FCA: DB transfer advice shouldn't cost more than £3,500
Comments
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Has anyone had any experience with a company called Pension Works? They've quoted me £500 to look into transferring a deferred DB amount of £48,000 TV and £3000 for doing the transfer if they think it worthwhile.
Don't know anything about them. But it seems to be heavily in their interests to recommend a transfer whether it's the right thing for you or not.0 -
Thrugelmir wrote: »Is an article from last July. Matters have moved on since then.
Add CPi at 1.4%?0 -
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FCA know nothing about IFAs. SO many stopping DB transfers because even at £5k, its just not worth it.0
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They've quoted me £500 to look into transferring a deferred DB amount of £48,000 TV and £3000 for doing the transfer if they think it worthwhile.
Doing the analysis if whether it is a good idea to transfer or not is the expensive bit . The actual transfer is the easy bit and you could do it yourself if you wanted.0 -
JoeCrystal wrote: »I agreed, it should be the same price regardless of the outcome of the result to avoid a conflict of interests.
Based on people asking about DB transfers on here, customers seem to want a positive recommendation. Are they going to be happy having to pay £3.5k for a negative recommendation?0 -
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JoeCrystal wrote: »I agreed, it should be the same price regardless of the outcome of the result to avoid a conflict of interests.
If the outcome makes no difference to the fee then, by the same token, it is heavily in the interest of the adviser to provide a negative recommendation.0 -
An IFA has quoted fees of £22,500 + 0.75% per annum ongoing fees to transfer my 3 defined benefit pension pots into a SIPP (of their choosing, not mine). Transfer values amount to just over £500k for the 3 DB pensions.
How can I find a cheaper IFA?
I am so stunned at the astronomical costs that I am thinking it would be cheaper to take the IFA exams and advise myself. Does anybody know if this would be allowed or has anybody actually done it?0 -
An IFA has quoted fees of £22,500 + 0.75% per annum ongoing fees to transfer my 3 defined benefit pension pots into a SIPP (of their choosing, not mine). Transfer values amount to just over £500k for the 3 DB pensions.
How can I find a cheaper IFA?
I am so stunned at the astronomical costs that I am thinking it would be cheaper to take the IFA exams and advise myself. Does anybody know if this would be allowed or has anybody actually done it?
You have a thread on this so no point duplicating on this one.0
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