Pension Company vs Independent Financial advice stitch up !

Lungboy

What is this amazing company that you are so insistant on opening a pension with?

Seabee42

There are real companies out there ripping people off legally. There are crooks ripping people off illegally.


You cannot be surprised when as a result some companies protect themselves by insisting you get advice first.


There is no doubt independent advisors are a business and like most business's they are not a charity. They also do not have a crystal ball and can therefore make mistakes in hindsight as to the future. You as a customer have a duty to understand why they recommend what they do. If you do not agree with it you do not have to follow the advice.


They are mostly trying to help you make informed decisions. If they recommend the most expensive product then ask them why?


Clearly if a business wants to maintain custom and receive a good reputation (which is important in the advice business) they will aim to provide a good service.


Your chosen provider cannot accept execution only business and you have been given alternatives, it is up to you to either get advice or use an alternative.

cfw1994

What a hilarious ranty thread!
Must be a troll wind-up: joined MSE forums JUST to post this rant....
& surely no-one with an ounce of common sense looking into long term financial answers would so flagrantly ignore all the good advice provide by people & continue the tirade!
Time to move on to real threads!

atush

DJPench wrote: »

I have a company of choice, I know I want low risk policy. I cannot use them without going through an IFA.

That means I am unable to do so. A brick wall.

So you have to either be highly technical and know everything or don't have a pension.

Both bad options.

As money is involved by deifnition IFA are NOT independent. They are not the citizens advice bureau, they wish to earn money from me, they would not exist without that. They are dependent on me paying them.

Can someone who is not obviously an IFA reply, thanks.

Thanks for those links it is HIGHLY appreciated I will look into them, if you have other options you know of that would be great. Cause I know one thing IFA and pension companies that you have to use them with are not getting 1 penny out of me.

I am not an IFA, but agree you are ranting and don't understand pensions. You CAN open a pension without an IFA, you just need to choose a different company.

If you cannot digest these facts, and continue to rant without reference to facts, you probably aren't intelligent enough to run your own pension. So read the links above and open a pension online. Yourself. Without an IFA

atush

DJPench wrote: »

Annuity as in expecting £150.00 a month guaranteed for life for the rest of your life to top up your state pension. I thought that was the only option.

You thought wrong

atush

DJPench wrote: »

Oldmusicguy can you please just PM a decent company that you use for example. Then I can investigate for myself. Many Thanks

IFA leeches with their massive salaries can jump, especially those who insult you on this thread, that speaks volumes and is nothing you would not expect when someone calls out their stitched up easy ride.

My take on IFA is that they use smoke and mirrors to bamboozle people..they want complexity and depth and complication so they can hide behind. They know virtaully nothing more than a what people can research and charge a fortune for it. When you call a spade a spade and want them to do a job for you.. set up pension with company X they drop you like you don't exist, you are not cash cow-y enough for them to drain your cash with vague fee schemes.

You don't need a pm, just use the links on page 1 of several

Terry_Towelling

OP, I can see that your knowledge of your pension options has some gaps (like mine). I can also see that some of the things suggested to you have come as pleasant surprises - like getting tax back on pension contributions and being able to open a pension and self-managing the investments held therein.

I can also see that you have occasionally said it seems complicated. True, it isn't always straightforward and there is a bit of studying to do to understand how it works and what sort of investments are appropriate for you to hold in your pension.

So, I have an idea that should help answer all of your questions. Why don't you make an appointment to see an antichrist (sorry, IFA) who will explain it all to you!

haras_nosirrah

It is fine to DIY if you know what you are doing. From some of the questions you have asked and some of the answers you didn't know (e.g. the tax relief) really you need to consult an IFA as if you get this wrong it will cost you a lot of money.

I think the IFA you originally spoke to probably didn't want to deal with you not because of the transaction level but because you wanted to proceed without advice (as in I want that fund)

This is called execution only and is not allowed by the fca and the advisor probably felt he couldn't rubber stamp it without you taking advice because if it turned out to be the wrong fund you could complain and it would be his neck on the line

AnotherJoe

DJPench wrote: »

This private pension system would not exist if you were not being creamed. We think we are doing something good for our future's cause we are told to.. but in the end you end up with peanuts. Amounts to little more than scam.
.

I must be imagining the £900k in my pension then. Silly me.

DJPench wrote: »

Any normal pension savvy people on here, not just IFA's and pension company workers ? I am interested to hear your truly independent advice. (not dependent on leeching off my income that is)

Well, I would fit that description having been self investing (both badly and well for donkeys years) , but despite you being very well balanced (as you obviously have a very large chip on each shoulder) ,you have so many misconceptions , prejudices and downright ludicrous fixed attitudes,and have spouted so much garbage in your posts,(mostly because you are ranting against your own misunderstandings of the situation) there seems little point in commenting

I'll give one tip, try reading Monevator or The Escape Artist about self management of investments and pensions.

OK here's another, before going into a rant about a subject and making yourself look ridiculous, learn something about it first.

........... And here's a third that just occurred to me - since you are completely clueless about pensions and investments why on earth do you think you have the capability to select the one particular company / investment that is precisely right for you out of the tens of thousands available? You appear to be a text book case of the Dunning-Kruger effect at work.

blue_eyes

Why cannot a private individual deal directly with a private company without a Mystic Meg middle man ?

I found this intriguing, so checked with Mr and Mrs Google, and they didn't disappoint:

From a well known three letter tabloid, 31 December 2017:
"Mystic Meg reveals what the stars have in store for your career and bank balance in 2018.
Thanks to the position of Saturn, you could be looking at a wealthy 2018"

The advice certainly seems personalised:
"A company that shares your family name, or a nickname, can be a money-spinner in the spring, while the lunar eclipse on July 27 is when a cash role-reversal really slots into place."

I think she is suggesting P2P "You are getting bolder with cash, being more inclined both to spend it and lend it"
as well as advice on asset allocation: stick to a property plan in April or May.
but I'm worried she may be recommending fx or AIM:
"and in December a gift can double in value overnight".