Pension fee advice

[Churchlawtonblue]

Any IFAs out there that can give me a little general advice please?

We have and IFA and he has advised us to move my wife's pension into Old Mutual Wealth where mine is . But he wants to charge us 2% for the move plus his usually annual fee. Is this standard to charge 2%, as to us that equates to quite a lot of money? Also could we move her pension our self into OMW or do you need an IFA?

 

[ganganvince]

Any IFAs out there that can give me a little general advice please?

We have and IFA and he has advised us to move my wife's pension into Old Mutual Wealth where mine is . But he wants to charge us 2% for the move plus his usually annual fee. Is this standard to charge 2%, as to us that equates to quite a lot of money? Also could we move her pension our self into OMW or do you need an IFA?

Our IFA either charges for what he does or an annual fee not both.

 

[jaseirai]

Any IFAs out there that can give me a little general advice please?

We have and IFA and he has advised us to move my wife's pension into Old Mutual Wealth where mine is . But he wants to charge us 2% for the move plus his usually annual fee. Is this standard to charge 2%, as to us that equates to quite a lot of money? Also could we move her pension our self into OMW or do you need an IFA?

Never used an advisor but I transferred an old pension to fidelity a few years ago and there were no charges.
You should be able to do it on their platform (Quilter these days I think).

 

[Fred_Quimby]

Any IFAs out there that can give me a little general advice please?

We have and IFA and he has advised us to move my wife's pension into Old Mutual Wealth where mine is . But he wants to charge us 2% for the move plus his usually annual fee. Is this standard to charge 2%, as to us that equates to quite a lot of money? Also could we move her pension our self into OMW or do you need an IFA?

This must be "old" advice as Old Mutual Wealth has been Quilter for while now.

 

[Churchlawtonblue]

This must be "old" advice as Old Mutual Wealth has been Quilter for while now.

Yes, my mistake still referring to it as OMW. It is Quilter

 

[Citizen of Legoland]

Our IFA either charges for what he does or an annual fee not both.

Mine charges about 0.5% per annum, taken from the fund, and means they are regularly monitoring the suitability of the pension company and the investments based on my annual risk profile review, so could be that. I was given the option of paying for that annually or them taking it from the fund but chose the latter.

For the initial transfer I paid about 2.8% so is around the same order but it wasn't a huge initial pot so might have made the percentage a bit higher.

You can do these things oneself of course, but when comparing my self-managed unit prices in my second pot to the managed ones, it is noticeable how they avoided big drops due to Brexit and Covid, so it's probably worth it.

 

[AlexWilliamsGloves]

I thought moving/consolidating pensions was free....i moved jobs about 4 years ago...forgot about my previous pension, but moved it to the one my current job use by doing it online. Very simple.

 

[hammocity]

Over 30k requires a IFA, if it’s a defined contribution the IFA needs permission from their Indemnity Insurer to give the advice. From recent experience it can be frustrating transferring pensions and beware of the charlatans out there.

 

[hammocity]

I thought moving/consolidating pensions was free....i moved jobs about 4 years ago...forgot about my previous pension, but moved it to the one my current job use by doing it online. Very simple.

Less than 30k?

 

[its a Barm]

Speak to the company you want to transfer to, I wanted to put a large sum in my pension and asked my financial advisor and he said they wanted something like £1500 to sort it out I contacted aviva and they talked me through the process very easy saved me a few quid.