PLease Advise - Clueless about Pension Fund

Only

Apologies in advance for silly questions but I really have absolutely no clue about this:o

My Other Half started a pension when he worked with a company. 5 Years ago he left the company and moved to a different company and started another pension.
Last week he got notice from Canada Life (who the first pension is with about Leaving Scheme Options.
I'm really sorry but both of us are absolutely clueless about this so here goes:

Canada Life sent him an application form to change over to Retirement Bonds. They sent some paperwork mentioning different funds but didn't enclose the funds brochure.
On it says that "in most cases" the annual mamagement charge will be 0.75% per annum but then gives different %'s for different funds and at the bottom says that an additional management fee of 50% may be applied.

So, being clueless, OH went to see the financial advisor he originally got to set up the pension fund ... and hes recommending Zurich Eagle Star Buy-Out Bond Matrix Funds.

The thing is, the financial advisor didn't advise very much - just wanted OH to sign up there and then ... even had the paperwork ready in advance of the meeting.

Anyways, the thing is, we have no idea what to do.

Can I ask some very very basic questions please:
1. Why are they now (5 years later) looking to move the money?
2. Did the Advisor get comission on the pension fund originally and its now basically not making him any money so hes looking for a 'cut' him moving it to Zurich? ..... Can anyone explain how this works??:o
3. Is there anywhere we can go for impartial advice who will speak plain english?
4. Any advice very gratefully appreciated.

Sorry - I know tese are very very basic questions and I'm embarasses to say I don't know the answers.

Thanks for reading:o

Only

Only wrote: »

1. Why are they now (5 years later) looking to move the money?

Probably because the original scheme is being 'wound-up'

2. Did the Advisor get comission on the pension fund originally and its now basically not making him any money so hes looking for a 'cut' him moving it to Zurich? ..... Can anyone explain how this works??:o

Unless your OH paid a separate fee for setting up the original scheme, the advisor would have received an inital commission (& probably a renewal commission while contributions were being paid into the original scheme).

Can you check the 'paperwork' that the advisor presented to your OH on the Buy-Out-Bond? There should be a 'disclosure quote/document' on what level of commission is being charged on the Buy-Out-Bond and whether any entry/exit charges apply.

3. Is there anywhere we can go for impartial advice who will speak plain english?

This may help so that you are prepared for any face-to-face you may have.

coylemj

stevedcbx wrote: »

Hi,

We used a guy last year who was very helpfull and didnt try to sell us anything just gave us very good advice, his name is SNIP

OP, if you do contact this individual, first establish if he has gone through the necessary certification to be a Qualified Financial Adviser (QFA) in the Republic of Ireland, if not, avoid at all costs.

Kennie1

If I may be so bold to add to MJ's post. QFA's would only have a basic knowledge of pensions but in the main can give very good advice for the day to day stuff that they would normaly come across. If you think you need specialist advice you would need to see an advisor with a pensions diploma as they would normally deal with corporate schemes and buyout bonds every day of the week, just ask your local broker/life office if he/she has this qualification