We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cost for Pension Advice (Independent Financial Advisor)
Gareth77
Posts: 50 Forumite
Hi
I am now 40 and have decided to tidy up and combine the 4 pensions I have from various jobs over the years.
I decided to talk to a financial advisor that I have previously used for mortgage advice previously.
They have given me a recommendation - but are looking to charge me £800 annually going forward to monitor and advise on the pension going forward.
Does this sound like good value/standard for this - is this worth doing?
Thanks
I am now 40 and have decided to tidy up and combine the 4 pensions I have from various jobs over the years.
I decided to talk to a financial advisor that I have previously used for mortgage advice previously.
They have given me a recommendation - but are looking to charge me £800 annually going forward to monitor and advise on the pension going forward.
Does this sound like good value/standard for this - is this worth doing?
Thanks
0
Comments
-
Do it yourself and put it into a SIPP!
1 -
They have given me a recommendation - but are looking to charge me £800 annually going forward to monitor and advise on the pension going forward.
On a £20,000 pension pot it would be poor value. On a £200,000 pension pot it would be good value.
Does this sound like good value/standard for this - is this worth doing?Choice is to use an IFA or DIY. Can you DIY better than the IFA? If so, then you can save money if you DIY well (although cost is only one part of it. Investment selection is the other more important bit). If you make a pigs ear of it then it will cost you more. Its no different to any other job you can do in life.
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.1 -
Often the IFA will want to charge a one off fee for transferring the pensions as well as the ongoing charge .
Have you checked that ?
Also to give any kind of sensible answer, as well as the value of the pensions , do you have other investments and do you have any at least basic knowledge about investments, pension rules etc ?0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.8K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.6K Spending & Discounts
- 247.6K Work, Benefits & Business
- 604.5K Mortgages, Homes & Bills
- 178.6K Life & Family
- 262.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards