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IFA annual commission on pension pot
Comments
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Remember that IFAs have historically dominated the pension market. I recall a year or so back seeing that Royal London were the largest provider of drawdown in the UK.
They will not give any advice, but they will accept fund switch instructions, and they will allow drawdown instructions directly now. I don't believe they will accept increments/top ups/transfers in without an intermediary (at least they didnt last time I tried).
I had to act through my IFA when changing the contributions recently with RL. I tried to make a lump sum contribution with a cheque and a letter. I got a response that said get the form from the IFA who was sent a copy, fill it out and try again.
The impression I get is that RL much rather avoids dealing with their public customers directly, to be honest.
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:T:TDeleted_User wrote: »Isn’t it a cool system that th e customer gets to pay extra because the advisor might be incompetent?
Exactly.0
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