So the regulator has taken action, as expected, on transfers from final salary pensions. Most advisers in this field work on a ‘no win, no fee’ basis. Only around 50% of pensions analysed (a lengthy process, as you’ll know if you’ve been through it) are recommended for transfer, and the average fee of £2-3000 will now have to be charged upfront, whether it goes ahead or not. The default recommendation, if you’re still working, must now be that the funds go into your auto-enrolment, workplace pension. As they’re also suggesting those who’ve already transferred complain if they think they’ve had dodgy advice (which most haven’t), not surprisingly, a majority of advisers are pulling out. For better or (I’d say) for worse.
“Why you should never retire”
On my 50th birthday, I will always remember, amongst the card or two I received was a letter from Saga’ who’d managed to find out my age through the wonder of the internet, and were pleased to tell me I now qualified to join my parents and go on holiday with them.
