MAS retirement planner

GREYONE

Yesterday I met an IFA I found on the retirement advisor directory on the money advice service website. Can anyone tell me if these advisers should charge any more than those found on the Unbiased website?

The charge for a financial review, report including recommendation and implementation with a view to investing a lump sum is 3% for sums between £0 - £100,000.

( For my £97,000 that would be £2880, whereas a local guy quoted £1300. To move two personal pensions to a flexible drawdown scheme).

dunstonh

. Can anyone tell me if these advisers should charge any more than those found on the Unbiased website?

They are both directories of advisers. The charge should not change whether you find the adviser on one directory or any of the other dozen or so directories.

A bit like googling an adviser firm or looking them up on yell or in the phone book.

beamyup

GREYONE wrote: »

( For my £97,000 that would be £2880, whereas a local guy quoted £1300. To move two personal pensions to a flexible drawdown scheme).

Would you consider not spending that money (This is MSE after all) - by using a SIPP for drawdown?


e.g. pensionbee might be suitable, they would do the transfers for you for free, and drawdown is simple.
I mention pensionbee because their pension transfer service is so good / user friendly and they target the inexperienced person with their simple to use service. But there are many others of course.
you can see some here
https://www.which.co.uk/money/pensions-and-retirement/options-for-cashing-in-your-pensions/income-drawdown/compare-pension-drawdown-plans-and-charges-ax1628r13rdk

GREYONE

Thx for the link, I will investigate further and at least see if these chaps do enough work to earn the money.

GREYONE

I've just had a close look at the data int he link and very interesting.

dunstonh

GREYONE wrote: »

I've just had a close look at the data int he link and very interesting.

Do be aware that many of the charges in that link are obsolete, wrong or using legacy product pricing and not current product pricing or the default maximum (a bit like the MRP/RRP is often higher than the actual retail price you can get).

For example,
Aegon, Aviva, Standard Life and Zurich are all showing at higher charges on that site than their real costs. There could be others wrong too but they were the ones that stood out.

Albermarle

To move two personal pensions to a flexible drawdown scheme).

As an alternative to a SIPP, it is also possible to move to a new personal pension scheme with a drawdown facility as offered by Standard Life etc
Although SIPPs are probably better for well informed investors , for the majority a personal pension is probably more suitable .

GREYONE

Thanks for the warning

GREYONE

That is immensely interesting since I am not state retirement age yet.