Business & finance DID YOU KNOW?
PENSION TRANSFER ADVICE FEES TO BE PAID UP-FRONT FROM OCTOBER
For sure, the COVID pandemic has turned everything upside down and in many ways has affected many people. Besides the obvious health issue, it’s also very much the financial concerns and issues that have surfaced as a result, ending in a lot of uncertainty. That said, it’s not all doom and gloom, however and we are still hard at work here and getting results for a large number of people, with varying needs. Certainly on the mortgage front there have been many, many changes, sometimes things seem to change every few days. Many lenders are re-evaluating what they offer and individuals cannot hope to know what’s available to them – which is where we step in and do all the work for you, looking at the whole market and what’s out there for you. If you are looking for a mortgage, give us a call and we’ll do our utmost to help. There are also thousands of remortgages due and we can assist with these, even if you have figures from your current lender – we often beat those offers so it’s worth asking. At the time of writing, I must remind all later life borrowers who may already be in Equity Release schemes, please look at your original offer – we have just contacted a client in Swansea whose original deal was set at just over 7% when he did it ten years ago and he is now out of his early repayment penalty period. Since then, interest rates have dropped like a stone and we can now move him to another lender at a rate that will save him some £4,000 in interest in the first year of a new deal, hence preserving greater equity for his family when he passes away. He will get a free valuation of his property too, so overall he can only benefit. YOU may be in a similar position – if that’s the case, a phone call could save you a great deal of money too – 01656 782545 / 07768 418308 will get you through to us for a chat by phone initially. Finally, income protection has been forced into people’s thinking because of the job situation caused by the pandemic – protection of your income is vital and can be a cheap solution depending on your needs – again, a phone call to us will help you understand what you could do to protect your future income.
The Financial Conduct Authority (FCA) is to stop allowing contingent charging on Defined Benefits Pension Transfers. What this means to clients is that fees for advice on these transfers will have to be paid up front as opposed to be being paid from the fund itself and the new product provider which has been mostly the case in the past. Whilst there is nothing wrong with this as it does make everything more transparent if it wasn’t clear enough before it will disadvantage those who cannot afford to pay the fees for the advice hence be potentially forced to take their Final Salary/ Defined Benefits Scheme without being allowed to explore other avenues. There’s no doubting that the Defined Benefits Scheme is probably best suited to most as it guarantees their income in retirement. In moving the funds to an investment environment there will be an element of future risk but it does give the client greater flexible and choice with their own funds. Where Transfer Value Analysis Reports have been carried out in the past the results have not always been conclusive and in a high percentage of cases the client would have been advised not to proceed with the transfer and not charged for the advice in the majority of cases. Now the client will not have the choice but will have to pay for this advice when they didn’t previously. I can think of numerous cases where this would have seriously disadvantaged clients when a transfer would have been beneficial but they couldn’t have afforded the up front cost. Take for example a Defined Pension which pays £4,000 p.a. pension and £2,000 widows pension for life, this fund would be worth around £100,000 and a client might want access it to allow more flexible income or leave the whole fund to his family on death. If they have to pay several thousand pounds for the advice up front they probably wouldn’t do it and potentially disadvantage themselves. If anyone needs advice on pension transfers I suggest they do it now before October when the rules change. We can refer you to a pension specialist without obligation. Philip Vaughan is a Director at Abacus Assurance Porthcawl 01656 772222
PAUL FIELDING Dragon Financial 01656 782545 / 07768 418308
PHILIP VAUGHAN Director at Abacus Assurance Financial Services Ltd Porthcawl 01656 772222 ARY ISSUE
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