Pensions Advisors

thedonkeycentrehalf · Sep 14, 2017

I have a question about using pensions consultants?

I'll be raising my bat for a half century next year and have four work pensions running (been paying in for around 30 years) and would like to get a feel for how these are looking. Also, is it worth consolidating them (one is with a large bank, one is local authority, one has been passed around a bit recently and one with my current employer who is a large multinational company).

Has anyone used a pensions consultant / financial advisor to look at their options? If so, how much does it cost and is it worthwhile?

dazzer6666 · Sep 14, 2017

thedonkeycentrehalf said:
I have a question about using pensions consultants?

I'll be raising my bat for a half century next year and have four work pensions running (been paying in for around 30 years) and would like to get a feel for how these are looking. Also, is it worth consolidating them (one is with a large bank, one is local authority, one has been passed around a bit recently and one with my current employer who is a large multinational company).

Has anyone used a pensions consultant / financial advisor to look at their options? If so, how much does it cost and is it worthwhile?

[MENTION=12697]Steve Foster[/MENTION] is your NSC guru on this one.

South Stand Bonfire · Sep 14, 2017

I use Prestige Wealth Planning Ltd

Steyning Office: Newmans House, 40 Church Street, Steyning, West Sussex, BN44 3YB

Tel: 03303 530145

You get what you pay for. If your local authority one is final salary then I would leave it as it is.

dazzer6666 · Sep 14, 2017

South Stand Bonfire said:
I use Prestige Wealth Planning Ltd

Steyning Office: Newmans House, 40 Church Street, Steyning, West Sussex, BN44 3YB

Tel: 03303 530145

You get what you pay for. If your local authority one is final salary then I would leave it as it is.

Often the right answer but not quite that simple.....depends on so many factors (objectives, planned retirement age, annuity values, other funds, scheme particulars, charges, income requirement, attitude to risk etc etc..........) hence need to get professional advice (it's mandatory if coming out of a defined benefit scheme anyway)

Shropshire Seagull · Sep 15, 2017

A mate with a deferred 15 year final salary scheme was offered £220k transfer value - he's put it into a SIPP.
Now means he can leave it in his will which he couldn't on a final salary - defo worth asking for a transfer value ...

CheeseRolls · Sep 15, 2017

thedonkeycentrehalf said:
I have a question about using pensions consultants?

I'll be raising my bat for a half century next year and have four work pensions running (been paying in for around 30 years) and would like to get a feel for how these are looking. Also, is it worth consolidating them (one is with a large bank, one is local authority, one has been passed around a bit recently and one with my current employer who is a large multinational company).

Has anyone used a pensions consultant / financial advisor to look at their options? If so, how much does it cost and is it worthwhile?

Just finished a prolonged period of pension review, which started around three years ago and from a similar position to you.

First thing for me was did I actually by have a clue what I was holding and the answer was no. One large pot was just unfathomable. I talked to pensions consultants at the time and realised it wouldn't work for me, so I took some time to understand what I had and I moved the large pot into another pension where I could see what was going on. This went quite well, but I suspect I was both sensible and lucky.

Earlier this year I went back to the advisors and have paid for a full review and moved my fund under their management. I still have four pensions and my wife has three. but we also have a clear set of retirement goals.

So now we know where we want to get to, I understand what I can do alone and can judge if the additional fees I am paying add value.

What I believe I will be paying for is sound investment advice, along with a long term plan as to which pots to access and when, as we wind down and retire over the next 10-20 years. For some people this will be very simple, for others it can be hugely complex, depending on circumstances.

Herr Tubthumper · Sep 15, 2017

dazzer6666 said:
Often the right answer but not quite that simple.....depends on so many factors (objectives, planned retirement age, annuity values, other funds, scheme particulars, charges, income requirement, attitude to risk, how many scotch eggs and black puddings you wish to buy per week etc etc..........) hence need to get professional advice (it's mandatory if coming out of a defined benefit scheme anyway)

I have corrected this for him.

dazzer6666 · Sep 15, 2017

Herr Tubthumper said:
I have corrected this for him.

Excellent improvement, thanks. Forgot the black pudding dynamic.

thedonkeycentrehalf · Sep 16, 2017

Herr Tubthumper said:
I have corrected this for him.

You missed out my burger habit.

thedonkeycentrehalf · Sep 16, 2017

Thanks to those who PM'd and posted for providing some really helpful information and contacts.

Steve Foster · Sep 16, 2017

dazzer6666 said:
[MENTION=12697]Steve Foster[/MENTION] is your NSC guru on this one.

Thank you for the endorsement Dazzer.

As an Independent Financial Adviser, if you are looking to consolidate/transfer occupational pensions, you will have to consult an IFA who is required to provide advice, options & recommendations. Our regulator works on the premise that consolidating should be the last resort - though there are of course many reasons to & with enhanced transfer values from defined benefit schemes within the last year or so, record numbers of deferred pension employees have transferred. Only one in three IFA firms (approximately), hold the qualifications/authorised to give such advice so do your research. At Investment Solutions we are appropriately authorised & based in Worthing. www.investment-solutions.co.uk or go to vouchedfor.co.uk to check out those IFA practices that can help (it's essentially the checkatrade for IFAs, Accountants & Solicitors). Most firms will provide an initial meeting without cost.

If you need further advice, feel free to PM me

Bulldog · Sep 16, 2017

Hi Steve

1 quick question, is it true that advisers charge 5% of the pot for people transferring out of a defined benefit scheme into a draw down scheme?

Weststander · Sep 16, 2017

Bulldog said:
Hi Steve

1 quick question, is it true that advisers charge 5% of the pot for people transferring out of a defined benefit scheme into a draw down scheme?

Or is there a fixed fee (agreed in advance) alternative, with the pot left untouched?

WATFORD zero · Sep 16, 2017

Everyone needs an IFA but don't go for one who plans to retire before you do :thumbsup:

WATFORD zero · Sep 16, 2017

Weststander said:
Or is there a fixed fee (agreed in advance) alternative, with the pot left untouched?

There's always a charge (and quite reasonably so). There's lots of ways to charge, just make sure it work for you.

Bulldog · Sep 16, 2017

WATFORD zero said:
There's always a charge (and quite reasonably so). There's lots of ways to charge, just make sure it work for you.

Sure, I have no problem with paying for advice. But at 5%, a £500,000 final salary pot would mean paying someone a years wages, £25,000, for some advice and that is not a reasonable charge. So is it negotiable, or is it a fixed charge?

Deleted User X18H · Sep 16, 2017

Today Aon have offered me a £30k bonus to give up my defined benefit. As I am less than 10 years away from my 25% I'll happily accept. However apparently I can't transfer the whole fund into a DC without IFA advice. Which will cost at least 1% of my entire fund (with Aon) Fair ?

Beach Hut · Sep 16, 2017

Just get a final salary one, solves all problems however now capped - *******s

Bulldog · Sep 16, 2017

hove born&bred said:
Today Aon have offered me a £30k bonus to give up my defined benefit. As I am less than 10 years away from my 25% I'll happily accept. However apparently I can't transfer the whole fund into a DC without IFA advice. Which will cost at least 1% of my entire fund (with Aon) Fair ?

My understanding is that if the pot exceeds £30K you must have a letter from an IFA to prove moving from a final salary pension is the right thing for you.

I have a final salary pension but have recently got the transfer figure to move the pot into a drawdown scheme and I can only describe the figure as eye watering.

If I die before 90, I can pay myself the same as the FS pension would pay me AND leave the remains of the pot to my kids. something I can't do in the FS scheme as it dies with me.

Weststander · Sep 16, 2017

WATFORD zero said:
There's always a charge (and quite reasonably so). There's lots of ways to charge, just make sure it work for you.

Who said it wasn't reasonably so?

The questions from posters were about the basis of method of remuneration to the IFA. Nothing contentious.

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