Quest Retirement Solutions

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sharon adderley

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Anyone know anything about this company? They are taking commission on my pension on my initial investment based on the value of my investment starting in 2022 in Solar21, however it’s value is unknown maybe nothing and they are still yearly extracting 1percent commission. Can they do this? I’ll owe them money and I don’t know what they are doing for that 1%.Is it legal for them to do this? It appears I have no say in the matter.
 
sharon adderley said:
Solar21
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Any use?

Solar 21 in wind down

My father invested a lump sum in a company called Solar 21 through pension advisors Clear Financial based in rathcoole. In the last year Solar 21 has had a number of financial issues and therefore are not paying out to investors. They received approval a week ago to sell off all of their assets...
www.askaboutmoney.com
sharon adderley said:
it’s value is unknown maybe nothing and they are still yearly extracting 1percent commission.
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Well, 1% of nothing is zero surely? So I can't see how this will happen...
sharon adderley said:
I’ll owe them money
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sharon adderley said:
I don’t know what they are doing for that 1%
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Why don't you ask them?
 
sharon adderley said:
But they value it as if it was worth what I invested in it initially. For eg if I invest 100, they take 1 euro every year.
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What's the nature of your contract/agreement with them? What are the terms and conditions? How did you end up dealing with them and investing in Solar21? If your pension is still woth something why not move it?
 
Who is your broker?

https://qrsl.ie/about-us/
 
We have had to close the thread on Solar 21.

It is ok to answer the question asked here but not to reopen the discussion of Solar 21

Brendan
 
Quest provide your regulated pension structure. That's what you're paying them for. They have no role in what you invest in, other than to ensure that it complies with pensions legislation.
 
1% of value yearly is their fee and they are valuing off the value I invested but it may not be worth that I’m afraid,but the charges keep coming out. It doesn’t seem right. I have told them to stop taking money out until it is valued. I’m locked in for 3 years so am hoping this year to get my money back but I’ve no idea post this planning permission what the value is, but at least Quest get their management fees covered.
 
LDFerguson said:
Quest provide your regulated pension structure. That's what you're paying them for. They have no role in what you invest in, other than to ensure that it complies with pensions legislation.
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I don't understand this either:
sharon adderley said:
It’s the compliance part I am concerned with
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What exactly is your issue/concern?

Regarding the ongoing charges...

Assuming what @LDFerguson says is correct then you presumably originally agreed to pay Quest 1% p.a. of your original investment amount and whatever your money is/was invested in and what its value is right now is irrelevant to this charge?

That's why I've asked several times about the nature and terms and conditions of your agreement with Quest.
 
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sharon adderley said:
Normally on pension funds the fees charged annually are based on the actual value of the fund not what you put in.
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Yes, but what is the nature and terms and conditions of your dealings with Quest? @LDFerguson's comments suggest that they have nothing to do with your pension investments per se so presumably their charge is based on something else - such as the original sum invested.

I'm still unclear as to your fundamental issue here to be honest.
 
And sorry to answer your Q on what is in the contract it just says 1% annual charge with a min value of x. It doesn’t say based off the original amount or based on a flat rate, so as I said typically the AMC would be based off the value at the year end. Although it does say the charging could change and you would have 30 days notification if I remember but if you’re stuck in a plan for x amount of years to get your payout there doesn’t appear to be a lot you could do if they upped the fee or doubled it . These unregulated products appear very dangerous and the fact that regulated financial advisors can offer them doesn’t appear right. I can’t see the duty of care here. It is very concerning
 
sharon adderley said:
so as I said typically the AMC would be based off the value at the year end
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But it's not an annual (fund/investment) management charge? So linking it to the value of your pension investments is meaningless?
LDFerguson said:
Quest provide your regulated pension structure. That's what you're paying them for.
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sharon adderley said:
These unregulated products appear very dangerous and the fact that regulated financial advisors can offer them doesn’t appear right.
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What unregulated products/advisors? Again, what @LDFerguson says suggests that Quest has no role in determining what you invest in so I'm still confused.
LDFerguson said:
They have no role in what you invest in, other than to ensure that it complies with pensions legislation.
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Also, as the link that I mentioned earlier says, Quest don't deal directly with customers but only do so via brokers. Who is your broker?

And how did you end up using Quest and investing in Solar21?

It might help if you set out all of the relevant facts and the specific concerns that you have clearly because the whole thread seems very confusing to me so far...
 
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