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£10k fee to transfer!
Lily1
Posts: 190 Forumite
Been to an advisor today. The company they use for transferring pension would charge max of £10k on an £800k pot. Nearly fell off my chair. Aim I naive?
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Well on the face of it, it seems a lot. However it only works out at 1.25%.
Presumably any liability for the transfer rests with them, so the bigger the pot, the more the risk?0 -
Been to an advisor today. The company they use for transferring pension would charge max of £10k on an £800k pot. Nearly fell off my chair. Aim I naive?
You can certainly find cheaper, but £10k is 1.25% so it’s not extortionate given the level of risk the Adviser is taking on. It will also depend where in the country you are, business costs tend to be higher in the South East and London than elsewhere, and this can be reflected in the fee.
I’m more concerned that you are seeing an Adviser who is passing over the business to another company. Why not go directly to an IFA who has the pension transfer permissions themselves, rather than having to pass your business on?I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
I had a job quoted where there was over £20,000 difference between the three quotes I got. Financial services is no different to other business areas. You get cheap, medium, expensive and greedy.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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In the midlands so expensive costs. We did ask if it could be done by this company, only once we were in the appointment did we learn that they use a third party Living colour, though cannot find details of them so far.0
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What is the £10K for? To advise on the transfer, to setup the new product you are transferring into or to manage the transferred funds for the first year? You need to be really clear because £10K is a lot for any of these services; and completely excessive to setup the new product.
I would definitely shop around, and steer clear of any recommendation to use a company you can find no record of!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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Just to transfer. There was going to be a couple of other costs for investment advice and running said investments annually.0
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Thanks xylophone for the link again, is there something specific I should be reading?0
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My cost was £1250 on £840k with ongoing costs of approx 0.5%0
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Wow! That is very good. Can you recommend a pension transfer specialist?0
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