IFA charges to transfer from a final salary scheme

jerry098

Silvertabby wrote: »

Is that you speaking, based on your own finances, - or have you confirmed that with your pension provider, as many pension schemes have a rule which forbids transfers out within 12 months of normal retirement age.

How much guaranteed (index linked?) pension and additional tax free lump sum would you be giving up for this £330K? Are you married?

Yes I’m married and, as far as I know, there is nothing to stop me transferring out at the moment. I’m 18 months away from normal retirement age.

jerry098

IvanOpinion wrote: »

Sorry , but those number look extortionate.
That would be nearly £9600 transfer plus £3300+ per year. At those rates I would be looking to do the absolute minimum through the IFA and then create a SIPP with a platform like Interactive Investor. Would you have enough knowledge/confidence to manage it yourself?

Thanks, you are correct wIth your figures. No, I don’t have the knowledge or confidence to manage it myself.

Kit_Katt

My IFA charges 0.5% pa and the fund charge from the providor is 0.17%.

A friend of mine transferred from final salary circa £445k paid around £9K in fees for the transfer... the IFA work carried out was checked throughly by an external company who checked for compliance and that the work had been carried out properly to meet all the regulations. He felt it was worthwhile. He also pays similar ongoing fees on the pot.