# Want to cut broker out of the loop.



## Elphaba (23 Mar 2007)

Six months ago I renewed a Pension policy.

Rang 'em up direct got them to switch it to another fund. I had to stop it for a while prior to that due to financial problems. When I stopped it I assumed all contact would cease with original broker.

Anyway, we were overcharged a few hundred in Nov last year, rang them to get it back, said they would send it out.

Discovered today they sent refund cheque to old Broker in Jan, but he never sent it on to me, but thankfully he didn't cash it. I could have done with that money  in Jan, instead of languishing in a brokers pocket. 

I have requested that my pension be treated individually with (i.e. cut out the broker) as I shudder to think of the commission broker is being paid out of my very hard earned money.


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## ClubMan (23 Mar 2007)

*Re: Dodgy Broker*

Did you get the money in the end? What explanation did you erstwhile broker give for holding onto it? I presume you meant _"NI"_ and not _"NA" _above?


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## Elphaba (24 Mar 2007)

*Re:Broker*

I rang broker and he said he knew nothing about it, but went on to say it wasn't cashed. Broker then rang ins. co. who rang me to say they would send a cheque out to me next week and they apologised. Broker transparency I think is still a grey area, I queried this with broker and he said he sent me a copy in 2003 about broker/customer trans. I would really like to know his commission. Ins. co. guy was really insistent that I use a broker, but I persisted and he reluctantly revealed that I can request pension be treated individually. I'm prepared to take my chances with my chosen fund, dont need or want a broker to advise me otherwise.


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## RainyDay (24 Mar 2007)

*Re: Dodgy Broker*

You should get written conformation from NI of any commission being paid to the broker.


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## Elphaba (24 Mar 2007)

*Re: Dodgy Broker*

NI told me it was up to the broker to tell me that.


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## ajapale (24 Mar 2007)

*Re: excuctive pension policy with New Ireland, want to cut original out of the loop.*

Hi Elph,

Ive changed the title from *"dodgy broker"* to *"excuctive pension policy with New Ireland, want to cut original broker out of the loop".
*
...........to more accurately reflect the question. Please feel free to edit it yourself again if you want.


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## Elphaba (24 Mar 2007)

*Re:Broker*

No...thats fine, hope it can generate some debate.


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## RainyDay (25 Mar 2007)

*Re: Dodgy Broker*



Elphaba said:


> NI told me it was up to the broker to tell me that.



So ask the broker. Or if you want to make life difficult for NI, submit a request under the Data Protection Act for a copy of all data relating to you, and see what that tells you.


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## boaber (27 Mar 2007)

*Re: Dodgy Broker*

As far as I'm aware NI are correct in stating that it is up to the broker and not them to disclose how much commission was taken.

If you do switch from your broker to a 'direct' policy, you may want to ask NI if it is possible for them to change the product.  The reason I say this is that NI may simply change the agency of your policy from the old broker to an 'orphan' agency.  The same charging structure will apply and NI will effectively be paid the commission that the broker was previously being paid.

So be sure to ask for a nil commission product if you are going it alone


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## Guest126 (27 Mar 2007)

I don't think that OP can ask for a nil commission product - unless you go through a broker that will give a nil commission product, NI will incur costs if there is no broker!


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## RainyDay (27 Mar 2007)

CapitalCCC said:


> I don't think that OP can ask for a nil commission product!


OP can always ask - The worst thing that can happen is that they will say no.


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## Guest126 (28 Mar 2007)

Yes, we should all ask our friendly insurance company to remove all charges!


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## boaber (28 Mar 2007)

CapitalCCC said:


> Yes, we should all ask our friendly insurance company to remove all charges!



I take it you were being sarcastic CapitalCCC  ??

If there were no charges on policies then the poor old administrators wouldn't get paid, and there would be no funds for IT development, improving systems and developing new products etc etc...


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## Elphaba (28 Mar 2007)

*Re: Dodgy Broker*

Thanks for replies. Still no refund. Myadvisor states broker commision is 6-8% of money you pay into fund....which is a fair whack! I think I'll stick
my money under the mattress.


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## hattrick_12a (17 Apr 2007)

*Re: Dodgy Broker*



CapitalCCC said:


> I don't think that OP can ask for a nil commission product - unless you go through a broker that will give a nil commission product, NI will incur costs if there is no broker!



I think we should all be entitled to tranparancy though, don't you think?



Elphaba said:


> Thanks for replies. Still no refund. Myadvisor states broker commision is 6-8% of money you pay into fund....which is a fair whack! I think I'll stick
> my money under the mattress.



Were you aware of these charges from the start?


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## Guest126 (17 Apr 2007)

May well be so but I don't think OP will get that by going direct to insurance company.


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## Sherpa (19 Apr 2007)

Eh, you wouldn't be a broker yourself by any chance, CapitalCCC?


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## Guest126 (19 Apr 2007)

No Sherpa - I'm an actuary working for a US multinational.

What's your point?


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## Sherpa (19 Apr 2007)

Apologies CapitalCCC - a case of mistaken identity.


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## Guest126 (20 Apr 2007)

No problem Sherpa - I think I might know the mistaken identity!


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