Pension plan has a financial advisor company listed

Ant555

One of my pensions is an old Allied Dunbar now Zurich plan and its not been active with any new money for 20 years.

I recently logged on and changed my planned retirement age and the email acknowledgement says a copy of the request has been sent to '<name> Independent Financial Services Limited'

My annual statements and the online portal do not reference this company so im wondering what the consequence of this is?
Annual statements appear to show charges are taken by 'Zurich' but im wondering if someone I have never met has been receiving a slice for 20 years...

My original 'advisor' back in the day has long since retired and probably sold client list to someone else.

Thanks

Marcon

Ant555 said:

One of my pensions is an old Allied Dunbar now Zurich plan and its not been active with any new money for 20 years.

I recently logged on and changed my planned retirement age and the email acknowledgement says a copy of the request has been sent to '<name> Independent Financial Services Limited'

My annual statements and the online portal do not reference this company so im wondering what the consequence of this is?
Annual statements appear to show charges are taken by 'Zurich' but im wondering if someone I have never met has been receiving a slice for 20 years...

My original 'advisor' back in the day has long since retired and probably sold client list to someone else.

Thanks

You might ask Zurich why they are sending things to a company which is shown at Companies House as being dissolved several years ago:

squirrelpie

Err, I think '<name> Independent Financial Services Limited' means there is another word at the start of the company's name?

Marcon

squirrelpie said:

Err, I think '<name> Independent Financial Services Limited' means there is another word at the start of the company's name?

I'd taken it to mean there was the name of an individual - not sure why they'd be coy about a company name - but OP can easily check at Companies House if your take on it is correct.

Ant555

Yes, I edited the name as it was a general query at this stage as to whether I have been missing a key detail over many years.
I guess that financial advisors have been listed against my plan over the years  - may have been a regulatory thig perhaps - but it has not been an obvious detail to me until now.  I havent spoken to any IFA's (or FA's) for at least 15 years but do intend to seek out an IFA this year as better late than never.


The company 'Afh Independent Financial Services Limited' show as active on Companies house.
Thanks for being so thorough though!

squirrelpie

They also have a website that says:

New or existing clients

To enquire about becoming an AFH client or need to reach your adviser:

03330 100 008

If you don't recognize them, I'd give them a call and ask if they know why their name appears on your pension.

Albermarle

Annual statements appear to show charges are taken by 'Zurich' but im wondering if someone I have never met has been receiving a slice for 20 years...

Although you have not added any new money for a long time, the pension will still be actively invested ( so will go up and down each year, hopefully up in the long term ) so it is normal that Zurich are applying their management and investment charges.
Regarding the possible advisor charges, which appear to be not visible anywhere, ( maybe Zurich are paying them out of part of what they charge you?), I think you will have to call them/e mail them.

dunstonh

My annual statements and the online portal do not reference this company so im wondering what the consequence of this is?

Pensions set up via intermediaries usually have reference to the intermediary on various bits of paperwork. That is all normal.

The company 'Afh Independent Financial Services Limited' show as active on Companies house.

They are a consolidator.  i.e. they mop up closing down firms.

Regarding the possible advisor charges, which appear to be not visible anywhere, ( maybe Zurich are paying them out of part of what they charge you?), I think you will have to call them/e mail them.

Allied Dunbar plans do not facilitate adviser charging.  

Ant555

Thanks for all the replies.

My old Allied Dunbar plan feels like someone that I have known for 35 years, we swap annual messages where he tells me how hes doing, he'd old school but got remarried at one point and changed his surname to Zurich but I never really know if he's flying high or scrubbing floors.  I could have found out a lot more about him if I had actually asked and may have even influenced what happened to him in those years.
I am now looking to find out more and may be surprised or may be disappointed.



 - edit, I just needed a few moments away from the work lap top and got carried away