Novia SIPP

Drp8713

Why are you still believing this?


They cold called you. They are not permitted to do this, therefore why would you want to invest your life savings via a company who don't abide by the rules set for them to follow.


It can't be the platform that wrote to the above, as they wouldn't mention this 8% as you could put anything in a SIPP e.g. gilts which would likely never get you that 8%.


If you want to transfer, approach an independent IFA to do it. If you just want to lose your money, carry on with these jokers.

jem16

killerski wrote: »

Novia’s SIPP will allow you the opportunity of receiving 8% growth per year on your pension, therefore as your fund is £34,155.24 today if you retire at the age of 65 with compound growth of 8% your pension has the potential to increase in value to approximately £104,000.00.

Note the word "potential".

The same potential is available anywhere including your current pension. There are no guarantees.

The annual management fees for the SIPP are very low at just 0.5%.

That's just the annual charge for the Novia platform. No mention conveniently of the actual fund charges which will be on top of this 0.5%.

Having your money in a SIPP will allow you much more freedom and flexibility when you decide to draw your pension, you can draw it out as a cash lump sum, smaller lump sums as and when you choose or buy an annuity which will give you a guaranteed income for life. You will also have the benefit of being able to start contributing into the pension again if you wish.

As will practically all modern personal pensions or SIPPs.

Not sure what to make of this.

Advice is still the same. Look for an IFA of your own choosing.

jamesd

Nothing in the opening paragraph is different in any way from what you get with any modern personal pension, except that the annual fee for the Novia platform is higher than many.

dunstonh

This has get so many warning bells on it. The financial adviser should be giving you advice. Yet it appears they are not and some unregulated person is. However, to facilitate the transfer of money, they need a regulated individual. That is where the financial adviser comes in. If this is so good, why isnt the financial adviser recommending it?

You only get FOS protection if the adviser does the recommendation. You dont if an unregulated company does it.

You have been told several times now that this is dodgy. You are getting sold to by an unregulated company. Do, you really want to transact with a company that is not authorised or regulated to give pension advice but is doing so anyway?

killerski

Thanks for the advice. Have been in touch with a local IFA who basically told me to wait until I am 55 then have a look at your options. That sounds good to me.

Brassica

@killerski: I've sent you a pm on a related matter. Please check.

Many thanks

jamesd

The IFA seems to have given you sensible advice.

mania112

killerski wrote: »

Novia’s SIPP will allow you the opportunity of receiving 8% growth per year on your pension,

I can show you fund which has the opportunity of receiving 20% growth per year.

Well, there's no upper cap on the growth, so it could be even more.

This is a statement true of 95% of funds.

For clarification, though, I believe this company are FCA regulated. If you look for Domum-UK Limited they're on there.

jem16

mania112 wrote: »

For clarification, though, I believe this company are FCA regulated. If you look for Domum-UK Limited they're on there.

The company may well be authorised by the FCA but they do not provide regulated financial advice.

PensionPlan is a marketing company only and does not provide regulated financial advice or any advice at all in relation to investments and/or any specified activity.

PensionPlan are not able to give investment advice in the UK or to any UK resident.

It's really not a company I would be advising anyone to use with regards to a pension transfer, especially as they have cold called the OP. There are too many scams going on that lead to people losing their pensions and it's time there was some regulation against companies like this operating.