Defined Benefits Transfer 37K

chada_2

dunstonh said:

chada_2 said:

If i transferred to AJ Bell would i be able to pay the FCA fee out of my pension or is it something you have to find yourself?

The adviser pays fees to the FCA.  You do not.  You pay the adviser. If the adviser carries out the pension transfer to an adviser provider/platform then the fee can be deducted from the pension fund. It would also not be subject to VAT.   
If you use your own provider then you will need to pay the adviser directly.  Usually, this will be in advance.  It would also be subject to VAT (depending on the VAT status of the firm).    Intermediary services are non-vatable but advice without the intention of intermediary services is VATable.

Hi 
i was thinking of transfer to PensionBee but i have to pay the fees myself which is a lot for me at the moment.I didnt realise that if i transfer to an advisor provider i could pay out of my pension fund.That would be really helpful so if thats right thank you for the info

Albermarle

chada_2 said:

dunstonh said:

chada_2 said:

If i transferred to AJ Bell would i be able to pay the FCA fee out of my pension or is it something you have to find yourself?

The adviser pays fees to the FCA.  You do not.  You pay the adviser. If the adviser carries out the pension transfer to an adviser provider/platform then the fee can be deducted from the pension fund. It would also not be subject to VAT.   
If you use your own provider then you will need to pay the adviser directly.  Usually, this will be in advance.  It would also be subject to VAT (depending on the VAT status of the firm).    Intermediary services are non-vatable but advice without the intention of intermediary services is VATable.

Hi 
i was thinking of transfer to PensionBee but i have to pay the fees myself which is a lot for me at the moment.I didnt realise that if i transfer to an advisor provider i could pay out of my pension fund.That would be really helpful so if thats right thank you for the info

Just be aware that the IFA will charge an ongoing fee for looking after your investments - probably at least 1 % pa, maybe more as the pot is relatively small .

Joey_Soap

chada_2 said:

dunstonh said:

chada_2 said:

If i transferred to AJ Bell would i be able to pay the FCA fee out of my pension or is it something you have to find yourself?

The adviser pays fees to the FCA.  You do not.  You pay the adviser. If the adviser carries out the pension transfer to an adviser provider/platform then the fee can be deducted from the pension fund. It would also not be subject to VAT.   
If you use your own provider then you will need to pay the adviser directly.  Usually, this will be in advance.  It would also be subject to VAT (depending on the VAT status of the firm).    Intermediary services are non-vatable but advice without the intention of intermediary services is VATable.

Hi 
i was thinking of transfer to PensionBee but i have to pay the fees myself which is a lot for me at the moment.I didnt realise that if i transfer to an advisor provider i could pay out of my pension fund.That would be really helpful so if thats right thank you for the info

What happened to the "sizeable inheritance" then? I am unconvinced a DB > DC transfer is in your best interests.