Pension advice
Discussion
-Pete- said:
I'll give you advice without payment, isn't that the whole point of this subforum? Or is it for advertising services?
The 3% sounds a lot to me, what does he get for it? I'm not recommending them as I have no experience of Hargreaves Landsdown, but he could for example transfer his pension pot to an HL SIPP which has no charges for income drawdown. My pension provider allows free transfer-out, and they all allow free transfer-in, so he doesn't have to stay with the Pru if their charges are higher than others.
I'd take him to the Citizens Advice Bureau https://www.citizensadvice.org.uk/about-us/how-we-... and talk it through, or find someone you trust who can give you a bit of advice. Do you know a bank manager, finance director (at your work?) or someone who retired in the last couple of years who might steer you in the right direction?
Some people argue you shouldn't try to understand what his choices are, just leave it to the experts, but I think most of us feel more comfortable if we know what's going on. Talk to as many people as you can, help him shop around for the best deal, you'll find that it's not that complicated.
He gets nothing for it that's my concern, this is great advice thanks Pete The 3% sounds a lot to me, what does he get for it? I'm not recommending them as I have no experience of Hargreaves Landsdown, but he could for example transfer his pension pot to an HL SIPP which has no charges for income drawdown. My pension provider allows free transfer-out, and they all allow free transfer-in, so he doesn't have to stay with the Pru if their charges are higher than others.
I'd take him to the Citizens Advice Bureau https://www.citizensadvice.org.uk/about-us/how-we-... and talk it through, or find someone you trust who can give you a bit of advice. Do you know a bank manager, finance director (at your work?) or someone who retired in the last couple of years who might steer you in the right direction?
Some people argue you shouldn't try to understand what his choices are, just leave it to the experts, but I think most of us feel more comfortable if we know what's going on. Talk to as many people as you can, help him shop around for the best deal, you'll find that it's not that complicated.
-Pete- said:
'd start with financially experienced people who don't stand to benefit from the choices your dad makes. Maybe your dad needs an IFA, but why not start with people with no ulterior motive?
Good point I have a couple of mates who work in the banking industry I'll pick their brains over a beer. 
Thanks to everyone for there advice. I spoke with the money advice service who were great. I was told by the women from the Pru I would have to pay advisor charges which turns out is rubbish. The guy said I can go direct and arrange everything on an execution only basis. I spoke to the Pru direct who have a low risk fund and the charge would be be 1.45 per annum which saves me the initial 3% and 0.15 on the annual charge. Thanks for your advice everyone.
Ginge R said:
Good stuff. You've come this far, I'd be inclined to go a little further and look for a pension which can be had cheaper than 1.45. No reason why, unless your dad;s fund is tiny, you shouldn't pick one up for c.0.5 or so. Good luck, persevere!
Yea I was thinking about this going idea. Any usual suspects I should check out? Gassing Station | Finance | Top of Page | What's New | My Stuff