Do I need ongoing financial advice?

noelphobic

I transferred my final salary/defined benefits pension out just over 2 years ago. I used a financial advisor, as the transfer value was over 30k.

My financial affairs are currently simple (although I realise that could change!) 

My transferred value was around 260k. Since the transfer I have withdrawn around 9.5k. The financial advisors and Royal London (who my money is invested with) have also took their charges 

My pension value is around the same amount that was transferred, which I am happy with, given my withdrawals and the FA and Royal London charges. However, I am currently paying around 1% of my fund value per year to my financial advisor, so currently £200 plus per month 

Given the fact that my financial affairs are - currently - simple, and that I'm reasonably financially savvy, I am questioning whether I need ongoing financial advice.

I've only drawn down from my pension 2 or 3 times, and each time I've requested it through my financial advisor. If I decide to no longer use a financial advisor will I be able to request lump sums directly from Royal London?

Thanks in advance for any help. More than happy to give further info to help clarify my situation.

Hal17

I currently have a Royal London Pension and do not have a financial advisor. I am not currently drawing from my RL Pension but I have in the past. It was very straight forward when I wanted to take some funds from the Pension.

jamesd

Not addressing your question much but annuity rates have greatly improved since you did your transfer. That might prompt some people to spend some money on annuity buying if more guaranteed income would be useful 

Depends on the details but it's possible that someone could have transferred out when you did and be able to buy the original DB pension income amount today for only half of the amount transferred.

dunstonh

Given the fact that my financial affairs are - currently - simple, and that I'm reasonably financially savvy, I am questioning whether I need ongoing financial advice.

If you do not value the service offered then no to it
If you do value it then yes to it.

I've only drawn down from my pension 2 or 3 times, and each time I've requested it through my financial advisor. If I decide to no longer use a financial advisor will I be able to request lump sums directly from Royal London?

Yes you can.  Although it will be a longer process.  But not significantly.