30K Pension Fund - to transfer or not? 8 February at 8:38PM in Pensions, annuities & retirement planning 4 replies 313 views

logical_song

My fiend has around £30K in their pension fund. One option is to go with a known IFA where it would cost £800 to set up then 1.75% pa to manage.
This seems a lot to me.
They are fairly close to retirement (68 ish) so I would imagine would want a low risk strategy.
I'm wondering whether to suggest Nutmeg or Vanguard since I don't think they really need an IFA at this stage of life.

Dazed_and_C0nfused

logical_song said:

My fiend has around £30K in their pension fund. One option is to go with a known IFA where it would cost £800 to set up then 1.75% pa to manage.
This seems a lot to me.
They are fairly close to retirement (68 ish) so I would imagine would want a low risk strategy.
I'm wondering whether to suggest Nutmeg or Vanguard since I don't think they really need an IFA at this stage of life.

Why do they want to change provider?

xylophone

My fiend has around £30K in their pension fund.

Managed by Hades and Hell Ltd?

Why is he dissatisfied with the current provider?

Does he want to access this pension faily soon?

dunstonh

My fiend has around £30K in their pension fund. One option is to go with a known IFA where it would cost £800 to set up then 1.75% pa to manage.
This seems a lot to me.

As its only 30k,  I am surprised an IFA would be interested in offering ongoing services.  I would be interested to see their consumer duty preparations.   You could understand an FA or wealth manager as they hoover up everything.

30k is not IFA territory and because small values no longer benefit from cross subsidy of higher values, the fee relative to the value seems high.

Marcon

logical_song said:

My fiend has around £30K in their pension fund. One option is to go with a known IFA where it would cost £800 to set up then 1.75% pa to manage.
This seems a lot to me.
They are fairly close to retirement (68 ish) so I would imagine would want a low risk strategy.
I'm wondering whether to suggest Nutmeg or Vanguard since I don't think they really need an IFA at this stage of life.

I'm sure you are well meaning, but as this isn't your area, perhaps the best option is suggesting he makes a free appointment with PensionWise for some general guidance on his options: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw