Financial Advisor Fees for Pension withdraw

markcri

OK so I hit 55 and want to withdraw my pension. 
It is £500 over the £30,000 limit
So l I need to get a F.A to sign it off..
And that's all i want. I do not ned any advice or explanation.I have considered this for two years and know what I m doing.

But I am being quoted £1,200

And the usual spiel..The F.A .will explain it all.
No need. I just need you to sign my release form..£1,000+ for this is a rip off.I told them I do not need any advice or "upselling" I simply ned them to sign the form. Heck they can even explain in 10 min's just so it is legal. 

And what i it with the 3% fee? It's not their pension. They have not nor will manage it. 3%....I was expecting 1% maximum. 

So someone with £250,000 they will charge over £7,500
For the same "work" How have they got away with this?

That is like a p[lumber to fix a leaking tap will charge £50 for a small house./ But £200+ if it is a big house..

No offence to F.A. but this i find ridiculous.
Are there any F.A that charge 1% or less for this?

Thank you

Dazed_and_C0nfused

markcri said:

OK so I hit 55 and want to withdraw my pension. 
It is £500 over the £30,000 limit
So l I need to get a F.A to sign it off..
And that's all i want. I do not ned any advice or explanation.I have considered this for two years and know what I m doing.

But I am being quoted £1,200

And the usual spiel..The F.A .will explain it all.
No need. I just need you to sign my release form..£1,000+ for this is a rip off.I told them I do not need any advice or "upselling" I simply ned them to sign the form. Heck they can even explain in 10 min's just so it is legal. 

And what i it with the 3% fee? It's not their pension. They have not nor will manage it. 3%....I was expecting 1% maximum. 

So someone with £250,000 they will charge over £7,500
For the same "work" How have they got away with this?

That is like a p[lumber to fix a leaking tap will charge £50 for a small house./ But £200+ if it is a big house..

No offence to F.A. but this i find ridiculous.
Are there any F.A that charge 1% or less for this?

Thank you

Most pensions do not require this.

Can you explain a bit more about why you believe it is necessary for your particular pension?

markcri

Hi,
 Because when I phoned to withdraw they told me i had to have a F.A,. Confirmation Form filled out 
Over £30,000 and it was took out about 1989. I think it has guarantees or something...
Basically name, Signature number, contact number
£1,200........

Dazed_and_C0nfused

markcri said:

Hi,
 Because when I phoned to withdraw they told me i had to have a F.A,. Confirmation Form filled out 
Over £30,000 and it was took out about 1989. I think it has guarantees or something...
Basically name, Signature number, contact number
£1,200........

Why would you pay £1,200 without actually finding out the facts 🤔

It isn't unheard of for some older pensions to have to be moved to a modern one to access the money like you want to do.  Which you can generally do for free yourself.

Or it could be you do have a (valuable) guarantee.  

Why not find out which it is.

markcri

See my problem is this should take about 30 mins maximum.I don't need advice or ideas. I just need to the form completed. Heck, maybe 10 mins.
If this is the fee for F.A per hour:

Average hourly rate

£196

Why cant i be charged that?
I fee it is a bit cheeky to charged at 3%. 
I'd be furious if I had £200,000 and they wanted to charge me £6,000

Let's be honest it's a rip off. They are working on people focusing on the amount of money they are withdrawing and not their fee. So if thy charge £1,500 for a £50,000 pension but £3,000 for a £100,000 pension did they work twice as hard..long?
Like thee "car payment companies" They get the customer £5,000 but charge them what 25%.
Any how...i would pay 1% maximum..

Dazed_and_C0nfused

markcri said:

See my problem is this should take about 30 mins maximum.I don't need advice or ideas. I just need to the form completed. Heck, maybe 10 mins.
If this is the fee for F.A per hour:

Average hourly rate

£196

Why cant i be charged that?
I fee it is a bit cheeky to charged at 3%. 
I'd be furious if I had £200,000 and they wanted to charge me £6,000

Let's be honest it's a rip off. They are working on people focusing on the amount of money they are withdrawing and not their fee. So if thy charge £1,500 for a £50,000 pension but £3,000 for a £100,000 pension did they work twice as hard..long?
Like thee "car payment companies" They get the customer £5,000 but charge them what 25%.
Any how...i would pay 1% maximum..

The problems seems to me to be that you don't actually know if this work is even necessary.

markcri

Or it could be you do have a (valuable) guarantee.  

Why not find out which it is.
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Because when i phoned up they said because it is £30,000 i need the f.a. form filled out...That was the first I knew about it. They never said anything else...
When I looked at my pension it says "income guarantees" But he never mentioned this on the phone call./ Just it being over £30,000

What re you talking about? I have not paid anything this is what I am being quoted...????
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Why would you pay £1,200 without actually finding out the facts 🤔

markcri

Say what?

"The problems seems to me to be that you don't actually know if this work is even necessary."

So again.

ME:I phoned to withdraw.

Man on phone: Have you completed the F.A withdrawal form?

ME: I don't have one.

Man on phone: Because your pension is over £30,000 you need to get a F.A, to complete the form. I will send one out today.

ME: Oh..ok. Thank you


So you see it absolutely is necessary. There is no doubting that.
It's the fact I am not going to be ripped off doing it.

Thank you

HappyHarry

Oh goody - another poster not understanding the amount of work an IFA has to do in order to sign that form, or that most IFAs can’t / don’t want to do it.

OP - have a look through this site for threads about safeguarded benefits on pensions and then you might see why the costs are so large and why some many advisers can’t / won’t do it.

flaneurs_lobster

One of the IFAs who contribute to these boards will be along shortly to explain why it costs as much as it does (it's not to do with an hourly rate) but I rather suspect that it won't make you change your mind about them all being out to rip you off.

You might want to take heed of the advice upwith and give some details of the pension, a little more detail than it being worth £30k-and-a-bit would help.

markcri

another poster not understanding the amount of work an IFA has to do in order to sign that form,
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What like 12+ hours work? Doing what? Genuine question
It's  shame because I simply need the signature..But it seems the system has put in blocks to rip us off..
I wonder why there are so many "posters" complaining about F.A fees? Hmmm...what could it be?

  My question stands?
if they charge £10,000 for a £500,000 pension do they do tens times more work than for a £50,000 pension?
3%.......

Imagine if a dentist had different fees.
Income less that £30,000 £300
Income over £50,000 fee £400
Over £100,000Fee £500
etc...

There would be hell to pay

I remember in 2002 I saw an accountant. I asked her how much was it to register a UK Ltd company.
She said £120 
I told her I'll do it my self online for i think it was £10 back then. She was furious.
Legal / financial...all the same. glorified salesman
A.I. will be their downfall.

a little more detail than it being worth £30k-and-a-bit would help.
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It simply says "Income guarantees"

 I really cannot say anymore as it does not say anymore....

Thanks anyway.