The Lemon Fool

Nanny state. I'm glad I transferred my DB pension to a SIPP two years ago before the financial control authority started this screw down on individual choice, and I, and I'm sure the several other TLFers who did the same, am happy that it was for a contingent charge of a mere* 1%.

viewtopic.php?f=17&t=10528#p127599

* "mere" given the ridiculous fees asked by some IFAs.

mc2fool wrote:Nanny state. I'm glad I transferred my DB pension to a SIPP two years ago before the financial control authority started this screw down on individual choice, and I, and I'm sure the several other TLFers who did the same, am happy that it was for a contingent charge of a mere* 1%.

viewtopic.php?f=17&t=10528#p127599

* "mere" given the ridiculous fees asked by some IFAs.

Yep. Totally agree. 0.75% in my case. As soon as the actuaries at work were doing it there was a lot more interest to follow suit within the office.

Wasron

Wasron wrote:

mc2fool wrote:Nanny state. I'm glad I transferred my DB pension to a SIPP two years ago before the financial control authority started this screw down on individual choice, and I, and I'm sure the several other TLFers who did the same, am happy that it was for a contingent charge of a mere* 1%.

viewtopic.php?f=17&t=10528#p127599

* "mere" given the ridiculous fees asked by some IFAs.

Yep. Totally agree. 0.75% in my case. As soon as the actuaries at work were doing it there was a lot more interest to follow suit within the office.

Wasron

Gordon Bennett. In May 15 I was charged a fixed amount that comes out at .28% . I suspect I may have been relatively early in the game?

genou wrote:Gordon Bennett. In May 15 I was charged a fixed amount that comes out at .28% . I suspect I may have been relatively early in the game?

That's quite something! If you take a look through the topic I linked to above you'll find people calling just 1% "too good to be true", and if you search around you'll find, e.g.....

"Advice on defined benefit pension transfer (based on a transfer value of £100,000): £2,500" https://www.unbiased.co.uk/life/get-sma ... -of-advice

"The FCA suggests the average charge levied on a contingent basis – that is where you only pay if the adviser recommends you transfer – is 2% to 3% of the transfer value." https://www.sharesmagazine.co.uk/articl ... -transfers

Of course, fixed fees do win out if you have a larger pot.....