IFA or not

Options
Crocgunnd
Crocgunnd Posts: 14 Forumite
Combo Breaker First Anniversary
in Pensions, annuities & retirement planning
Hello - I retired 3 years ago. In the months prior to that, i spoke to a couple of IFAs to get a feel for what I should do with a number a small company pension pots. I settled for one that gave me a few options better than I had anticipated. These pensions were consolidated into a fund operated by Aviva and produced an income of about £250 a month.
The first year end, I received a statement from Aviva that showed the pot had grown encouragingly. I was contacted by said IFA for a year end review. All good.
Since then, there has been no further notification from Aviva, only at year end review with IFA do I get to see this report.I do not use the IFA for any other business so there is only one contact per year, yet there is a monthly fee for their services.
Last year the fund took a dip but no alarm bells were ringing. This time (2 weeks ago), the fund has decreased further and the IFA recommends to stop taking an income. I assume they will still take their cut.
The question is - Do I still need their services or can I deal direct with Aviva?

Comments

  • MEM62
    MEM62 Posts: 4,754 Forumite
    First Anniversary Name Dropper First Post
    Options
    Only you can answer that. Are you knowledgeable enough to go it alone?
  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    Options
    What is the pension invested in? Did/do you have a cash emrgency fund? What other income do you have and can you live on it? How old are you? Are you of sound health?
  • Crocgunnd
    Crocgunnd Posts: 14 Forumite
    Combo Breaker First Anniversary
    Options
    It seems to me that my stake has been invested in the same fund since the get go. I'm not too convinced there's any actual management.
  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    Options
    Well if you cant be bothered to mention it, or answer questions, not sure what help you are after?
  • Crocgunnd
    Crocgunnd Posts: 14 Forumite
    Combo Breaker First Anniversary
    Options
    The fund is "Aviva Mixed Investments" - I've just had a look at their chart. It has been growing up until late last year.
    Yes we have a small cash amount, about 20k.
    I've just turned 66.
    I have my full state pension plus another company pension giving about £500 / month
    Wife also has two company pensions yielding about £160 / month, (she doesn't get her state pension until October this year).
    Just had an absolute medical, including heart scan, soft tissue scan & chest x ray. All good but a little overweight.
  • dunstonh
    dunstonh Posts: 116,387 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Crocgunnd wrote: »
    It seems to me that my stake has been invested in the same fund since the get go. I'm not too convinced there's any actual management.

    What sort of management are you referring to?

    The fund you mention you have is a managed multi-asset fund. Exactly the sort of fund you expect to see with a small value investment.
    Since then, there has been no further notification from Aviva, only at year end review with IFA do I get to see this report.I do not use the IFA for any other business so there is only one contact per year, yet there is a monthly fee for their services.

    And what is the problem with that?
    Last year the fund took a dip but no alarm bells were ringing. This time (2 weeks ago), the fund has decreased further and the IFA recommends to stop taking an income. I assume they will still take their cut.

    The IFA is giving advice. That is what you are paying them for. So, yes they should be paid. Why do you think they shouldnt be paid for doing their job?
    Do I still need their services or can I deal direct with Aviva?

    Aviva do not provide advice. You would have to DIY. So, if that is what you want, you can do it.
    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.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards