Is It Quite Easy To Move Your Pension Fund From One IFA to Another?

GSP

Been with my only one for five years, but I feel now’s the change for a new start.

Is moving quite easy and seamless to do, any transfer charges etc, anything else I should be aware of?

I have been drawing down for five years and have no other savings etc, just purely living off the pension fund.

Thanks

Marcon

GSP said:

Been with my only one for five years, but I feel now’s the change for a new start.

Is moving quite easy and seamless to do, any transfer charges etc, anything else I should be aware of?

I have been drawing down for five years and have no other savings etc, just purely living off the pension fund.

Thanks

Are you sure you still need an IFA - and I wonder what's sparked your desire for a 'new start'?

If the answer is yes, then changing adviser should be fairly straightforward, unless you are in some way locked in with your current IFA - assuming your current adviser really is an independent FA? You'll need to check the terms of your agreement with them - but you aren't 'transferring' your pension, surely? Just looking for a new adviser.

dunstonh

Is It Quite Easy To Move Your Pension Fund From One IFA to Another?

In 90% of the cases it is.     The new IFA gets you to sign a letter of authority and the provider/platform then transfers the servicing rights to the new IFA.

There are a small number of exceptions where a wealth management IFA may use a platform that a general practitioner IFA may not have access to as they refuse to tie themselves to a platform.

GSP

dunstonh said:

Is It Quite Easy To Move Your Pension Fund'o From One IFA to Another?

In 90% of the cases it is.     The new IFA gets you to sign a letter of authority and the provider/platform then transfers the servicing rights to the new IFA.

There are a small number of exceptions where a wealth management IFA may use a platform that a general practitioner IFA may not have access to as they refuse to tie themselves to a platform.

Thanks dunstonh.

GSP

Marcon said:

GSP said:

Been with my only one for five years, but I feel now’s the change for a new start.

Is moving quite easy and seamless to do, any transfer charges etc, anything else I should be aware of?

I have been drawing down for five years and have no other savings etc, just purely living off the pension fund.

Thanks

Are you sure you still need an IFA - and I wonder what's sparked your desire for a 'new start'?

If the answer is yes, then changing adviser should be fairly straightforward, unless you are in some way locked in with your current IFA - assuming your current adviser really is an independent FA? You'll need to check the terms of your agreement with them - but you aren't 'transferring' your pension, surely? Just looking for a new adviser.

Thanks

Yes I still need one as I just don’t have the confidence but more importantly knowledge to look after investments.

Although I’m spending some time looking at my pension funds most days because I don’t trust my IFA to do his job properly, I am retired but feel I would never be if all the onus was on me to run my investments.

I just could not relax. If I went on holiday I would feel I would need to look at sources and information in case I needed to react in some way.

Audaxer

GSP said:

Marcon said:

GSP said:

Been with my only one for five years, but I feel now’s the change for a new start.

Is moving quite easy and seamless to do, any transfer charges etc, anything else I should be aware of?

I have been drawing down for five years and have no other savings etc, just purely living off the pension fund.

Thanks

Are you sure you still need an IFA - and I wonder what's sparked your desire for a 'new start'?

If the answer is yes, then changing adviser should be fairly straightforward, unless you are in some way locked in with your current IFA - assuming your current adviser really is an independent FA? You'll need to check the terms of your agreement with them - but you aren't 'transferring' your pension, surely? Just looking for a new adviser.

Thanks

Yes I still need one as I just don’t have the confidence but more importantly knowledge to look after investments.

Although I’m spending some time looking at my pension funds most days because I don’t trust my IFA to do his job properly, I am retired but feel I would never be if all the onus was on me to run my investments.

I just could not relax. If I went on holiday I would feel I would need to look at sources and information in case I needed to react in some way.

I seem to recall your current IFA was planning to change 13 out of 16 of your funds. Did they go ahead with that and/or did they explain the reasons for the change?

If you are moving to a new IFA are you looking to him/her to change your current portfolio to a smaller number of funds, passive funds or active funds or a mix of both? 

Albermarle

I just could not relax. If I went on holiday I would feel I would need to look at sources and information in case I needed to react in some way.

React in what way? Normally doing absolutely nothing ( in the short term anyway) is the correct way to react to any new events.

GSP

Audaxer said:

GSP said:

Marcon said:

GSP said:

Been with my only one for five years, but I feel now’s the change for a new start.

Is moving quite easy and seamless to do, any transfer charges etc, anything else I should be aware of?

I have been drawing down for five years and have no other savings etc, just purely living off the pension fund.

Thanks

Are you sure you still need an IFA - and I wonder what's sparked your desire for a 'new start'?

If the answer is yes, then changing adviser should be fairly straightforward, unless you are in some way locked in with your current IFA - assuming your current adviser really is an independent FA? You'll need to check the terms of your agreement with them - but you aren't 'transferring' your pension, surely? Just looking for a new adviser.

Thanks

Yes I still need one as I just don’t have the confidence but more importantly knowledge to look after investments.

Although I’m spending some time looking at my pension funds most days because I don’t trust my IFA to do his job properly, I am retired but feel I would never be if all the onus was on me to run my investments.

I just could not relax. If I went on holiday I would feel I would need to look at sources and information in case I needed to react in some way.

I seem to recall your current IFA was planning to change 13 out of 16 of your funds. Did they go ahead with that and/or did they explain the reasons for the change?

If you are moving to a new IFA are you looking to him/her to change your current portfolio to a smaller number of funds, passive funds or active funds or a mix of both? 

Yes the changes were made and from memory nothing was really said tactically on changes to sectors/regions etc.

What he did concentrate on was the large number of similar investments he had between all his clients and how he was bringing these less investments where possible.
Still left a lot of changes on mine though!

With a new IFA, he would obviously see my latest portfolio of investments and be interesting where he would want to take these/get rid of into less investments.
I wouldn’t know what was best, passive of active funds and would leave it to the professional.
Now you have written that though thanks, I will discuss what these are when I find a new IFA.