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    • STEVE PEACOCK
    • By STEVE PEACOCK 29th Nov 17, 10:12 AM
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    STEVE PEACOCK
    Can I reduce charges on pension transfer
    • #1
    • 29th Nov 17, 10:12 AM
    Can I reduce charges on pension transfer 29th Nov 17 at 10:12 AM
    I am considering the transfer of my Final Salary pension to take advantage of the lump sum and tax advantages of managing my own pension pot. I am however struggling to accept the fee being requested by IFA's to provide advice as mandatory government regulations require. This is in cases amounting to initial charges over 20k and ongoing charge of 7k / annum in the early years. As I see it, these fees will place serious strain on the management and longevity of my funds. Is anyone aware of "Fixed price" IFA's ???
Page 1
    • dunstonh
    • By dunstonh 29th Nov 17, 12:08 PM
    • 92,639 Posts
    • 59,953 Thanks
    dunstonh
    • #2
    • 29th Nov 17, 12:08 PM
    • #2
    • 29th Nov 17, 12:08 PM
    his is in cases amounting to initial charges over 20k and ongoing charge of 7k / annum in the early years.
    That is just greedy but that is just one IFA. I had a job quoted for some building work and the quotes ranged from 1,500 to 20,000. Every profession has greedy people.

    Is anyone aware of "Fixed price" IFA's ???
    Yes. Plenty will do fixed price.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • HappyHarry
    • By HappyHarry 29th Nov 17, 12:53 PM
    • 603 Posts
    • 880 Thanks
    HappyHarry
    • #3
    • 29th Nov 17, 12:53 PM
    • #3
    • 29th Nov 17, 12:53 PM
    It depends on what size the CETV is.

    If the CETV is 4m, I don't think this would be particularly unreasonable.

    If the CETV is 1m or less, then those figures are very high.
    I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.
    • bostonerimus
    • By bostonerimus 29th Nov 17, 1:01 PM
    • 1,826 Posts
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    bostonerimus
    • #4
    • 29th Nov 17, 1:01 PM
    • #4
    • 29th Nov 17, 1:01 PM
    You'll have to pay for advice before you can do a transfer of over 30k, but there's nothing to stop you managing the money yourself once that is done and eliminating IFA fees leaving you with just platform and fund fees to consider. You'll have to search around for the right advisor.
    Misanthrope in search of similar for mutual loathing
    • Aegis
    • By Aegis 29th Nov 17, 3:26 PM
    • 4,895 Posts
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    Aegis
    • #5
    • 29th Nov 17, 3:26 PM
    • #5
    • 29th Nov 17, 3:26 PM
    I am considering the transfer of my Final Salary pension to take advantage of the lump sum and tax advantages of managing my own pension pot. I am however struggling to accept the fee being requested by IFA's to provide advice as mandatory government regulations require. This is in cases amounting to initial charges over 20k and ongoing charge of 7k / annum in the early years. As I see it, these fees will place serious strain on the management and longevity of my funds. Is anyone aware of "Fixed price" IFA's ???
    Originally posted by STEVE PEACOCK
    There's usually an element of variability to an IFA fee because of the increase in risk, but unless your case is horrendously complex I can't see why you would need to pay as much as 20k for a single transfer.

    Plenty of advisers will operate a fixed fee basis for larger cases, which this certainly appears to be.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • Brighter FS
    • By Brighter FS 18th Dec 17, 11:47 AM
    • 6 Posts
    • 3 Thanks
    Brighter FS
    • #6
    • 18th Dec 17, 11:47 AM
    • #6
    • 18th Dec 17, 11:47 AM
    SHOP AROUND - the Money Advice Service have a list of IFAs and you can select only advisers that are suitability qualified to carry our pension transfers. In addition, an ongoing service and therefore ongoing fees are optional.
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