Pensions and getting to 55
- Thread starter Pondy
- Start date
At the summit of the picturesque fens
Difficult to see the value for money here. How can a percentage be right for advice? If advice takes an hour, why not a charge for the hour rather than a percentage of the funds. That always smells of profiteering.
Bit like my accountants wanting to charge £350 to opt out of the required company pension scheme (my own company). Did that online in 2 minutes myself and for my son as well, that was £700 saved.
Bit like my accountants wanting to charge £350 to opt out of the required company pension scheme (my own company). Did that online in 2 minutes myself and for my son as well, that was £700 saved.
pvr said:
I’m not saying the advice fee in this case is justified, but the company providing the advice is legally responsible for doing so and has to protect the customer and themselves, insurance costs are rising and are expensive.
It will take a lot longer than an hour to to review an individual/couples circumstances and then justify in a
Financial report what is the best course of action, why and how it will be beneficial and the risks of doing so… again, not saying this is worth £10k
Sadly, the world of financial advice hasn’t covered itself in glory historically but that doesn’t mean all advisers are leaches and conmen.
There are excellent financial advisers and bad ones, but regulation is making it harder for bad ones all the time.
pvr said:
That is a fair point, but ‘ongoing advice fee’s’ have a significantly greater impact on overall return than a fee paid upfront, some advisers charge both, some charge one or the other.
You will find advisers who charge an hourly rate, but your contract will be you pay for the advice regardless of whether you follow it though or not.
With fee based, you’d usually have a relatively nominal ‘report’ fee only if you chose not to get the adviser to implement the advice provided.
For IHT advice, a £10k fee might be a fraction of the potential tax saving on the estate.
Do you pay tax on the money you take from the drawdown pension?Scubaregs said:
pvr said:sars said:After reading many of your posts which mention your wife, I’m still struggling to comprehend how you’ve reached 55 years without her killing you :idunno:
Life insurance cover has not been completed yet
Be that as it may, if I was married to him, he would have drunk the poison by now
I shall have another conversation with him and if he wants more than I think is fair I shall say goodbye and look into it myself.
Pondrew said:Sars, I am a nice person really, well fairly nicesars said:
Don't take anything I say on here too seriously. It's mostly just rubbish
By and large most are on here for a slight humorous distraction and perhaps a bit of knowledge, so it’s posters like you that keep us all entertained :lol:
I am lucky enough to have worked in the public sector most of my life and two private pensions. Advice on both occasions given to me was commute as much as you can tax free, did both times and never regretted it. Not commuting in my case would have also meant going into the 40% tax bracket which is something you have to take into consideration especially at some point there will be the state pension to be added to your income. Currently mine is sitting in Premium Bonds earing a lot better income than any bank can provide with the added bonus of again being tax free