Financial advice and credit file

Scissorman2

About to have an apparently 'compulsory' financial advice call with an adviser from the Pru next week, just before I retire. This is relating to my AVC and my retirement.
Will the adviser be able to see my credit file, or that of my wife (we have joint mortgage)
Also, how much of a hard sell can I expect of their products? I know what I want to do with my money and how I want to invest it - will it be a lengthy phone call? To be honest, I could really do without it.

gm0

Could go either way.  If you don't interest them (fund sizes) - compliance to get their outplacement services fees.  If you do - more selling.  In my case the 3rd party could not get me off the premises fast enough pausing only to capture enough chat for sending the employer their invoice.

You can try and use the call to check/confirm retirement tax and investment understanding and up to dateness thereof
That's what I did to try and extract value to me from the employer having wasted money on it. 

But you are truly hostage to the competence of the people they send, the scope of what the employer has commissioned. So don't get your hopes up.  A relationship sales droid with a pensionwise like guidance template trying to sign you up for fact find, LOA and formal advice is quite likely.  Unless you fail the asset screen like I did in which case it becomes more comedic.

dunstonh

About to have an apparently 'compulsory' financial advice call with an adviser from the Pru next week, just before I retire.

Why is it compulsory?

Will the adviser be able to see my credit file, or that of my wife (we have joint mortgage)

Most advisers have the functionality available to see it if they want.  However, is there any reason they would need to with what you want to discuss?

Also, how much of a hard sell can I expect of their products?

You are seeing a Pru sales rep and not an independent.  So, whilst it wont be 1980s sales style, the Pru rep can only talk pru products.

I know what I want to do with my money and how I want to invest it - will it be a lengthy phone call?

Are you sure it is financial advice and not a risk warnings call about accessing your fund?

jimjames

Scissorman2 said:

Also, how much of a hard sell can I expect of their products? I know what I want to do with my money and how I want to invest it - will it be a lengthy phone call? To be honest, I could really do without it.

When you say you "know what you want to do" is this your idea or has it been planned? It might not apply to you but some people are determined to access everything from their pension and make a poor decision that hits them with tax so having some feedback might be beneficial as long as you take into account any sales bias.

Scissorman2

thanks - I’ve read lots here, and spoken to lots of people pre-retirement. I know exactly the products I want to invest part of my AVC into, allowing me access when I want, but mindful of tax consequences. 

I guess it is more of a risk warning when I think about it. 

Their literature has been very clear.
i’m just awful on the telephone, and find I get flustered very easily when put in these situations, (due to mental health issues). I’m definitely a person who prefers to read up and correspond instead.
Thanks again. I’ll let you know how it goes in a couple of weeks!

Scissorman2

re the compulsory part - because I had a free standing AVC, I was told that it was compulsory to speak with a financial advisor before I could receive any of my money. Is this true? I know there was legislation put in place to protect funds, but I read recently of an ongoing class action to stop this procedure, due to people complaining about how difficult it was to access their money.

LHW99

I though free-standing AVC's were now equivalent to personal pensions? Is / was this linked to your employer's main pension scheme.

dunstonh

I was told that it was compulsory to speak with a financial advisor before I could receive any of my money. Is this true?

If you want to draw on the product flexibly then it is unlikely you will be speaking to a financial adviser.   All DIY decisions on drawdown need to go through the risk warnings and these will not be given by an adviser. It will be a clerk

So, its not true you need to speak to an adviser.   It is true that you will need to go through the non-advised call pointing out risk warnings.

I know there was legislation put in place to protect funds, but I read recently of an ongoing class action to stop this procedure, due to people complaining about how difficult it was to access their money.

I am not aware of any such action and its not difficult for people to access their pensions unless there are safeguarded benefits and they want to so something that is unlikely to be suitable.

re the compulsory part - because I had a free standing AVC,

FSAVCs were reclassified as personal pensions in 2006.   There is no compulsory need for advice on (ex)FSAVCs.