Re: Pension Robbery by Financial Advisors

frebak@xxxxxxxxxxx wrote:
Apart for having a Labour Government put tax on dividends and undermine
the whole point of saving money in Pension Funds there is the Financial
Advisor.

A better term for these people would be Financial Rogues.

I have just been quoted the following Commissions for;

"Saving for retirement" - 25 year term 50% of the first 12
month's payments plus 0.5% of all payments from month 13.

"Savings and Investments" - Personal and Stakeholder pensions;
4.77% of the amount you invest.

So there could be a year's profit gone immediately!

To cap it all At Retirement - You actually have to pay again! e.g.

Commision on Income Drawdown;

5.09% of the amount you invest plus 0.75% of your fund value each year
from year 2.

What work is involved?

Income Drawdown is like taking money out of a bank. Phone your Fund
Provider when you wish to take money out and record the yearly sum on
your tax return. All that is required is a table of what you are
allowed to take out given your age and credit. - What could be
simpler!

Deliberately making things sound complicated is an attempt to justify
their fees.

The worse thing is that you have no choice. You are forced to use these
beggars by the Inland Revenue.

What is the best way of getting redress from these people?

Best way is to get them beaten up, mafia style. Legally, forget it - the ombudsman is like a dancing puppet for the IFA's.
Irma

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