Hill top finance/pensions.

clive0510

just putting a few things in order here for when I retire in 6 yrs time. I've been advised by a finance company (hill top finance) to transfer my whole private pension from a annuity into a draw down pension. just wondering if any of you have heard of or had dealings with hill top finance. any help or advice appreciated.

tacpot12

They have only been in business for five years so might not have much of a track record. 

I’m surprised they can offer a way to cover an annuity to a draw draw pension. I’ve never heard of that being possible. Too good to be true?

Notepad_Phil

clive0510 said:

... for when I retire in 6 yrs time .... to transfer my whole private pension from a annuity into a draw down pension

I would have thought that most people wouldn't take out an annuity until they were retired, so are you saying that you do have an annuity now even though you aren't retired, or was your plan that you would take out an annuity with this pension when you retired and that this company is advising you to instead go down the drawdown route?

If it was the former, then I'm in agreement with tacpot12 and had never heard of that being an option. If it is the latter then that would probablly make sense as for most just-retired people an annuity would bring in a lot less money than drawdown - though it won't be a guaranteed income and many people are handling drawdown themselves without the need for external advice that they pay for.

As for Hill Top Finance, they seem to be legit (or at least not obvious scammers), but I've never heard of them before so how did you get in contact with them?

dunstonh

 I've been advised by a finance company (hill top finance) to transfer my whole private pension from a annuity into a draw down pension.

What type of annuity is it?  if it is a lifetime annuity or a fixed term annuity?  

What is the justification and does it fit your objectives?

. just wondering if any of you have heard of or had dealings with hill top finance.

Did you approach them or did they approach you?

Asking the internet about local advice firms is a bit like asking the internet about the butcher at the end of your road.

cfw1994

dunstonh said:

 I've been advised by a finance company (hill top finance) to transfer my whole private pension from a annuity into a draw down pension.

What type of annuity is it?  if it is a lifetime annuity or a fixed term annuity?  

What is the justification and does it fit your objectives?

. just wondering if any of you have heard of or had dealings with hill top finance.

Did you approach them or did they approach you?

Asking the internet about local advice firms is a bit like asking the internet about the butcher at the end of your road.

Not sure on your last line.  Just because they are a local firm doesn’t mean some on this forum won’t be using them, surely?!   I would imagine even a local advice firm would cover a decent area, especially given how I read the number of IFAs are reducing?  Looks like they are in Manchester, so hardly a country bumpkin outfit!!

They get a bunch of decent reviews on trustpilot.....not that they always mean much...

On the OPs original point....how do you move from an annuity to drawdown?
Or do they mean “instead of buying an annuity, use drawdown instead”?   

If the latter, that might make some sense.   Then you need to figure out the bits dunstonh asked, and how they would offer to manage drawdown, assuming you are paying for their services/help to do all this.

tacpot12

There is a Hilltop Finance that Unison use to give advice to members, which suggests it is reputable, but is it the same company? The Hill Top Finance that the Trust Pilot reviews are for only mention a single adviser by name, so I suspect it may be two different companies (the one on Trust Pilot having lots of fake reviews). Scammers often setup their operation so that it looks like an existing reputable firm. You need to be very careful these days. 

garmeg

cfw1994 said:
On the OPs original point....how do you move from an annuity to drawdown?

Or do they mean “instead of buying an annuity, use drawdown instead”?   

If the latter, that might make some sense.   Then you need to figure out the bits dunstonh asked, and how they would offer to manage drawdown, assuming you are paying for their services/help to do all this.

Perhaps they mean move from defined benefit to drawdown, which is a big no from me, usually.

cfw1994

garmeg said:

cfw1994 said:
On the OPs original point....how do you move from an annuity to drawdown?

Or do they mean “instead of buying an annuity, use drawdown instead”?   

If the latter, that might make some sense.   Then you need to figure out the bits dunstonh asked, and how they would offer to manage drawdown, assuming you are paying for their services/help to do all this.

Perhaps they mean move from defined benefit to drawdown, which is a big no from me, usually.

I wondered that too - & that is a much bigger question: as you say, for most, that would be a no-no, but if (for example), there was a sky-high CETV multiple, it might be worth investigating!

& yes, of course check who you are speaking with - beware scammers!!

clive0510

they are a company that I was directed to by the pension wise website. when I say moving from an annuity to drawdown,I mean thats what they have reccomended I do as its more flexible and would suit my needs better. as i have all ready stated I am still working. I don't want to get to d day and suddenly be told I been doing the wrong thing with my private pension all the years I paid into it, but its too late to change it. so i'm putting things in place now. or trying to.

dunstonh

they are a company that I was directed to by the pension wise website. 

Pensionwise does not recommend any particular company.  Adviser firms, of any type, register with pensionwise to be listed.   It is just a directory of firms showing your nearest by distance.

when I say moving from an annuity to drawdown,I mean thats what they have reccomended I do as its more flexible and would suit my needs better.

So, do you have an annuity or not?

I don't want to get to d day and suddenly be told I been doing the wrong thing with my private pension all the years I paid into it, but its too late to change it. so i'm putting things in place now. or trying to.

That is excellent.  Too many do nothing and wait until its too late.   You don't appear to be doing much wrong but some of the wording you have used has confused us.  Possibly terminology issues rather than "problems".

clive0510

it was through the pension wise site I found them. they gave me there details and no one else's. my pensions (i have several) were all set up as annuities, hilltop have looked at this and advised me to change the whole lot to drawdown. I do not currently draw a pension as I am still working full time.