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LV Pension Drawdown
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Al_Ross
Posts: 965 Forumite
I am thinking of taking my tax free lump some from an old Aviva Personal Pension Fund.This would leave a pot of approx. £57,000.The LV Financial advisor has recomended a draw down, investing it in the LV=Life Stratergy 60% Equity Pn.
His fee would be £1700, plus an annual management fee of 0.24%. The fee seems a bit on the steep side to me,thoughts anyone ?
His fee would be £1700, plus an annual management fee of 0.24%. The fee seems a bit on the steep side to me,thoughts anyone ?
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What is the fee for? What work will he be undertaking?Free the dunston one next time too.0
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His fee would be £1700, plus an annual management fee of 0.24%. The fee seems a bit on the steep side to me,thoughts anyone ?
£1700 for a sales rep from LV to sell you an LV product is a bit steep. Obviously the sales rep can only sell LV products but what has made you think that the LV option is better than the rest on the market?
You mention the fund charge but what about the annual service charge the plan has.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 -
The LV rep will only ever try to sell you LV services and products.
If you need advice, try finding out what it will cost to use an independent adviser who must consider products from the whole of the market.0 -
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Had you thought of DIY?
Example
http://www.hl.co.uk/pensions/sipp
http://www.hl.co.uk/partners/search/popular-funds/vanguard?theSource=PC060&Override=1&adg=G+FVGD+VLS &gclid=CPPW1P3lj88CFcefGwodIIQB3w
Same deal for free sounds good ,would that still allow me to take my Tax free lump sumout first and transfer the rest to the Sipp ?0 -
Hi,
Does anyone one know can I take my tax free lump sum then transfer the rest to a Sipp ?0 -
Hi,
Does anyone one know can I take my tax free lump sum then transfer the rest to a Sipp ?
Depends on the providers involved and whether they support it.
Typically, you would not do it that way around.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 -
It would seem more logical to transfer the pension and then take the lump sum/set up drawdown?0
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