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Is it free?
Whenever you transact a financial product of any description, the costs of running the plan are normally built into the plan. Part of these charges go towards the marketing costs of the provider; in this case the pension provider. It is this element that covers the cost of any advice that you receive. Depending on where you elect to take that advice from, dictates who receives this element of the charges.
If you transact your pension directly with the pension provider then they will retain the marketing costs for themselves in return for a limited advice service, which will be restricted to their own products. Their duty of care is to themselves and you will normally still pay the charges even if you do not take any advice, i.e. buy it online or over the telephone.
Because a pension transfer involves advice on both the existing and proposed pension plans, and providers can only advise on their own plans; it is not possible to receive pension transfer advice from the provider.
Independent Financial Advisers like Joslin Rhodes act on your behalf and provide impartial advice from the whole market. In addition they remain liable for the suitability of their advice. When we arrange a pension or pension transfer, we receive the marketing costs from the provider, in recognition of the work that we do. This is called a commission and is paid for out of the plan charges. It is not an additional charge.
Independent advisers are also offer the option to pay a fixed fee for a pension transfer suitability report, and have any subsequent commission rebated into your plan. The content of the report and our recommendations will not be affected by your choice of remuneration option.
It is also worthwhile remembering that you will already be paying advice charges in your existing plan, even if you are not receiving any ongoing advice. One of the main reasons for a recommendation to transfer is because the fees on the proposed plan are lower than those of the existing. The report therefore takes into account the fees of both plans and factors these in to the overall recommendation.
You will therefore have two options
Joslin Rhodes to be remunerated by commission from the pension provider from the charges within the plan, if you subsequently decide to transfer your pension. The transfer report is provided free of charge and you are under no obligation to proceed with any recommendation(s) made in the report.
Or
To pay an upfront fee for the pension transfer analysis and if you subsequently decide to transfer your plan, then any commission that is received by Joslin Rhodes will be rebated into the plan, increasing the value of your pension fund. The fixed fee is £500 plus VAT for each pension plan to be reviewed, which is due at the outset. For every pension that you subsequently choose to transfer there is a £395 + VAT administration fee for managing and completing the transfer process. There is no guarantee that a transfer may be recommended or that the amount of commission rebated by the provider will be greater than any fees paid.
If you have one or more existing pensions and would like to review them for possible transfer then request your free pension transfer analysis report here.
If you have an old or frozen pension plan then you should have it reviewed by the qualified experts.
You may be able to:
- Increase the value of your pension
- Unlock your pension
- Consolidate your plans
- Save £thousands in pension charges
- Access better performing funds
- Release tax free cash from your plan
- Receive an immediate income
