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Legality regarding IFA ...
Comments
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webtrekker wrote: »This whole thing is wrong, and is just intended to line the pockets of the financiers.
Can't agree with you there I'm afraid. Most "financiers" want to protect you from making mistakes that you may later regret. The money is meant for your retirement and may need to last you a long time.
Is there no other way to meet this need?
However bottom line is that if there are no safeguarded benefits and it is a DC pot, you can do what you like but you may have to move providers.0 -
A heck of a lot of old CIS plans had guaranteed annuity rates or a guaranteed basic annuity.
If you plan is over £30k (which it is) and you have any safefguarded benefits then you need to use an adviser if you are not utilising the safeguarded benefits.My point is, guarantees or not, I DO NOT want financial advice from anyone. I have my own personal reasons for needing to take my pension now and that has nothing to do with Royal London or anyone for that matter. It's MY money.
As a taxpayer, I thank you for the tax you will be paying for doing this. However, in most cases, tax can be avoided or reduced by forward planning.This whole thing is wrong, and is just intended to line the pockets of the financiers.
No its not. It is to stop people that dont know what they are doing from making a silly mistake that cannot be changed later on.
If it was to line the pockets of IFAs then then they would not have introduced pensionwise (which is paid for by IFAs despite not earning IFAs anything).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 -
No, it is not "your money". As soon as you put it into a pension the money stopped being "yours" and is normally held in trust to purchase retirement benefits in retirement.My point is, guarantees or not, I DO NOT want financial advice from anyone. I have my own personal reasons for needing to take my pension now and that has nothing to do with Royal London or anyone for that matter. It's MY money.
The law requiring advice to be taken if a DC fund with potentially valuable benefits is there to stop people doing silly things. You may think that what you want to do is sensible (and it might be) but lots of others may be losing major benefits that they don't know about.
You are trying to use a pension fund for something it wasnt meant for, you cannot expect a quick and cheap fix.0 -
Cheers macca1974. Some food for thought there. I certainly need to find out if it is a DC pension first, or whether GAR comes into the equation.
Is this relevant to your policy? https://www.co-operativeinsurance.co.uk/assets/pdfs/insurance/lifeinsurance/pp-product-guide-mkt2613.pdf0 -
Ok folks. I appreciate you all giving your valuable time and expertise. You have, in fact, made me step back to consider my other options instead of rushing head first into this.
If I have to consult an IFA then I'll just have to grin and bear it. I'm certainly going off the idea of withdrawing everything at once. I may go for the 25% tax-free option instead and figure out what's best to do with the rest.
I know you think I should know more about my pension but don't forget, you're all experts and this stuff is second nature to you. It would be the same as one of you coming to me because your web page wasn't returning the results you expected. If I told you it was because of incorrect Ajax calls then you'd probably be as flummoxed as I am with pensions!
Each to their own, I suppose.
Anyway, thanks again. I'll be back.............. 0 -
webtrekker wrote: »If I told you it was because of incorrect Ajax calls then you'd probably be as flummoxed as I am with pensions!
Possibly but I think I'd be trying to find out more before posting on the internet complaining about conspiracies by web designers.
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Guess I asked for that.0
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I know you think I should know more about my pension but don't forget, you're all experts and this stuff is second nature to you.
Which is why this consumer protection exists.. It would be the same as one of you coming to me because your web page wasn't returning the results you expected. If I told you it was because of incorrect Ajax calls then you'd probably be as flummoxed as I am with pensions!
But why would anyone pay for an expert? Surely its better to not pay and just fumble your way through and make mistakesI 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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