned, but she says she has it all in the bag. I mentioned about the tax implications and she says it's tax free.

If I'm completely honest, I have no idea about pensions at all. My Mum is up on it - she has explained it to me and I will hold my hands up and say it was complete gobbledegook. It's something to do with her and Dad's annuity and getting the best deal. She really seems to know what she's talking about, but I do worry because she said it was a company who 'just came up' on her laptop! She does know about her finances but maybe not so much about how dodgy the internets can be...:eek:

She did say actually that she sorted Dad's out through another firm a few weeks ago.

She has had some money issues and has managed somehow to overcome them, it's a long story but I'm not sure my Dad would cope with finding out something bad had happened to their pensions because of a dodgy firm. That was my main worry.

I really, really appreciate your replies on this!

Lucy

Lizbetty

xylophone wrote: »

http://www.air-money.co.uk/Documents/Your%20options%20booklet.pdf

Their brochure?

Were your parents seeking the Open Market Option for their money purchase pensions?

Yes, as I recall this was their brochure. I'm not sure exactly what she's doing, she says it's something to do with her annuity and getting the best deal that's all I could gather. She hasn't signed up yet because her printer needs setting up again and I so said for her to email the paperwork to me and I'd print it from my printer until I 'get chance' to sort hers out, hehe. I'll fix her printer and print these off for her once I am totally confident they're not dodgy

bmm78

Regardless of the merits (or otherwise) of AIR, they are only acting as the intermediary, and the actual annuity will be provided by an insurance company.

AIR's role is limited to obtaining the highest rate from whichever insurance company is providing it, based on the information given to them. For this they will be paid commission from the insurance company, which will be stated on the annuity illustration.

I think AIR arrange With-Profits annuities on a non-advised basis, so a bit of care would be needed if this was what your parents were looking at.

If it is just a conventional annuity purchase though, it should be fairly straightforward.

Lucyeffs_mum

I arranged my personal Money Purchase Plan through Action in Retirement. Originally I was contacted by Caroline McGrath, who sorted everything out perfectly for me. AIR didn't pressure me at all just gave me all the relevant information. I sorted through this and decided on the Prudential Income Choice Annuity. Everyone at AIR was:j:T super efficient, kept in touch to let me know what was going on and it was completed in super quick time. I have received my lump sum, although this was through Cheviot, who my original pension plan was with, and I have received my first months payment from Prudential. I have to say it looks better than I originally anticipated, but will have to see in future years.
So Lucy can relax now.

Pollycat

Lucyeffs_mum wrote: »

I arranged my personal Money Purchase Plan through Action in Retirement. Originally I was contacted by Caroline McGrath, who sorted everything out perfectly for me. AIR didn't pressure me at all just gave me all the relevant information. I sorted through this and decided on the Prudential Income Choice Annuity. Everyone at AIR was:j:T super efficient, kept in touch to let me know what was going on and it was completed in super quick time. I have received my lump sum, although this was through Cheviot, who my original pension plan was with, and I have received my first months payment from Prudential. I have to say it looks better than I originally anticipated, but will have to see in future years.
So Lucy can relax now.

Hmmmm.

And what about Lucyeff's Dad's pension which you don't mention but Lucyeff did in her first post?

Has he received his lump sum and his first months payment?

Have you told Lucy she can relax now? :cool:

Sorry - to me, the last post comes across as advertising.

xylophone

And what about Lucyeff's Dad's pension which you don't mention but Lucyeff did in her first post?

See the previous post which says

She did say actually that she sorted Dad's out through another firm a few weeks ago.

jamesd

There doesn't seem to be anything at all troubling about this transaction, unless an IFA wants to comment on the chance of Prudential offering the best annuity deal.

A 25% tax free lump sum is normal. Use of the Open market Option to transfer to get the best annuity deal is also normal. With this being done by a well experienced IFA that also seems normal and what an IFA would be expected to do in this situation just as a matter of normal seeking out of the best annuity deal for their customer. And of course an IFA would be required to find the best annuity deal.

So no apparent need for concern here.

Just came up on the laptop might make me wonder how it just came up, though. If it was a search that's probably fine. Cost might not have been the greatest, perhaps.