How do I get my pension in cash

Linton

Dark_Sunday wrote: »

Sorry what I meant was I'm not sure IFAs should be liable. My view is its up to the individual to take responsibility & decide what to do with their funds.

You could argue that. I would disagree as the average individual doesnt have sufficient knowledge, understanding and mathematical skills to make an informed decision. If this wasnt the case mis-selling would be a meaningless concept.

However this is beside the point, parliament and the regulators have decided that IFAs and many others in the financial industry are liable for foolish decisions made by the general public.

dunstonh

Dark_Sunday wrote: »

Sorry what I meant was I'm not sure IFAs should be liable. My view is its up to the individual to take responsibility & decide what to do with their funds.

I get you now. I think there has to be some responsibility for the advice but at the moment, there is too much consumer protection. Too much retrospective judgement and hindsight decisions as well as some downright daft decisions.

There is a lot of fear in the advice community over drawdown. The FCA treat it as a higher risk transaction. The FOS does too. Despite the pension freedoms and being told you can buy a Lamborghini, the FCA and FOS have not adopted that. For an IFA, it is one of the most labour intensive and costly advice transactions to carry out and most of it is backside protecting.

MyOnlyPost

I find it amazing that people come on here and claim the advice given by forum members is the equivelant of that of an IFA. I have a GCSE in law and A level in Economics so I assume this qualifies me to advise people in these areas?

You may not like IFA's, probably more likely you don't like their charges, but unless you are, have been or possibly married to an IFA you have no idea what the job actually entails "behind the scenes" so to pass comment on such aspects of the job and associated costs is nonsensical.

I am not, nor am I related to or even know an IFA

d8veh

Thanks for all you help guys. I'm signing up to the HL SIPP, so that saved me £3600. Two phone calls and two forms is all it took. I do understand how the tax works, but even if I didn't, Hargreaves Lansdown were pretty clear in their explanation about it, and their advice is free.

This forum is great.

I'm an expert in my own fields. All advice I give is free. I must admit that I feel a little uncomfortable when other people charge for it.

quotememiserable

d8veh wrote: »

Thanks for all you help guys. I'm signing up to the HL SIPP, so that saved me £3600.

Well, now you should be able to buy some serious bike lights :-)

zagfles

MyOnlyPost wrote: »

I find it amazing that people come on here and claim the advice given by forum members is the equivelant of that of an IFA.

Well that wins strawman of the thread

I have a GCSE in law and A level in Economics so I assume this qualifies me to advise people in these areas?

You might be able to give a correct answer to a factual question in those areas. If you can't, your education was wasted.

You may not like IFA's, probably more likely you don't like their charges, but unless you are, have been or possibly married to an IFA you have no idea what the job actually entails "behind the scenes" so to pass comment on such aspects of the job and associated costs is nonsensical.

I am not, nor am I related to or even know an IFA

Who cares? As is typical, this thread has been diverted from a discussion of the OP's situation into a flame war about why IFA's charges are so high. Just because the OP said "...but he wanted to charge 3% (£3600), which seems rather a lot...".

Maybe those who want to debate the reasonableness of IFA charges should start a separate thread instead of hijacking this one and others like it.

MyOnlyPost

zagfles wrote: »

Who cares?

Judging by all your posts on this thread you are clearly passionate about it.

zagfles wrote: »

but he wanted to charge 3% (£3600), which seems rather a lot...".

I totally agree this was a ridiculous charge for what the OP wanted (even I knew the answer :cool:), how that then descnds into IFA bashing is what puzzles me, clearly the IFA wasn't just going to say transfer both pensions to a SIPP, £3,600 please!

d8veh

quotememiserable wrote: »

Well, now you should be able to buy some serious bike lights :-)

That's not fair. You have to give me at least a clue to who you are. I guess I'm known all over the world.

zagfles

MyOnlyPost wrote: »

Judging by all your posts on this thread you are clearly passionate about it.



I totally agree this was a ridiculous charge for what the OP wanted (even I knew the answer :cool:), how that then descnds into IFA bashing is what puzzles me, clearly the IFA wasn't just going to say transfer both pensions to a SIPP, £3,600 please!

Because rather than answer the OP's question an IFA comes along and gets all defensive about charges and sarky with him, and then someone else comes along who thinks IFAs are ripping people off, and the thread then turns into the usual boring tedious flame war between those trying to justify the level of charges and those who think they're a rip-off.

MyOnlyPost

zagfles wrote: »

Because rather than answer the OP's question an IFA comes along and gets all defensive about charges and sarky with him, and then someone else comes along who thinks IFAs are ripping people off, and the thread then turns into the usual boring tedious flame war between those trying to justify the level of charges and those who think they're a rip-off.

I don't usually frequent this board, I only actually came to the thread because I could answer the question, but somebody had beat me to it. I then came back to the thread as I couldn't understand how a basic question answered quickly could run to 40 posts. Having read the thread again I genuinely can't decide which of these 2 posts started the argument

dunstonh wrote: »

Can you let me know where you have seen that it is just a case of filling in a few forms? It is taking me the best part of a day or two. So, I must be doing something wrong.

I can't tell if this is defending charges or standing up for IFA's but it relates directly to the OP

Dark_Sunday wrote: »

So an IFA wants to charge £3,600 for the best part of a day or twos work ?

This is definitely designed to start an argument. I will often defend landlords when they are besmirched because I am a landlord, so I see what some others don't, the negative side of letting properties. I can therefore empathise with IFA's rising to this obvious bait, whether I agree with their charges or not.

The OP in this thread didn't require an IFA to answer it, that doesn't mean that IFA's cannot be useful or their charges are always unacceptable. I don't bemoan electricians charging £200+ per day because I know how to change a plug.