Setting up salary sacrifice pension

dunstonh

I meant they could offer me another pension with similar charges/performance, so no change for my pension at retirement and down for the cost of the advice.

They could offer the same fund at 0.40%. Not that 100% UK equity investing is a good option.

Dunstonh how do you know that the FA would be able to offer me a better deal, than the stakeholder I currently have?

Because I am an IFA and know what is available. You are on a full commission stakeholder. If you top that up, the original selling company will get a commission. That commission is factored into the annual management charge. So, effectively you are doing the work and someone else is getting paid for it out your higher charges.

Is it a case that my current stakeholder (or stake holders in general) isn't/aren't that great and there are a number of better products on the market?

They have been surpassed by personal pensions.

hyposmurf

OK thanks dunstonh, that sheds a bit more light on the problem.The 0.4% compared to 1% makes a huge difference over the years.

hyposmurf

I questioned whether the FA could beat the current pension fund I'm currently invested in for management charges and they said they couldnt beat the management charges and my current pension sounds fit for purpose! That kind of confirms my worry previously that there was a possibilty I'd have been wasting my money for advice from some FA.

hyposmurf

Dunstonh do think this FA working for my employer is likely tied to products and not interdependent,hence that's why he couldn't offer me much better or possibly put off by the size of my pension pot?

dunstonh

If the adviser cannot get 0.4% then they cant be independent. There are multiple providers where that is possible.

hyposmurf

They couldn't even beat my 1%, so glad I didn't waste my time with them.Thanks Dunstonh.