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Transfer Fees

magd36 · 2023-08-06 18:43:37

A Financial Advisor is suggesting I move my pension from the current provider to their own fund (basically passive managed fund to actively managed fund). There’s no exit fees. As well as ongoing annual fees they are asking for a one of fee of 3% of total fund to transfer. Is this normal? Would they ask for the same if it…

Comments

dunstonh Posts: 121,479 Forumite

8 August 2023 at 10:32PM

magd36 said:

dunstonh said:

3% is a pretty standard fee that IFAs will charge, usually less if it's a very large sum of money.
Recent FCA figures indicate that 1.8% is the average.

If 1.8% had been the case for me, the monetary value would have matched my expectation.

On your fund size, it would still be too much.

I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.

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