She should ask. There might be a reason which will determine whether or not she can contribute more. Or, the cynic might suggest it's because there was more commission for writing a new product.She cannot recall why the accountant ceased the magnet fund.
They should have disclosed that. I understand in year 1 they'd receive a percentage of regular contributions. Then ongoing they could be getting upwards of 0.5% of the balance every year.How much commission ?
Your friend needs to ask. It might be something they never asked for before, and they only engaged accountant to complete their annual tax returns.No exit strategy on the company was ever discussed.
If she added 25k per annum that would bring the smaller fund up to around 270K. Would this be permissable on a salary of 40 K?
If she took a 50 K tax free lump sum, then that would leave 400k in an AMRF ?
Also can you notionally 'retire' at 60, collect pensions from the two pots and still work ?
With not many years to go to pension age is it too late to go changing things around ?
They should have disclosed that.
Do all brokers not get the same commission ?
I'm as guilty of thinking this as anyone else, but it's the reason that commission and charges are so high.The fees apear high for independent financial advice.
Yikes. It's hardly worth his while if that's all he gets!around 500 as a once off for the second
She needs to especially watch out that she's not losing money just moving between Companies. There needs to be a clearly understood benefit of moving to FF, not just because it's 'new business' for the broker to earn commission on. (I'm not always this cynical!). A 'full picture' plan for retirement and getting money tax efficiently out of the company is important. I wouldn't be saying that managing the pension fund itself needs a 'hands on' approach; there should be a plan agreed and the stick to it.In his e mail he has suggested the friends first self directed platform.
On the Life Assurance side, does she have dependents that she's setting up life assurance for? If she dies, she's already effectively got a 300k life assurance policy in her pension.He is also keen to set up income protection and life insurance which is not currently taken out.
In his e mail he has suggested the friends first self directed platform.
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