Private pension. I don't understand!

[DonDon]

I am going through all of this pension malarkey right now. I used https://www.sheratonfp.co.uk/. They are near Southampton and usually want a visit to their offices after an initial free online discussion, but may do it remotely if you are a long way away.

I am very impressed with them and they charged me a flat £1,500 for a full analysis and proposal for retiring and future income for my wife and me. I believe that is their standard fee, but I may be wrong. They can then manage your funds on an ongoing (chargeable) basis, but don't insist on doing so.

 

[TitanTim]

I am going through all of this pension malarkey right now. I used https://www.sheratonfp.co.uk/. They are near Southampton and usually want a visit to their offices after an initial free online discussion, but may do it remotely if you are a long way away.

I am very impressed with them and they charged me a flat £1,500 for a full analysis and proposal for retiring and future income for my wife and me. I believe that is their standard fee, but I may be wrong. They can then manage your funds on an ongoing (chargeable) basis, but don't insist on doing so.

£1500 wow I guess monies well spent though to ensure you're on the right track.

Tim.

 

[DevonPaul]

I am going through all of this pension malarkey right now. I used https://www.sheratonfp.co.uk/. They are near Southampton and usually want a visit to their offices after an initial free online discussion, but may do it remotely if you are a long way away.

I am very impressed with them and they charged me a flat £1,500 for a full analysis and proposal for retiring and future income for my wife and me. I believe that is their standard fee, but I may be wrong. They can then manage your funds on an ongoing (chargeable) basis, but don't insist on doing so.

£1500 isn't bad, was that plus VAT? We also used an IFA to look at our assets. He came up with a couple of suggestions that were completely obvious with hindsight but because of how we'd focussed our planning they hadn't occurred to us but will save a lot of tax long term. Armed with the new info I went searching and found a way of replicating his suggestion using Vanguard and avoiding his upfront fee

Note that everyone is entitled to a free assessment from Pensionwise, a Govt funded arrangement, although they won't go into the same sort of detailed advice as an IFA.
https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

There are also several UK based Financial forums that deal with all aspects of saving/investing and have quite knowledgable people on them - lemonfool.co.uk is a good one as long as you don't mention Brexit

 

[DonDon]

£1500 isn't bad, was that plus VAT?

That didn't include VAT, unless it was included but not separated out.

When I mentioned putting my consolidated pension funds in a Vanguard cash drawdown account directly and managing it myself, he didn't try to argue me out of it. I now need to decide whether paying him an annual management fee is worth the extra cost; I haven't decided yet.

 

[DevonPaul]

When I mentioned putting my consolidated pension funds in a Vanguard cash drawdown account directly and managing it myself, he didn't try to argue me out of it. I now need to decide whether paying him an annual management fee is worth the extra cost; I haven't decided yet.

Actually sounds like reasonable impartial advice I learnt a long time ago I was just as capable of investing badly as someone charging me 3% to do it for me

Vanguard's fees are very low, and they don't charge for Drawdown. Various platform fees are on Moneyvator...
https://monevator.com/compare-uk-cheapest-online-brokers/

It is complicated as some like HL charge a percentage but it is capped on certain types of investments but at different rates depending upon if you have a SIPP or ISA, so you need to think about whether to use a Fund or an equivalent ETF.

 

[DonDon]

I ended up getting the financial adviser to manage the funds. His figures claim that he does better than most others, and he isn't likely to make some stupid, mis-informed mistake that I might.

There are also more funds to manage. When I announced to my very small employer (number of staff, not height!) that I was going to retire, they put me on a very persuasive retainer - fixed pay every month and between zero and a max of not many hours per week if and when needed