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geelamch
Posts: 243 Forumite
Spoke to a Ida today ,like all seemed like a nice guy .told him that I wanted to set up a pension through my wife with the intention of drawdown due to me being 8 years older than wife.
Only a few hundred per month for about 14 years ( hopefully).
Fellow said he would do it for £800 , with no follow on etc . Does this sound reasonable
Only a few hundred per month for about 14 years ( hopefully).
Fellow said he would do it for £800 , with no follow on etc . Does this sound reasonable
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Fellow said he would do it for £800 , with no follow on etc . Does this sound reasonable
Yes. Sounds very reasonable. Make sure you pay the fee via the pension as you get tax relief on the fee that way.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 -
Which means it would cost less than 800.
Another way to go, ( if you have any financial ideas of your own) is to invest in a Personal pension in a lifestyle fund or range of trackers for a few years. Then ask an IFA to do a redo as you will have at least a lump sum going in.0 -
Recently spoke to my IFA about a pension for my wife (she has none at present), with a view to maybe investing 50K in an average-risk portfolio over the next 10 years and taking up to her tax-free limit each year between retirement & state pension entitlement.
He said that rather than him charge us a fee, we could easily apply for a Stakeholder online, quoting Aviva & HL as good examples.
Anyone any thoughts on that strategy, please?0 -
He said that rather than him charge us a fee, we could easily apply for a Stakeholder online, quoting Aviva & HL as good examples.
HL dont offer a stakeholder. They offer a SIPP. I rarely do stakeholders nowadays as they are mostly a niche product now with personal pensions being better value.
Obviously, the IFA is not giving advice so you will have to DIY but if you can do that then you may as well.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 -
HL dont offer a stakeholder. They offer a SIPP. I rarely do stakeholders nowadays as they are mostly a niche product now with personal pensions being better value.
Obviously, the IFA is not giving advice so you will have to DIY but if you can do that then you may as well.
Thanks. So if she wants to set up a personal pension online, is it easy to do for someone not financially astute & with little knowledge of such matters? Or would she be better off just getting an IFA to set one up, taking the hit of a one-off fee?0 -
Thanks. So if she wants to set up a personal pension online, is it easy to do for someone not financially astute & with little knowledge of such matters? Or would she be better off just getting an IFA to set one up, taking the hit of a one-off fee?
Its like any area of DIY vs professional. if you can do it and know what you are doing then you can DIY. if you dont know what you are doing and DIY then it could be a costly mistake.
Does she know which providers she would use? How she wants to invest and which funds? If so, then DIY. If not, then IFA.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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