With Profits Terminal Bonus/Transfer Value

OldMusicGuy

Bosworth85 wrote: »

Instead I should find a Independent Financial Advisor and pay him a flat fee to review the With Profits Pension before doing anything.

You don't have to pay anybody anything unless you really want to. Just look at the plan documentation which should be available online and phone Aviva if you have questions. Or post questions on here.

I'm no expert but by using various sources on the web and reading up on MSE, I was able to work all this out myself. I would say the time to involve an IFA is once you have decided to transfer but do not want to set up your own SIPP and self-manage the investment strategy.

HappyHarry

OldMusicGuy wrote: »

You don't have to pay anybody anything unless you really want to. Just look at the plan documentation which should be available online and phone Aviva if you have questions. Or post questions on here.

I'm no expert but by using various sources on the web and reading up on MSE, I was able to work all this out myself. I would say the time to involve an IFA is once you have decided to transfer but do not want to set up your own SIPP and self-manage the investment strategy.

If you want to use the IFA to set-up a new pension, then the IFA will analyse the old pension anyway, in order to justify why they are recommending a change.

There have been times when I have recommended clients stay in their WP pensions. Some of the old ones have good guaranteed bonus rates.

OldMusicGuy

HappyHarry wrote: »

If you want to use the IFA to set-up a new pension, then the IFA will analyse the old pension anyway, in order to justify why they are recommending a change.

There have been times when I have recommended clients stay in their WP pensions. Some of the old ones have good guaranteed bonus rates.

Personally I can't see why an IFA would add any value in advising on a DC to DC transfer (I'm assuming the OP's pension is not DB, which would be a different situation). All you have to do is find out if there are any guarantees/benefits and decide if the options that the current scheme offers are better than consolidating it with another scheme or moving it to a SIPP. Not rocket science and IMO does not need an IFA to do that.

Thrugelmir

westv wrote: »

Just curious to know if anybody on here does actually have their pension pot 100% equities.

You also need to factor in what the underlying equities are invested in themselves.