My financial adviser wants me to transfer my pension pot

My financial adviser wants me to transfer my pension pot of 118k from Aegon to Quilter. Is this a good decision?

Hi Ian

Thanks for your question. It's impossible for me to tell without seeing your advisers full suitability letter explaining the reasons why they have made the recommendation. However, you should check first whether your adviser is Restricted to Quilter or is Independent. If they are restricted to Quilter then they will have recommended the best product from Quilters range. If they are Independent then they would have recommended the best product from the entire pension market, including Quilter.

If they are Independent, registered with the Financial Conduct Authority (FCA), and you trust them, then there's no reason that the transfer isn't a good decision as they will have recommended it knowing all the facts and looking a the whole market.

However, if they are restricted to only recommending Quilter products, then you can never be sure whether you got the best advice out there. It's a bit like going to a car dealership for Ford and being sold the 'most suitable' Ford for your purposes, when what would have been better for you is a Landrover because you live at the top of a very steep muddy hill.

I hope this helps! Feel free to get in touch if you would like a second opinion.

Rachel