Uncrystalised lump sum

zagfles

dunstonh wrote: »

its an options pack. Some options can result in commission.



Commission still exists on non-advised. You know that from the direct annuity providers (many of whom are IFAs not giving advice).

I knew commission still existed on non-advised, but not that an "IFA" can decide to not give advice and instead act an execution only broker. I thought they had to be one or the other.

Interesting. So basically when people want, say, an annuity but not advice, just the best price available, they can do a deal with any IFA to act on a non-advised basis and negotiate a refund of the commission, like execution-only brokers do? So shopping around for eg an annuity via several IFA's is a workable option, since they don't have to give advice?

dunstonh

So basically when people want, say, an annuity but not advice, just the best price available, they can do a deal with any IFA to act on a non-advised basis and negotiate a refund of the commission, like execution-only brokers do?

Yes. And as said, most of those execution only brokers are IFAs. It is the classification of the transaction that matters. Not the classification of the firm. How do you think HL do it otherwise? (they are IFAs remember)

So shopping around for eg an annuity via several IFA's is a workable option, since they don't have to give advice?

Assuming they will do it, yes. However, I suspect it will not be workable as most IFAs are not going to waste their time doing this. I cant see the consumer wanting to fill out a health questionnaire every time either (its about 20 pages long)

maggy50

Thank you again Dunstonh you have helped me to see things clearer .
yes there were options to further invest with Aviva 8 options option 9 was take the lump sum .

In February I requested they send me a statement and I submitted in June for a lump sum on triviality but of course the rules changed in April .

Not heard from them until now and they have sent me the new statement and it is now a case of uncrystalised funds.

I have looked into all options and consulted HMRC about any potential tax rebate .

All bases are covered as to the risks

I will submit the forms today and see what happens.

zagfles

dunstonh wrote: »

Yes. And as said, most of those execution only brokers are IFAs. It is the classification of the transaction that matters. Not the classification of the firm. How do you think HL do it otherwise? (they are IFAs remember)

Are they? I know they have advisers who work for them, but assumed it was like eg a building company who have electricians working for them... ie they can provide that service if you want..but the company itself isn't an "electricians"

Assuming they will do it, yes. However, I suspect it will not be workable as most IFAs are not going to waste their time doing this. I cant see the consumer wanting to fill out a health questionnaire every time either (its about 20 pages long)

Photocopy? Word document? Surely there's some sort of standard to them so only specific parts need editting for different IFAs?

dunstonh

Photocopy? Word document? Surely there's some sort of standard to them so only specific parts need editting for different IFAs?

Its more a case of an IFA getting a phone call from someone saying that they want an annuity quote on discounted terms as they are shopping around and the IFA saying no thank you as they have better things to do with their time.

zagfles

dunstonh wrote: »

Its more a case of an IFA getting a phone call from someone saying that they want an annuity quote on discounted terms as they are shopping around and the IFA saying no thank you as they have better things to do with their time.

Fair enough - you get that in all industries, tell a car saleman you're shopping around and they lose interest quickly! But there's plenty of brokers, or as you say IFAs acting on a non-advised basis, for people to be able to shop around if they don't need advice.

atush

maggy50 wrote: »

Can anyone advise me if I was to withdraw all of my pension ( 32000 ) small amount really do I need a financial advisor or a free access to pensionwise to satisfy my provider Aviva.

I am not transferring to another provider and not going on a spending spree so I am confused by the wording on my pack they have sent asking for details of a FA before they release payment .

Sorry, but if you want it as a cash sum, why would you think anyone would take your word on a spending spree?

bigadaj

atush wrote: »

Sorry, but if you want it as a cash sum, why would you think anyone would take your word on a spending spree?

Well if that is the pot sum and it were in a defined contribution scheme then the government would be happy for it to be spent on a presumably second hand lamborghini.

This is the problem with the continual changes to pension legislation, there is a lack of consistency in approach that then gets addressed in a piecemeal manner.

Freecall

bigadaj wrote: »

a presumably second hand lamborghini.

Here's one, 11 years old with 800 miles on the clock which will give you £3,000 spare to put towards insurance!

http://www.ebay.co.uk/itm/Countach-Lamborghini-Recreation-MasterCo-/252039642369?hash=item3aaebbbd01

:beer:











Oh damn, it's a just a copy.

maggy50

Because although I do not to state what I want it for the real reason I am cashing in ALL
my assets is to get out of this stinking , corrupt, asylum seeking hole that Britain has become .

Buts that's my opinion 😆😆😆😆😆