Private pension help

bigadaj

elduderino2 wrote: »

Hi dunstonh

Thanks for the reply.



Okay mate yr got me bang to rights ,
Scrooge ain't got nothing on me mate.
If you could see me now sittin here in a dressing gown, green eye shade on me ed, & lit up by candle. countin me ill gotten gains, one doubloon, two doubloon.......

How did i ever fink i woz gonna get away with it.

Cheers

You swine, taking the champagne out of their mouths, hope you feel a suitable level of guilt.

Brightspark87

Glad you hear you sat down and talked it through.

With regards to finding an IFA locally - any friends or anyone you know got a personal recommendation? Do you know an accountant? Word of mouth is often the best way forward.

Alternatively, you could manage yourself and look at Hargreaves L or similar and then you are in charge. Most do it yourself SIPPs etc offer the draw down you are after.

Zurich would offer the new drawdown but the chances are you are moving into a new plan just still with them. You may be able to fund someone who will just charge a fee to do this for you.

Good luck!

bigadaj

elduderino2 wrote: »

Hi Brightspark87

Thanks for the reply, & advice.

I have had a meeting with the IFA this morning. Yes they are whole of market/Independent. They are listed on Unbiased.com
Without going into to much detail. They have come up with an LV flexible transitions account. Overall fees would be 0.90%.
Money invested in
Sterling Liquidity series 2 50% £41,979.36
Vanguard LifeStrategy 20% Equity(series 2) 50% £41,979.36
their charge being £3,498.28 taken from the transfer value of £87, 457.00

I asked them to give me a written summary of what was planned. Their reply was can't do that unless you agree to the plan, in other words give us the £3498.28, & yr get a written summary.
To be honest i can,t be bothered to negotiate with them regarding fee's. I think they have had enough out of me.
Another small thing that bothered me was that i mentioned at the last meeting( The reason for this thread), the fact that i had invested an amount in a 5 year bond with a foreign owned bank(With branches in this country). Without hesitation they said it was not covered by the Bank compensation scheme. It is, that was one of the first things checked before taking it out. Were they offended that i had not come to them to invest it!! is that me being suspicious?
The fact that they told me that Zurich did not do Flexi Draw down. They do. in fact got loads of info from Zurich. Plan cost's & charges. & how its performed each year over the 5 years. In fact sending all info by post.
As you say the fund ain't done to bad, its the fee's that are high.
But also remember, i started this pension plan in 1991 with AXA, with no IFA, & it took 19 years to go from £0 to £58,370.
So both Zurich, & the IFA hit the ground running.. I would give my eye teeth for customers like that in my business.
So, i think its time to check out a couple of IFA's, an see what they come up with. The providers don't want to deal with customer's, only IFA,s
Also the S/P deferment looks inviting, 10.4% in one year ain't bad.

Can anybody recommend an IFA in the Tamworth, Lichfield, & Sutton Coldfield area's

Thanks

I realise that the investments may be appropriate for the clients level of risk but paying £3.5k to be invested in a couple of funds to give virtually no real return sounds expensive to me.

elduderino2

Hi
just another update.
Phoned Zurich, & asked for info how the plan has performed. Specifically regarding the percentage interest rate growth year on year, & over the 5 years with them.
They told me they couldn't do that, & they would only give that info to my IFA, (as it is a bit complicated, compound interest, etc..), & they should be able to tell me.
Phoned IFA, who seemed a bit put out, at being asked to do this, but said they would get back in touch.
Am i asking to much, seeing as i have paid them an intial ' ongoing fee's, & in 5 year's, met with them 4 times including initial transfer meeting.

At same time i have given permission to two IFA's(Unbiased.com) to obtain the info from Zurich, & give me a report, before i decide my way forward( both agreed to this, with no hesitation).

Thanks

maximumgardener

Hallelujah......looks like you may be getting there?

well done....get it shifted.....bite the bullet
form a new relationship with more realistic fees

dunstonh

Am i asking to much, seeing as i have paid them an intial ' ongoing fee's, & in 5 year's, met with them 4 times including initial transfer meeting.

No. The whole point of paying an ongoing remuneration to the adviser is to get ongoing servicing.

Remember that there is no interest on investments (unless you have fixed interest holdings but that is not the same as savings accounts).

This adviser is damned expensive as you have been told. So, if you are not getting the service you want and they want to continue charging you large amounts for doing something that many other advisers would do at no extra cost (as part of the ongoing servicing) then look at alternatives (as you are).

elduderino2

Hi

pattane pointed out in earlier post. Which i think is certainly worth considering.

Have you considered taking some of this pension and using it instead of taking your state pension? As you are taking it under the old regs for every year you defer it's value increases by 10.4% plus of course any 'normal' increase (don't take the deferment lump sum though it isn't such a good deal).

This link gives all relevant info for anybody thinking of doing this.
Very very informative.

Thanks

Brightspark87

Hi sounds like you are on the right track let us know what they say if you need a sounding board again!