Anyone used mypensionexpert.com

peteprods

Hi, I am new to this site, but am considering taking my pension early. I have had some quotes from mypensionexpert.com and wondered if anyone here had used them to provide an annuity as an IFA. There quote was very competitive, and I don't wish to get scammed and lose all my hard earned cash.

Any advice or information would be welcome.

Thanks, Pete

dunstonh

Be aware that non-advised online annuity sites can still be paid commission. For annuities over £25k, this can mean that the commission ends up being higher than the fee if an IFA did it.

There quote was very competitive

What commission rate were they taking?

Malthusian

They're not IFAs (or they don't say they are). How big is the pension fund? It may well be worth seeing an actual IFA.

Rather than someone whose website contains this utter gibberish:

Consumer Prompt – We can’t all be Susan’s

It’s the end of February, it’s pouring down, well it is the UK; you’ve been meaning to buy that special something for Susan for some weeks now. They always put the effort in, get that original something you’ve not seen before, which inevitably is perfect for you. You really want to put the effort in this year, they deserve it. But its pouring and you have a 1,001 other thing’s to do.
You buy Susan a personalised tea towel…. Online.
Thing is, when you are working you inevitably don’t have the time to ‘shop around’. Things get away from all of us. It’s not an excuse it’s a reality.
How does Susan do it then?
Susan is perhaps an exception, yes she is about to retire but is still working part time and is flying through an Open University degree and looks after her young grand children 3 days a week.
(continues...)

It looks unlikely to be a scam and the quote you've had may well be competitive (we don't know), but unless you are very certain you want an annuity, I would explore your options more fully.

Silvertabby

Consumer Prompt - We can't all be Susan's

We can't all be Susan's ... WHAT ?

Sorry, but bad grammar, spelling and punctuation just screams SCAM! to me.

coyrls

Silvertabby wrote: »

We can't all be Susan's ... WHAT ?

Sorry, but bad grammar, spelling and punctuation just screams SCAM! to me.

Apostrophes do seem to be a problem....

But its pouring and you have a 1,001 other thing's to do

There should be one in that sentence but not where they put it!

Silvertabby

We can't all be Susan's ... WHAT ?

Sorry, but bad grammar, spelling and punctuation just screams SCAM! to me.
Originally posted by Silvertabby

Apostrophes do seem to be a problem....
But its pouring and you have a 1,001 other thing's to do

There should be one in that sentence but not where they put it! Posted by coyrls

Yes, you'd expect a higher level of attention to detail from so-called pension specialists!

Malthusian

Well, a common refrain from tied salesmen is "we're better than IFAs because 'restricted advice' means we can specialise in pensions; an IFA can't possibly be an expert in pensions and understand the whole of the market as well [<--- BS]."

In this case mypensionexpert.com has such a laser-like focus on pension expertise that they have jettisoned out of their brains any surplus information that does not help people with their pensions, including Key Stage 2 grammar.

johnnyboy63

They will no doubt get their figures right when it comes to taking their commission !

jamesd

peteprods wrote: »

am considering taking my pension early.... to provide an annuity

Any advice or information would be welcome.

Just be aware that it's normal for the guaranteed income from an annuity to be around half of the unguaranteed income available using drawdown instead.

jim8888

Just to add that I wouldn't trust a site that was as sloppy at grammar as this lot seem to be! I usually encounter this when I'm buying cheap tat from Hong Kong on ebay. Buyer beware.

peteprods

I'm sorry if my grammar was incorrect, but I am looking for advice, not an English lesson, which most of the replies to this thread are about.

My question was simple. Has anyone had any dealings with this site and their so called IFA's.

They offer 4 choices : Invested Annuity, Lifetime Annuity, Fixed Term Annuity and Flexi-Access Drawdown. I believe their quotes include their charges, but will have to check again on this.

They claim that they get higher quotes for people because of their market volume.

So I hope that helps. As for me I have a pot of about 118K, sitting in an Aviva Deposit S6 account, which I am being charged on, so the fund isn't growing just shrinking, I was advised to do this by an IFA.

So please I am looking for advice and an answer.