Pension Drawdown query

Beezer33

Hi,
New to the site and would like some welcome advice please on the best way to deal with my pension pot.
I'm currently using an advisor, who Ive recently found has given me bad advice and which the Ombudsman has found in my favor. Ive now lost confidence in this advisor (unsure if i can mention their name?) but need to move away from them as soon as I can, but obviously not until I find a suitable place to transfer my pension.
I currently have £314k sitting with AJB Investcentre and using a monthly drawdown. Ive enquired with AJBell and this platform is used only for advisors, so I will need to move my pot to another pension company (or to another division within AJB) I'm currently paying in total 1.2% pa plus £220 fees for little or no advice.
I'm looking for a company that can Invest my pot in a medium risk sector and provide me a monthly drawdown. I feel I'm paying for services I don't require and don't really need much advice as all the hard work of consolidating pension etc. has been done..
Obviously the ongoing costs are an important factor in deciding which company to transfer too.
Any worthwhile advice would be much appreciated....
Thanks, and great site by the way..
Brian

dunstonh

I currently have £314k sitting with AJB Investcentre and using a monthly drawdown. Ive enquired with AJBell and this platform is used only for advisors, so I will need to move my pot to another pension company (or to another division within AJB) I'm currently paying in total 1.2% pa plus £220 fees for little or no advice.

1.2% as a bottom line (i.e. platform, OCF, transaction costs, incidental costs and adviser) is within the ballpark with your value for an advised solution.

I'm looking for a company that can Invest my pot in a medium risk sector and provide me a monthly drawdown. I feel I'm paying for services I don't require and don't really need much advice as all the hard work of consolidating pension etc. has been done..

Can you confirm whether you are looking to DIY or use an adviser to do it for you? 

El_Torro

If you want an IFA then someone local is usually the best way to go. A recommendation by someone you know is good, though if you don't have this that doesn't help much. Go with an Independent Financial Advisor rather than a Financial Advisor.

The cheapest solution is to manage your funds yourself, which may or may not be suitable. It's also cheaper to do the plumbing in your house yourself and not go to a mechanic when your car needs fixing. Not everyone is willing / able to do this though.

Albermarle

There are plenty of investment platforms/ Sipp and personal pension providers who offer a low cost DIY service.
Robo providers offer some basic investment guidance but are more expensive than a true DIY solution, but cheaper than having proper financial advice.

Beezer33

Thanks for advice folks...I'm currently charged 0.75% for advisor fees, which is maybe ballpark, but expensive and unnecessary if i don't require their advice or services.
I'm not looking to dabble in the stock market, just need to sit with a platform with a medium risk so i can  monitor and adjust drawdown payments as required

Hoenir

What are you defining medium risk as? 

Linton

Beezer33 said:

Thanks for advice folks...I'm currently charged 0.75% for advisor fees, which is maybe ballpark, but expensive and unnecessary if i don't require their advice or services.
I'm not looking to dabble in the stock market, just need to sit with a platform with a medium risk so i can  monitor and adjust drawdown payments as required

An advisor is most unlikely to be able to help you dabbling in the stock market.  Where they could help is to help you understand more precisely what you mean by "medium risk" ajnd its implidations, and then what investments are suitable for your particular circmstances.

Beezer33

Medium risk was assessed during my risk profile....so medium risk = medium potential return. I don't want to be wasting 0.75% of my money on a financial planner, as ive been there and don't see any value in this for me..... I just need a pointer to a suitable platform that will invest my money as per my requirements and allow me to drawdown as required....

Tryinghardtosave

I have my pot with Aviva - only 0.4% fee - you can choose your funds or stocks if you want to. 

Albermarle

Beezer33 said:

Medium risk was assessed during my risk profile....so medium risk = medium potential return. I don't want to be wasting 0.75% of my money on a financial planner, as ive been there and don't see any value in this for me..... I just need a pointer to a suitable platform that will invest my money as per my requirements and allow me to drawdown as required....

I think you are misunderstanding the role of a platform. They do not choose the investments, you have to do that.
 They will have funds available that are labelled medium risk, and general info to help you, but the onus is on you to buy and monitor the investment(s)
As said there are robo advisor platforms who will ask you questions and suggest a suitable fund, but these will be generally more expensive than a true DIY platform.