To transfer or not to transfer , IFA’s differ in opinion.

GoldenOldy

Ps. As a general point, with only a maximum of 5 years left to retirement is it ever worth changing provider due to costs of setting up new one etcetera?

GoldenOldy

And as an addendum, as she will ultimately withdraw it from this fund to buy an annuity/go into drawdown, might she well as make the break now?

dunstonh

She has received free introductory advice from both.

You never get advice in that free meeting.    The adviser has to write to the provider to verify the things I have mentioned before they can give regulated advice.    Anything said in that intro meeting is quick and dirty opinion or possibilities.

It may be possible that one IFA thought the value was not high enough to make changes viable or that she gave the IFA the impression that she was really really defensive and that the secure part of the existing plan was viable.

Albermarle

GoldenOldy said:

Ps. As a general point, with only a maximum of 5 years left to retirement is it ever worth changing provider due to costs of setting up new one etcetera?

If it is a straightforward pension transfer to another provider, it can be done on line in a matter of minutes with no charge. Not from the receiving provider anyway, although there might be an exit charge.

If she is planning to go into drawdown, then if she transfers now to a modern pension provider, the pension can almost seamlessly be put into drawdown, without having to transfer again.

RogerPensionGuy

Emmia said:

"Secure income base" sounds like a defined benefit pension - if that's the case then she'll probably struggle to move it. Does it say anything about the annual/monthly pension pay out & index linking? Cash deposits/savings feel secure / more certain... but their value gets eroded by inflation.

Is she continuing to contribute to it? does it get employer contributions?

It would probably be best if you got your nephew / his wife to post on here for advice though.

I fully agree with this post especially the last paragraph, spot on.

GoldenOldy

Thanks all. Roger , I will try and get her to set up an account and post on here herself as you say.
Albermarle,when you say online, can she do that herself?
Dunstonh , thanks for the pointers. She may appear really defensive , tbh, because of her background I think..sometimes hard to get over these things, if ever.

GoldenOldy

Ps. Dunstonh, if she pays for the advice without taking anything out, or moving pension or whatever, what is the usual price do you think. Are we talking 100’s or into the 1000’s? Thankyou

OldiesNiece

Hello. I am Eric’s nephews wife. He has urged me to come on here. I didnt know whether to start from where he left off, or start again. 

dunstonh

Dunstonh , thanks for the pointers. She may appear really defensive , tbh, because of her background I think..sometimes hard to get over these things, if ever.

Products like the metlife plan were aimed at people like her.  A lot of the cost and issues were on entry.      Once, invested in these, you are then looking at the position differently   i.e. person choosing to put money in it vs someone that already has money in it.   

Ps. Dunstonh, if she pays for the advice without taking anything out, or moving pension or whatever, what is the usual price do you think. Are we talking 100’s or into the 1000’s? Thankyou

In theory, in the hundreds if limited to the suitability of the existing product.   However, nearly every IFA I know is damned busy at the moment and barely have to time to breathe.   I suspect the more likely outcome is that they will refuse or price themselves high on purpose to act as a blocker.

OldiesNiece

Thankyou for all your help. I have read through your replies, no am not currently paying into a pension , and the pension being referred to is not classed as a defined benefit scheme . I really hate dealing with things like this, I don’t even like buying a new sofa in case I get it wrong, so it’s a big thing for me to deal with.