This service is suitable for customers who require advice on whether to transfer the value of pension benefits built up under an employer’s occupational pension scheme to another type of pension arrangement.

Please note, we operate a fully non-contingent charge for this service. This means that the charge remains the same whether we advise you to transfer your pension benefits or retain your existing pension entitlement. It is also important that you understand we will not undertake ‘insistent client’ transactions. This means we only undertake a pension transfer transaction where we have recommended it should proceed. Our service is therefore suitable for customers who wish to transfer irrespective of the risks and potential consequences.

The purpose of the service is to advise you on whether your interests are best met by transferring or retaining your pension entitlement. Critical considerations will include the extent to which you are capable and comfortable in understanding the risks and consequences of what is a complex and potentially risky transaction.

We will establish the value of benefits provided by the scheme and compare this against the amount of money that the scheme would be prepared to transfer to another pension arrangement in lieu of those benefits.

We will consider the extent to which a transfer might affect the value of the benefits you would receive on retirement, as well as those that would be payable to your dependants in on your death.

We will determine the overall level of income you may require in retirement and how this is likely to be split between essential domestic and non-essential lifestyle related expenditure. We then advise the earliest date at which retirement could reasonably be considered.

Where a transfer is recommended, we will advise on how a portfolio of investments can be constructed to provide a potential for growth that is consistent with both the target retirement income, as well as your tolerance to investment risk. We will also consider the range of personal pension products that could be utilised to hold these investments, taking account of the cost and requirement for flexibility.

Once our advice has been provided to you, we will meet with you and resolve any further queries you may have. You are not obliged to follow our recommendations. However, we would emphasise our previous statement that we will not undertake a pension transfer unless we have recommended that the transaction proceed.

We will typically recommend that our advice is reviewed annually to take account of changes in your personal and financial circumstances, as well as any difference between actual and anticipated investment returns. While we can provide an ongoing review service, you are not obliged to take this up. If you ask us to provide an ongoing review service, you are able to cease further fees at any time, subject to confirming this in writing to us.

Our ongoing review service includes rebalancing of investments contained in your pension fund at 6 monthly intervals and quarterly valuations. This includes review the ongoing performance and suitability of each investment manager. We will also meet with you once a year to review any changes in your personal or financial circumstances and advise on any changes needed to ensure it remains consistent with your needs.

 How much does it cost?

  • The following charge covers the research, preparation and issuing a written report setting out our advice. In the event that we recommend a transfer, it also covers our carrying out that transaction on your behalf:
Transfer value Rate
£1 – 249,000 £2,000
£250,000 – £499,999 £2,600
£500,000 – £749,999 £3,200
£750,000 – £999,999 £3,800
£1,000,000+ By arrangement

 

  • To provide continuing oversight once your transfer has completed:
Pension fund value Rate
£1 – £999,999 0.50%
£1,000,000+ By negotiation

 

  • To provide half yearly pension fund portfolio rebalancing:
Pension fund value Rate
£1 – £999,999 0.30%
£1,000,000+ By negotiation

 

  • To provide quarterly valuations of your pension fund portfolio:
Pension fund value Rate
£1 – £999,999 0.20%
£1,000,000+ By negotiation

 

  • In the event that you subsequently withdraw amounts from, or surrender, your pension fund:
 Amount withdrawn Rate
£1 – £49,999  £100 per provider
£50,000 – £999,999  £100 per provider plus 0.10%  of the amount withdrawn
£1,000,000+ By negotiation

 

As an example Let us say you were to ask us to advise on a transfer of £100,000, the cost would be:

  • A one off fee of £2,000.

If you required us to continue overseeing your pension fund, the cost each year would depend on how much the value of your pension fund increased or reduced in value, for example:

·      If your pension fund remained at £100,000, the charge would be £500
·      If your pension fund grew by 5% to £105,000, the charge would be £525
·      If your pension fund fell by 5% to £95,000, the charge would be £475

 

It you were to withdraw £50,000 from your pension fund, the charge would be £150.

 

Full details of the scope of our service and cost of this proposition are contained in the ‘Customer Agreement’ that will be provided to you before you agree to proceed.