Many so called advisors are merely quoting stats & figures .
Couldn't agree more. I've still got a projection drawn up by an IFA showing how £25/month could turn into £624000 by time I retired. Fact of the matter is it wouldn't turn into £6240. Factor in "market value reductions", commission and charges and bobs your thieving uncle and your left with nothing. I have a sneaky suspicion my pension contributions will only benefit my IFA and certainly not me. Best part about it all is they also ask for significant sums to "arrange" your pension such as the £7K one of my colleagues has just stumped up! Win, wIn, win for an IFA!
Couldn't agree more. I've still got a projection drawn up by an IFA showing how £25/month could turn into £624000 by time I retired. Fact of the matter is it wouldn't turn into £6240. Factor in "market value reductions", commission and charges and bobs your thieving uncle and your left with nothing. I have a sneaky suspicion my pension contributions will only benefit my IFA and certainly not me. Best part about it all is they also ask for significant sums to "arrange" your pension such as the £7K one of my colleagues has just stumped up! Win, wIn, win for an IFA!