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3rd Party Intermediaries
KenMacA
Posts: 1 Newbie
Hello.
I presently have 2 pensions - a personal pension that has been running for 5-6 years plus a workplace pension in to which I was auto-enrolled. After redundancy, I am looking to amalgamate these to simplify matters but am being told that the pension provider cannot accept direct instruction & I have to use (and pay for) a 3rd party intermediary. I know that I don't need them and I am not looking for them for advice. Can anyone advise if there is a way round this? I realise that legislation was introduced to protect individuals, but this same legislation is now penalising me and I can't see that this can be right.
I presently have 2 pensions - a personal pension that has been running for 5-6 years plus a workplace pension in to which I was auto-enrolled. After redundancy, I am looking to amalgamate these to simplify matters but am being told that the pension provider cannot accept direct instruction & I have to use (and pay for) a 3rd party intermediary. I know that I don't need them and I am not looking for them for advice. Can anyone advise if there is a way round this? I realise that legislation was introduced to protect individuals, but this same legislation is now penalising me and I can't see that this can be right.
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Comments
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I know that I don't need them and I am not looking for them for advice.
In which case transfer your pension to a DIY provider.I realise that legislation was introduced to protect individuals, but this same legislation is now penalising me and I can't see that this can be right.
It is not preventing you are all. The provider you have only deals via intermediaries. You dont want to use an intermediary. So, you transfer the pension to a provider that deals with the DIY market.
You cant force a provider to bypass their retail distribution method in the same way you cant force and Apple store to sell Android phones.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
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