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best low cost personal pension
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I stand corrected:
https://www.aviva.co.uk/savings-and-retirement/products/pension-portfolio/apply/
That must be new?0 -
I stand corrected:
https://www.aviva.co.uk/savings-and-retirement/products/pension-portfolio/apply/
That must be new?
I don't know if it it new but it has been in place for several months at least - so I'm guessing it has been there for awhile.
The charges are 0.4% as I mentioned earlier (plus any fund charges) and thus the information on the Cavendish website is not correct - certainly misleading at best.
However, while a client can take out this product without an IFA, it is less clear about being able to withdraw from it without an IFA! As I understand it, the current rules are that you can only withdraw via an IFA but these rules may be changed or somewhat relaxed from April.0 -
Presumably they could transfer it to somewhere which does allow drawdown without advice.I don't know if it it new but it has been in place for several months at least - so I'm guessing it has been there for awhile.
The charges are 0.4% as I mentioned earlier (plus any fund charges) and thus the information on the Cavendish website is not correct - certainly misleading at best.
However, while a client can take out this product without an IFA, it is less clear about being able to withdraw from it without an IFA! As I understand it, the current rules are that you can only withdraw via an IFA but these rules may be changed or somewhat relaxed from April.0 -
Presumably they could transfer it to somewhere which does allow drawdown without advice.
Yes I would guess so but as it stands there are no exit charges, other than those of the necessary IFA. So, while your suggestion is likely to be correct, its likely there would be charges involved with that scenario.0 -
Why would an IFA be "necessary"? The scheme being transferred out of shouldn't require an IFA, the scheme being transferred into might but there are plenty that have no such requirement unless it's from a DB scheme etc.Yes I would guess so but as it stands there are no exit charges, other than those of the necessary IFA. So, while your suggestion is likely to be correct, its likely there would be charges involved with that scenario.0 -
Why would an IFA be "necessary"? The scheme being transferred out of shouldn't require an IFA, the scheme being transferred into might but there are plenty that have no such requirement unless it's from a DB scheme etc.
The IFA is "necessary" under Aviva's current rules. As mentioned earlier, its possible to open the pension portfolio without an IFA but Aviva will not let you drawdown from it without an IFA.0 -
We were talking about transferring out of it, not drawing down from it! You can do that without an IFA.The IFA is "necessary" under Aviva's current rules. As mentioned earlier, its possible to open the pension portfolio without an IFA but Aviva will not let you drawdown from it without an IFA.0 -
We were talking about transferring out of it, not drawing down from it! You can do that without an IFA.
Yes - I am agreeing with you. Its Aviva that's saying an IFA necessary for any drawdown but they will transfer it without the need for an IFA at no cost.
Put another way, in a transfer case, it is still a pension but with another provider. It is then down to the new provider to assume liability and it may be you can drawdown without the need for an IFA. On the other hand, there may be some charges associated with the transfer or new provider - otherwise they are merely a mule to access your pension without any benefit to them.
Equally it may be possible to transfer it to another product within Aviva that can then be accessed without the need for an IFA.0 -
Yes there'll be charges to set up flexible drawdown, but it'll likely be far less than using an IFA.Yes - I am agreeing with you. Its Aviva that's saying an IFA necessary for any drawdown but they will transfer it without the need for an IFA at no cost.
Put another way, in a transfer case, it is still a pension but with another provider. It is then down to the new provider to assume liability and it may be you can drawdown without the need for an IFA. On the other hand, there may be some charges associated with the transfer or new provider - otherwise they are merely a mule to access your pension without any benefit to them.
Equally it may be possible to transfer it to another product within Aviva that can then be accessed without the need for an IFA.0 -
Its Aviva that's saying an IFA necessary for any drawdown
And speaking as an Aviva shareholder (well, wife is anyway), I really do think they need to pull out their fingers and realise the cosy old world of flogging everyone an annuity has gone for good.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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