Hi folks i need advice on my pension

torrevieja

Can Somebody recommend a Good Pension Broker etc who can look at my investments in my pension and not scr>w me and advise me, ?

my last broker doesnt bother getting in touch anymore by the way is he still getting paid from my pension ?

Merowig

http://www.consumerhelp.ie/choosing-a-financial-advisor

Can't advise one - if you want a broker go for one where you pay a fee and no comission is involved.

Also to note:
http://www.consumerhelp.ie/cost-of-financial-advice


We don't know if you paid your broker upfront for advice or if he sold to you your pension - if the latter - yes you are still paying him most likely through your pension

torrevieja

Merowig wrote: »

http://www.consumerhelp.ie/choosing-a-financial-advisor

Can't advise one - if you want a broker go for one where you pay a fee and no comission is involved.

Also to note:
http://www.consumerhelp.ie/cost-of-financial-advice


We don't know if you paid your broker upfront for advice or if he sold to you your pension - if the latter - yes you are still paying him most likely through your pension

I took the pension out with a financial company and my retirement age was 70 on this pension which i didn't realise at the time so when this broker was called into our job i explained my pension and i asked him is there away to make the retirement age to 65 when i can cash it in and he suggested moving a different pension company which i did then .

I will send off a letter monday to stop any more involvement with him.

torrevieja

Merowig wrote: »

http://www.consumerhelp.ie/choosing-a-financial-advisor

Can't advise one - if you want a broker go for one where you pay a fee and no comission is involved.

Also to note:
http://www.consumerhelp.ie/cost-of-financial-advice


We don't know if you paid your broker upfront for advice or if he sold to you your pension - if the latter - yes you are still paying him most likely through your pension

whats sort of commision is charged ?

newacc2015

torrevieja wrote: »

whats sort of commision is charged ?

A fee based financial advisor will only sell you a pension or any financial product that is best for you. If they are on commission, they have a greater incentive to sell you a financial product that earns them the most commission rather than the best return. They might choose a pension that will give you 4% pa instead of 8/9% pa as it will give them a greater commission. Where as if they are on a fee, they will more than likely sell you the 8/9% pension

The J Stands for Jay

torrevieja wrote: »

I took the pension out with a financial company and my retirement age was 70 on this pension which i didn't realise at the time so when this broker was called into our job i explained my pension and i asked him is there away to make the retirement age to 65 when i can cash it in and he suggested moving a different pension company which i did then .

I will send off a letter monday to stop any more involvement with him.

Correct advice: send a letter to the pension provider to change the retirement date.

Actual advice: move pensions so I can take 5% of your fund in commission.

RainyDay

Correct advice: Go back and check the paperwork that the sales guy produced in coming up with this recommendation, and see what it says about retirement age. Did you read the paperwork at the time?

torrevieja

RainyDay wrote: »

Correct advice: Go back and check the paperwork that the sales guy produced in coming up with this recommendation, and see what it says about retirement age. Did you read the paperwork at the time?

Actually have the following : when this was changed i lost €12,000 on market value adjustment after gross surrender and net surrender value.

RainyDay

torrevieja wrote: »

Actually have the following : when this was changed i lost €12,000 on market value adjustment after gross surrender and net surrender value.

I really don't understand this. I was referring to the paperwork when you took out the pension in the first place. Did this specify a retirement age of 70?

In relation to the loss, are you saying that you moved funds from one pension into another to achieve the lower retirement age, and incurred significant losses at that time?

torrevieja

RainyDay wrote: »

I really don't understand this. I was referring to the paperwork when you took out the pension in the first place. Did this specify a retirement age of 70?

In relation to the loss, are you saying that you moved funds from one pension into another to achieve the lower retirement age, and incurred significant losses at that time?

It was 70 when i took it out but i never asked what age i presumed it was 65

Yes rainy i moved funds from one pension into another to achieve the lower retirement age, and incurred significant losses at that time?

The J Stands for Jay

torrevieja wrote: »

Actually have the following : when this was changed i lost €12,000 on market value adjustment after gross surrender and net surrender value.

Are you saying you left a with profits fund with a guaranteed return to go into a different pension with no guarantees?

RainyDay

torrevieja wrote: »

It was 70 when i took it out but i never asked what age i presumed it was 65

Yes rainy i moved funds from one pension into another to achieve the lower retirement age, and incurred significant losses at that time?

This sounds very strange, and you could possibly have been missold once, or maybe even twice!

Do you have the paperwork that you got when you first took out the pension, and what does it say about retirement age?

torrevieja

RainyDay wrote: »

This sounds very strange, and you could possibly have been missold once, or maybe even twice!

Do you have the paperwork that you got when you first took out the pension, and what does it say about retirement age?

i will check it out