Pensions & IFA

ldp

Hi can anyone tell me how much an IFA should charge to put your money into a pension already set up with Royal London? Is 3% about right?

What should you look for when choosing an IFA???

dunstonh

Hi can anyone tell me how much an IFA should charge to put your money into a pension already set up with Royal London? Is 3% about right?

There is no regulation on how much an adviser should charge.

3% needs monetary context. 3% of £10,000 is dirt cheap. 3% of £50,000 in the ballpark. 3% of £100,000 is getting expensive.

Many adviser firms will tier their charge or have a flat percentage with a cap and collar.

Royal London have issued many plans over the years. Most of the plans issued prior to 2013 are no longer available to top up. So, the adviser may have to do a transfer. Or they may feel that an alternative is better.

in theory, any IFA should be able to do this with their eyes closed. So, all IFAs should be ok. Its really the charge that matters. However, be aware that the term IFA covers different business models. If you are topping up by say £20,000 and you approach a firm that deals with people with £250k plus then you are likely to either be refused or told a really expensive charge (firms often dont like saying no but will price themselves to act as a passive blocker).

mgdavid

why did you start another thread? I thought it was answered in the other one....

dunstonh

And there I was thinking Royal London are popular this week