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Pension Costs & Charges
AC_Construct
Posts: 7 Forumite
Hi, Newbie Here.
I'll start by holding my hands up and confessing i know nothing about pensions and investments etc, hence paying a FA to sort it all.
How do i know i'm getting what i should for the money??
I'll start by holding my hands up and confessing i know nothing about pensions and investments etc, hence paying a FA to sort it all.
How do i know i'm getting what i should for the money??
0
Comments
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Hopefully you are paying an IFA not an FA. The I for Independent is very importantI’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
paying a FA
An Independent Financial Adviser?0 -
You may be better off not paying a FA.
Why not try an (I)ndependent FA?0 -
A fine example of my lack of knowledge in this and abbreviations, they are IFA's.0
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How much does your IFA charge you each year and what do they do for you?0
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IFA is charging advice fee of 1200.
Pot is around 270k inc property.
Total charges inc IFA advice fee is 4.25k ,This includes SIPP admin charge, platform cost and fund costs etc what ever they are.
It seems excessive to me. is it??0 -
Pot is around 270k inc property.
Do you mean that you have a certain amount in a pension fund and the balance of the £270,000 is in eg Buy to Let?
Or are you referring to your own home?0 -
It seems excessive to me. is it??
No. All sounds very reasonable.
£1200 fee is good.
4.25k against £270k is 1.57% is ballpark. (assuming its all investible. Not sure with your property reference)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 -
Apologies for any confusion, i hope this makes it all a little clearer.
Property in SIPP is valued @ 165k
Investments are around 105k which is what the IFA manages. Reviewed on an annual/6 monthly basis.
The charges of 4.25k are for the following:
Custody Charge - £230
Dealing Charges - £122
Fund Costs - £1654
Advise Fee - £1200
SIPP Admin - £480
SIPP Property Admin - £5760 -
Property is expensive for holding in SIPPs. It requires more work than a conventional investment. So, you would expect higher charges on the SIPP provider side.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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