setting up a new pension

M

mister mac

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Hi all,

My o/h has not got a pension set up yet.She is 27 and is looking to set one up shortly,which of the institutions would offer the best value in terms of pension funds?
 
Mister mac - an execution only provider could be the best choice for you, is she looking at an occupation scheme or would she be going down the Personal Pension/PRSA route?
 
Isn't an execution-only service intended for people who have sufficient knowledge to choose their own financial product? If Mister Mac is asking basic questions on Askaboutmoney.com I would suggest an execution-only service is not appropriate.
 
Marianne - I think the aim of execution only service is to provide value to customers and get away from unfair commission-related charging structures that have been the bane of pension purchasers' lives for far too long.

The firm that I work with provides advice with the execution only service so the OP could certainly use all the info available on this site together with the service of any of the execution only brokers to set-up a suitable arrangement.
 
There's more than enough information on sites like AAM, [broken link removed], Pensions Board etc. for people to educate themselves to the level required to choose a suitable PRSA or other pension and go the execution only route.
 
If somebody asks a question, we will answer it.

I have never seen a law against that, who do you think ever said that we can't do that?
 
Doesn't the client have to sign an execution only form (disclaimer?) though which would indemnify the intermediary against being taken to task for bad information/advice given out?
 
Yes, they sign an execution only form, they can still ask questions and get answers though.
 
CapitalCCC said:
.. who do you think ever said that we can't do that?
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It is my interpretation of the advisor 'Code of Conduct' issued by the Financial Regulator.

It probably all depends on what your definition of 'advice' is?.

PS - The disclaimer would have to include a statement that 'no advice was received'
 
CapitalCCC said:
Yes, they sign an execution only form, they can still ask questions and get answers though.
Click to expand...

Hi CapitalCCC, I want to set up a PRSA on an execution only basis but I do have some queries. Having researched it the Eagle Star Default Investment Strategy seems like a common sense approach and I'd be happier with that rather then picking individual funds myself which I feel is like pinning a tail on the donkey anyway. My questions would be things like is that a reasonable view to have? Is taking a lump sum at retirement and rolling it into an ARF the best solution if you hope to have a sizeable fund? Is an ARF the best way to go from an inheritance point of view for your kids? Can I retire at any age?
Do your company answer these types of queries when providing an execution only service?
 
Hi KalEl

Yes, thanks for your post, these are exactly the types of questions that we would answer.

F Kruger - as you will note - answering these questions is not "advice" it is merely filtering information for the client - information that is widely available (but gets buried in the detail) in the various forms, flyers, brochures produced by the larger insurance companies.

KalEl, please PM me if you would like to discuss further.
 
And what about the case where you have a problem with your car - and take it to a mechanic to fix it...if the mechanic also gives basic advice for example "I think you are being too heavy on the clutch" or "your tyres may need changing", is that advice not useful simply because it was not paid for?
Come on man, this is the real world!
 
CapitalCCC said:
And what about the case where you have a problem with your car - and take it to a mechanic to fix it...if the mechanic also gives basic advice for example "I think you are being too heavy on the clutch" or "your tyres may need changing", is that advice not useful simply because it was not paid for?
Come on man, this is the real world!
Click to expand...

Refreshing to hear CapitalCCC...for too long pension providers have been trying to stitch people up with paying high percentages for straightforward "advice". Well done.
F.Kruger I think your comments are anti-consumer and go against the grain of a site like this
 
But - as I said above - it is significant that the client signs a disclaimer in the execution only case which means (as far as I know) that they have no comeback if they feel that any advice/information given was wrong/inappropriate. This is quite relevant in this context. I hope that I am not going to be accused of being anti-consumer too. For the record I deal with an execution only broker who dispenses such "unofficial" information/advice and am quite happy with this arrangement. But people need to be clear on where their rights and the responsibilities of the intermediary lie. For some people an execution only service with or without "unofficial" information/advice may be appropriate. For others an advisory service usually involving higher charges/fees will fit the bill. Horses for courses.
 
ClubMan said:
But - as I said above - it is significant that the client signs a disclaimer in the execution only case which means (as far as I know) that they have no comeback if they feel that any advice/information given was wrong/inappropriate. This is quite relevant in this context. I hope that I am not going to be accused of being anti-consumer too. For the record I deal with an execution only broker who dispenses such "unofficial" information/advice and am quite happy with this arrangement. But people need to be clear on where their rights and the responsibilities of the intermediary lie.
Click to expand...

I agree with you completely...advice shall we say "off the record" is all I would look for and be grateful to accept. What I'm unhappy with is other posters in other threads who've attacked people for seeking answers to simple queries like mine for example as if they were looking for a free lunch. It was if there were only two options...absolute execution only or thousands in fees for minimal advice. One can only conclude there are vested interests at play.
I find it refreshing to hear that brokers are applying common sense, commend them for it and hope they get the increased business they deserve.
 
Thank you KalEl, I do not wish to have a go at F K or anyone else, but I really can't understand why people would try to interpret legislation that is meant to protect consumers as a way of restricting the additional opinion that can be given to them.
 
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