I always tell our SL rep he has the easiest rep job in the country
I always tell ours it would be nice if their website supported Firefox
Pension question: IFA fees?
- Thread starter Bossk128
- Start date
I always tell ours it would be nice if their website supported Firefox
I always tell ours it would be nice if their website supported Firefox
Only recently started working with chrome!!
Associate
So many provider sites are still IE only, drives me nuts. Thank god for Chrome IE extensions.
Wow lots of top posts whilst I've been away. Time to read properly required!
As far as paying up front goes, does that incur a saving? I guess it's the same as paying mortgage fees out of your pocket. What happens if I pay the fee up front but increase % within the year?
It will probably cost you more actually, since anything you put in the pension will get tax relief, George Osbourn will pay 20% of the advice fee. (in fact that's often why advisers choose a 20% fee, because they can say they are just taking the tax relief for the first year so it cost you nothing).
It does mean that more money is invested for you each month, but you will have paid an upfront lump so so overall you will keep more of your money for longer if you take the 20% per month option.
However, like I said above the adviser will get his fee in drips and drabs that way, so you may be able to negotiate a discount for paying him up front by cheque, though don't count on it (he'll probably say that to Treats Customers Fairly they can't give a discount).
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OK to summarise some of the posts above:
The Scottish Life scheme is a good GPPP to go woth, and the compnay has a good track record of investing funds.
The fees stated aren't too far off what I'd expect elsewhere.
Taking out the same plan directly (through e.g. Cavendish) might save money but puts more onus on me for due diligence
Our IFA has already discussed a little about how to spread the cash into high/low risk funds, I think his pension advice is free whilst in the scheme.
So overall I think I'll just use this scheme and put a decent % in , and have only this pension. If I ever want to add more funds to the pot (lump sum) I'll make sure to try and coincide it with any pay rises to minimise his 20% commission period over the following year.
Thanks all for your contributions, very helpful.
The Scottish Life scheme is a good GPPP to go woth, and the compnay has a good track record of investing funds.
The fees stated aren't too far off what I'd expect elsewhere.
Taking out the same plan directly (through e.g. Cavendish) might save money but puts more onus on me for due diligence
Our IFA has already discussed a little about how to spread the cash into high/low risk funds, I think his pension advice is free whilst in the scheme.
So overall I think I'll just use this scheme and put a decent % in , and have only this pension. If I ever want to add more funds to the pot (lump sum) I'll make sure to try and coincide it with any pay rises to minimise his 20% commission period over the following year.
Thanks all for your contributions, very helpful.