IFA - dB pension transfer fees

Sunnylifeover50plan

I paid £6.5k in 2017 but mine was only £509k but I believe that included £1250 for the retention of the IFA for the first year. It wasn't paid up from and instead came out of the transferred monies. If I had of backed out after a certain point there would have been a fee for work carried out upto certain points. This was made clear at the initial meetings before I gave a "go" decision.
I had been quoted £10k from other IFA's.
Find an IFA who is prepared to monetise their fees rather than charge a percentage.

Mick70

I don’t begrudge 0.5% annual fee if they are investing it well and making you more money ?

Out of interest how do you work out the factor to compare your CETV with your dB ? Ie in my case £1.7m to £26.2k is a factor of 65 , but I know you don’t calculate it like that, it’s more complex

Aegis

Mick70 wrote: »

I don’t begrudge 0.5% annual fee if they are investing it well and making you more money ?

Out of interest how do you work out the factor to compare your CETV with your dB ? Ie in my case £1.7m to £26.2k is a factor of 65 , but I know you don’t calculate it like that, it’s more complex

No, that's pretty much it. You need to uplift the value to the current level after inflation adjusting to make sure it's accurate, but the income multiple is done exactly like that.


A more complete answer here: https://forums.moneysavingexpert.com/showpost.php?p=76259914&postcount=99