Nissan pension scheme

How? Do you know what an advisor has to do to take a transfer from the initial meeting to completion?

All the meetings/phone calls for example, the advisors time isn’t free.
I’m not saying it’s simple by any means but it’s a bit of a mugs game then if you can’t scrape more than minimum wage out of a transfer surely?

I’m not saying the fees are unreasonable at all but that’s indicating over 300 hours work per transfer To achieve NMW if we scale it back a bit to include overheads. Is that correct? Like I say, I don’t know.
 


I’m not saying it’s simple by any means but it’s a bit of a mugs game then if you can’t scrape more than minimum wage out of a transfer surely?

I’m not saying the fees are unreasonable at all but that’s indicating over 300 hours work per transfer To achieve NMW if we scale it back a bit to include overheads. Is that correct? Like I say, I don’t know.

I was using your example of charging a couple of hundred quid, that’s 23 hours and not including any overheads/expenses.

It is the opposite of a mugs game which is why FIA’s earn decent money. Hence why you won’t find an IFA who would do a transfer for a couple of hundred quid. The potential liabilities they could incur would mean it isn’t worth doing.
 
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which is madness from a financial POV.

It’s all completely client dependent I suppose. You’d be amazed how many clients get a huge CETV but don’t have savings. If you’re cash rich then you are totally right from a tax efficiency point of view. Not everyone is however.
 
The old scheme is going through a consultation to close basically robbing their hardworking long servers, anyone been effected? the losses are disgusting. Can’t actually believe they have announced this now when nobody has any access to financial advisors
How many years have you got in? BT done this around 10/12 years ago for us... figures were roughly the same as yours and they practically halved. That was based on working until 60, new scheme is 65. It's now based on average earnings I think. Although it has changed again since but I don't look , they won't be giving me money..

As an aside our union ( cwu ) rolled over and got their belly tickled so I'm not sure unionised industries will fare any better in the future... if only they represented us like they do the posties!!
 
How many years have you got in? BT done this around 10/12 years ago for us... figures were roughly the same as yours and they practically halved. That was based on working until 60, new scheme is 65. It's now based on average earnings I think. Although it has changed again since but I don't look , they won't be giving me money..

As an aside our union ( cwu ) rolled over and got their belly tickled so I'm not sure unionised industries will fare any better in the future... if only they represented us like they do the posties!!
how can ours go ahead and change but the police and fire brigade get theirs overturned? i cant see how they can have seperate rules
 
how can ours go ahead and change but the police and fire brigade get theirs overturned? i cant see how they can have seperate rules

the public sector ( FBU initially) pension win was due in the main to transitional arrangements based on age being found to be discriminatory. Not sure about the Nissan changes, but have staff been allowed to stay on depending on age ?

That may be the difference, though I don’t know anything about the Nissan scheme
 
the public sector ( FBU initially) pension win was due in the main to transitional arrangements based on age being found to be discriminatory. Not sure about the Nissan changes, but have staff been allowed to stay on depending on age ?

That may be the difference, though I don’t know anything about the Nissan scheme
no but they are trying to say the average life age is 87 thats why its unsustainable which is ridiculous
 
no but they are trying to say the average life age is 87 thats why its unsustainable which is ridiculous

that will be the difference...unsustainable ( whether true or not) different to being found to discriminate on the basis of age. That is why the FBU won their High Court case.
 
500kish cetv pension transfer would normally net the advisor around 12/15k in initial commison if using sjp for example.

No charge to the transferee but capped in first 5 years at 7.5 percent max withdrawal (exluding the 25 percent tax free lump sum) otherwise charges are incurred
 
500kish cetv pension transfer would normally net the advisor around 12/15k in initial commison if using sjp for example.

No charge to the transferee but capped in first 5 years at 7.5 percent max withdrawal (exluding the 25 percent tax free lump sum) otherwise charges are incurred
Should be charged on a per hour basis like a solicitor IMO. The change in the way you pay for a transfer will hopefully drive change in the industry to be fairer with their pricing so that everyone can receive fair and honest advice without having to sacrifice a portion of the pension they’ve spent a long time accruing.

I can’t help but think it’ll be a good thing for the industry and ultimately for the consumer. Albeit the earning potential of the advisor will be less so I can see why they are narked.
 
Should be charged on a per hour basis like a solicitor IMO. The change in the way you pay for a transfer will hopefully drive change in the industry to be fairer with their pricing so that everyone can receive fair and honest advice without having to sacrifice a portion of the pension they’ve spent a long time accruing.

I can’t help but think it’ll be a good thing for the industry and ultimately for the consumer. Albeit the earning potential of the advisor will be less so I can see why they are narked.


In the example above though the residual fund (excluding 25 percent tax feew) in a low risk environment should get around 4 percent net growth so 15k per annum profit which could be top sliced as income

Age old adage in paying for what you get, if you see a good adviser the fees and charges shouldn't really be an issue. Its when people are receiving bad advice where it all falls down
 

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