Do I have to have a Pension Advisor???

PinkJos

I need to set up a pension and was wondering if I have to set it up via an Advisor. I recently spoke with an Advisor but then was dismayed to see that at the end of my plan my pot would be worth £273,000 but I would only get £200,000 and they would get £73,000.

The Pension is with Scottish Life. Can I cut out the middle man and apply for the pension myself???

dunstonh

I need to set up a pension and was wondering if I have to set it up via an Advisor

No you dont.

I recently spoke with an Advisor but then was dismayed to see that at the end of my plan my pot would be worth £273,000 but I would only get £200,000 and they would get £73,000.

The illustration of benefits would show the effect of charges (not in todays terms) over the period (i.e if the charges were not taken and then invested at x% p.a. that is the effect of charges). The charges would be for product, fund(s) and adviser. Not just adviser.

The Pension is with Scottish Life. Can I cut out the middle man and apply for the pension myself???

You can via a DIY intermediary but you will still see similar figures. You get lower consumer protection on DIY as you have to make the choice of provider, product and funds and manage them going forward. So, cant complain to anyone later if you get it wrong.