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Do you think I need to pay a company to transfer my funds?

18 November 2021

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Question by Liz

Hi I'm 61, have around £200k of pension fund in two main non-work funds. I aim to retire at 67. I've £50k in a work pension and still contributing. I'm in talks with a recommended ethical advising small company who would charge £2k to transfer the two funds and then advise onwards. Given I'm not confident in pensions, plus understand the company gets good returns, I think it's a cost I have to bear. I'd be interested to hear your thoughts.


Answered by Kris Amliwala

Hi Liz,

Thank you for your question. I feel like the fee's are all relative to your circumstance, but £2,000 on a £200,000 seems fairly typical (1%), however, you still have an opportunity to negotiate.

If there is also an annual 1% ongoing fee on an annual basis, again this feels fairly typical if it includes cashflow planning, life planning, portfolio rebalancing, tax optimisation, annual review meetings etc.

Best wishes.

Answered by

Kris Amliwala

Chartered Financial Planner

I really enjoy helping people align their wealth to their life goals and ambitions. By first spending time in understanding you, your life and your goals, before looking at cashflow planning and then if needed, any financial solutions, I find delivers the most rewards.