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Financial advice
mondeoglx
Posts: 42 Forumite
Had a financial adviser giving me advice about my pension says charges would be 2% of fund if I go ahead and go with him would this be about right
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Comments
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Had a financial adviser giving me advice about my pension says charges would be 2% of fund if I go ahead and go with him would this be about right
What is the 2% in monetary terms?
Without context, 2% is meaningless. e.g. £10,000 @2% is very very cheap. £100,000 @ 2% is about right but £200,000 @2% is expensive.
It can also depend on the type of transaction. A new regular contribution pension for a self employed individual is much cheaper to set up than a pension transfer for example.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 -
What will they do for the 2% charge?The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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Pension transfer £200k0
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Pension transfer £200k
defined benefit to defined contribution and the charge is fine. Defined contribution with safeguarded benefits and the charge is fine. Defined contribution with no safeguarded benefits then its at the upper end but not outside the ballpark.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 -
Expensive compared to some - interesting reading here for more debate & see post #13: https://forums.moneysavingexpert.com/discussion/5554142
And here impartial advice (and judge responses...):
https://forums.moneysavingexpert.com/discussion/5575055
& here https://forums.moneysavingexpert.com/discussion/55812790
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