Defined contribution pension transfer fees

JoeCrystal

Timwrigg said:

6k to read a few A4 sheets of paper and advise sounds extortionate? 

You never used an IFA before, have you?

Last time I used an IFA five years ago or so, a straightforward, simple transfer from a DC pension to a DC pension still involves a dozen or so of pages in a report with my circumstances all laid out and the recommendations and so on. And that does not include all the printed fund factsheets on top with the new pension scheme.

dunstonh

JoeCrystal said:

Timwrigg said:

6k to read a few A4 sheets of paper and advise sounds extortionate? 

You never used an IFA before, have you?

Last time I used an IFA five years ago or so, a straightforward, simple transfer from a DC pension to a DC pension still involves a dozen or so of pages in a report with my circumstances all laid out and the recommendations and so on. And that does not include all the printed fund factsheets on top with the new pension scheme.

and the client file for the audit trail would likely contain dozens of pdfs which, if all were printed on paper would account for around 300-400 pages

[Deleted User]

The size of the transfer pack is around an inch and a half of paper, with multiple cash flow scenarios and a explanation running to pages about the decision.
The interviews are comprehensive and run into every financial detail of your life and you have to provide evidence of financial commitments and even copies of both you and your partners state pension forecasts 
It is not a trivial exercise, and yes I transferred mine this year so have been through it