UK Based Financial Adviser / Pensiosn / York

ttossi

I have a pension pot of 60k I was to transfer into the Civil Service Pension Scheme. For me it is a no brainier. Ive done the maths and I am happy with them. But due to regulation I now have to engage a UK based IFA.

I contacted one and it's going to cost me £500 upfront with a further 1% of the pot.

over a £1000 pound for advice I do not want. Is there cheaper methods / IFAs / alternatives.

Help

Linton

What sort of pension are you transferring-in? DB like the CS one or a DC pot of money?

dunstonh

I have a pension pot of 60k I was to transfer into the Civil Service Pension Scheme. For me it is a no brainier. Ive done the maths and I am happy with them. But due to regulation I now have to engage a UK based IFA.

A pension pot of 60k suggests it is a money purchase scheme. There is no requirement for advice on these unless the existing scheme has safeguarded benefits (basically benefits which are usually, but not always, beneficial and can be a good reason to keep them on the existing plan as they would be lost on transfer)

You say you have done the figures. So, you should know what the safeguarded benefit is. What is it?

I contacted one and it's going to cost me £500 upfront with a further 1% of the pot.

Thats cheap.

ttossi

its a DC also have a defined benefit of 90k which I might want to transfer over

ttossi

Thanks DunstonH,
mis typed the funds the wrong way 90k DB and 60k DC.

Your right it is cheap I have other IFAs quote this afternoon of £700 and 4-5%.

I dont know the term safeguarded benefits - but the CSP pension appeared more flexible on early retirement, better Pension Value, both increased at CPI, The CSP pension has a lower value for widower pension but thats okay in my circumstances.

I understand there are scams out their but a government sponsored scheme is not one.

I see your an IFA but it gripes a bit that though fundamentally Its my money and I should not be forced into thousands of pounds of advice against my will. I may make a bad choice but It should be my choice,

ttossi

DustonH
- when I say it Gripes I mean the policy - and in no way meant it as a dig at you being an IFA - re-read the post and though it might come across that way - but if it does there is no intention

dunstonh

Safeguarded benefits can cover a range of different types of guarantees. Guarantee growth rates, annuity rates, GMP and some other things.

I understand there are scams out their but a government sponsored scheme is not one.

its not that. Most guarantees are worth keeping. There is a worry that people would transfer their pensions (or cash in) if there are safeguarded benefits without realising it. It is a consumer protection thing.

I may make a bad choice but It should be my choice,

As it should be but its not. In the blame culture, we get the nanny state.