Pensions etc

[psychocandy]

Having recently moved from perm back to contracting - this is something I need to sort out.

To be honest, I've got about 4/5 separate pensions from various employers which needs to be looked at, as well as sorting something for my contracting time.

Been on contractormoney and been contacted by an FSA on there. Surprised to find that the fee is £750.

Is this normal? I'm guessing that normally when setting up a pension you wouldnt see a fee because instead the advisor takes shedloads in commision etc instead so at least the fellas being up front about it.

However, anyone got any recommendations for pensions?

Get an advisor and pay them like this? (If so, recommendations for someone who knows the contractor scene)

Or sort your own pension out yourself?

[northernladuk]

Just contact an FA, doesn't have to be from a contractor point of view. When I did mine the guy got commission from the company I went with so didn't have to pay. Saying that he is a friend of mine so he could have waived a charge so not sure.

Ring around for someone local so you can meet face to face and explain the options available. It could be worth combining all your smaller ones together or getting out of under performing products. He will also give you options around low/med/high risk options and advise a strategy depending on your position. If you think you will becomfortable anyway you could opt for half in to low/med and half in to a high risk to see if you can make a lucky bob or two.

When you are talking pensions though you most definitely need professional advice. I would not even have considered trying to do this for myself.

[Fred Bloggs]

I have done a DIY job. If you are prepared to do the research I don't believe that many of us need an IFA as our affiars are pretty simple. I moved a couple of smaller company pensions into a HL SIPP and I top that up each month and with ad hoc lump sums from the Ltd Co. HL are very efficient, though there are many other options to look at also like Best Invest, SIPP Deal, Alliance Trust Savings etc to name just a few.

[psychocandy]

Just contact an FA, doesn't have to be from a contractor point of view. When I did mine the guy got commission from the company I went with so didn't have to pay. Saying that he is a friend of mine so he could have waived a charge so not sure.

Ring around for someone local so you can meet face to face and explain the options available. It could be worth combining all your smaller ones together or getting out of under performing products. He will also give you options around low/med/high risk options and advise a strategy depending on your position. If you think you will becomfortable anyway you could opt for half in to low/med and half in to a high risk to see if you can make a lucky bob or two.

When you are talking pensions though you most definitely need professional advice. I would not even have considered trying to do this for myself.

Yeh. Might be the best option since my knowledge is limited.

[Pondlife]

When I did mine the guy got commission from the company I went with so didn't have to pay. Saying that he is a friend of mine so he could have waived a charge so not sure.

Yeh. Might be the best option since my knowledge is limited.

Psycho, I would ask the IFA how he is getting paid for this work. Some will charge you a flat fee for this, whilst others get comissions from the end company. I dislike the latter approach as it goes against the Independent bit IMHO. You will also find that many insurance companies etc spend a lot of money in providing 'training courses' for IFAs on their products.

[psychocandy]

Psycho, I would ask the IFA how he is getting paid for this work. Some will charge you a flat fee for this, whilst others get comissions from the end company. I dislike the latter approach as it goes against the Independent bit IMHO. You will also find that many insurance companies etc spend a lot of money in providing 'training courses' for IFAs on their products.

Flat fee if I want the full search apparently. £750....