My financial adviser wants me to transfer my pension pot

01 December 2022

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Question by Ian

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

Answered by Rachel Efetha

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.


Answered by

Rachel Efetha

Chartered Financial Designer

Rachel has nearly 30 years’ experience in Financial Services, with the last 21 years advising clients. She advises on a holistic basis but particularly enjoys Cashflow Planning to see when her clients can afford to retire, and has reduced grown men to tears twice by telling them they could afford to resign right now. As a divorcee herself, Rachel loves coaching women going through divorce to take financial control, and has successfully argued with solicitors to gain her clients a much bigger slice of the pension pie.