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Guest muppetbro

costs of pension advice/transfer funds

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Guest muppetbro

few questions to ask;

 

1. why does it costs so much to transfer funds - rumour has it it t akes two letters to do it yourself???

2 why is the hourly rate for advice in uk so much higher than the same service one can get in australia?

 

i accept the need for financial advice and i accept a little knowledge is a bad thing but when i find out what the hourly rate of a heart surgeon might demand i get a little miffed at the prices demanded often by financial w izzards......

 

rant over any pointers and any recomendations for seeking advice - mart

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Guest dwaldron

1. Yes it is easy. I am transferring all three of my personal pensions to Standard Life as they are the ones that have been most responsive and helpful to requests for forms etc.

 

2. Rip off Britain?

 

My situation is simple because I have only worked here for 5 years and I don't intend to return to the UK. Things might not be quite so straightforward if you are in a final salary scheme and transferring it may not be to your advantage. That being said, at least if you have it in your own scheme then your previous employer can't screw up your life by changing the pension scheme's conditions.

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Guest newnico

I had a meeting last week with a firm that advertises on here, paid £150 for initial advice, and now they'd like another £1950!! Given that they'd probably also get a stack of commission on anything I transfer, that's pretty hard to justify. Needless to say I'm not impressed. Does anyone know whether the UK government is going to clamp down on pension transfers? I've heard it rumoured that because it's advantageous for some people tax-wise they are going to close what they see as a loop-hole. But no-one seems to know for sure...

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Guest muppetbro

...it was mentioned that some advisors use rumours / pending misery on pensions and be quick before a deadline as sales pitches.........

 

im very surprised this topic appears to be so poorly understood suggesting many people do nothing but leave their pensions in the uk ???

 

oh well at least the waters warm now and the winds are good

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Guest Ian&Lou

I will be transfering my pension when I leave. I am in a final salary scheme and my understanding is that it will be a bit more complicated because of that.

 

Luckily for me I work for a major Life and Pensions insurance company, so it will all be done free of charge for me..phew! I certainly would begrudge the amount I would have to pay to an IFA, when all they actually do is complete a few forms and send them to the relevant company to do all the work!

 

Good luck to all those trying to work their way through this minefield! Hope you all make it to the other side!

 

Lou

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Guest Abi&Dan

Another thing that makes the high cost of advice super annoying is that quite a lot of insurers wont accept transfers if you don't have an adviser.

 

I had 2 PPs with NU and wanted to merge them. They refused to do it without an adviser despite the fact that 1. I have worked in pensions for 10 years, 2. the transferring amount would have been :Randy-git:all and will probably be eaten away by charges by the time I'm 65 (it's not even stakeholder) and 3. I wanted to do it on an execution only (no advice accepted) basis - though I blame the FSA for that as they've made it so even if the member does that it can still bite them if it was the wrong thing to do.

 

Mind you - I have a guy in a pension who's fund is worth more than the LTA (£1.6 million) and he refuses to get an IFA - with that amount of money surely peace of mind should be more important than a few hundred quid! (Incidentally I'm not an IFA plus I don't work for one - so I'm not after £ in my own pocket!!)

 

Re advisers: check www.unbiased.co.uk for one in your area - some are commission based and some are fee only - check upfront which one they are and if it's fee get them to confirm in writing exactly what services they will offer you and how much they are - before you pay them anything.

 

It's a minefield - specially to Oz and I'd say it was worth searching till you find one who specialises in international pensions and transfers (and if anyone finds one to post their name on here so we can all use them!!)

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Guest angela m

Hi all

 

I'm lucky enough to be in a final salary scheme and apparently you can check to see if an organisation will accept a transfer of your pension on www.hmrc.gov.uk/pensionschemes/qrops-list.htm and click on the overseas link, however, I know that speaking to our pension transfers section, that they have had problems with trying to transfer pensions back from Oz, as they have advised it it not permitted under(Oz) legislation. (but if your not coming back - no worries)

 

Angela

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Thought I'd add to this thread with some new stuff we have found.

 

I contacted Global Destiny this week and was put in touch with DMS Private Wealth who deal with pension transfers to Australia. They charge £495 plus 'some' VAT to provide a personal pension report. This gives info as to what pensions will be worth, how easy / difficult they would be to transfer and whether it is actually worth it. They normally charge a £175 consultation fee but we have been given this for free. You don't actually have to act on their advice and can always follow it up on your own or with someone else but if you want to use them they charge 5% of the sum they are transferring.

 

Any one else used them?

 

Thought this might help others in the same boat as us!

Felicity:wubclub:


Felicity + Michael - We're 'Pozzies' - Happy and Lovin' it!

Melbourne since September 07

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