Independent Financial Adviser

Posted by: Haddock on 29 September 2004

Apart from Independence what should I be looking for in an IFA. I need to find one so that I can get some pension advice.

thanks,

Nick

Posted on: 30 September 2004 by jlfrs

Come retirement, if there has been no real pensions provision - no pesky salesman making people save money - there will be no real pension at retirement. THAT is the true crime, IMO: people will be forced to rely on the state for handouts.

...and herein lies the problem because it's generally accepted that most retirees struggle to meet even their most basic needs if they have to rely on the state pension alone and means testing is another hot potato.
Therefore, most people (who have a choice), have to explore other vehicles for a reliable income or nest egg come retirement and that might take many forms. A private pension is one, ISAs, National Savings, property investment are all others.In other words and to make a huge general statement, the average person will need to seek advice on these matters from an "expert". As far as I am aware,the options are very limited and unless you work in or around the business as Mike does then it's either a case of reading up on the products and choosing one form the "top 10 list" in the Sunday periodicals, or going to an FA....

Posted on: 30 September 2004 by Simon Perry

... and the problem is compounded by no-one knowing what the hell the government is going to do / have done as you get closer to retirement.
Frankly my pension terrifies the hell out of me.
Simon

Posted on: 30 September 2004 by jlfrs

...absolutely! The only thing that makes sense is to realise that fundamentally, unless one puts money into a savings account, money put into a pension fund, ISA, endowment policy or other "savings Scheme" is at risk because the money is invested in stocks and shares.
For example, last tax year , my pension fund lost 19%. I've just had my 6 monthly statement through and it's recovered by 11%.
Lastly,I'm sure we can all recall the well documented cases of "pension fund raiding" by some well known companies so caution has to be exercised, even in the so called "safe havens" of company pension schemes!

Posted on: 30 September 2004 by MichaelC

On the subject of adequate pension funding the only real answer is to become a government minister or, better still, a Euro MP.

Snouts in the trough everyone

Mike

Posted on: 30 September 2004 by Steve Toy

quote:
...absolutely! The only thing that makes sense is to realise that fundamentally, unless one puts money into a savings account, money put into a pension fund, ISA, endowment policy or other "savings Scheme" is at risk because the money is invested in stocks and shares.
For example, last tax year , my pension fund lost 19%. I've just had my 6 monthly statement through and it's recovered by 11%.

When I bought my pension scheme the FTSE was at an all-time high of 7000.

Now it is a smidge below 2600, and has been so for over three years.

However, it can't stay in the doldrums forever and I'm not going to retire until I'm 60.

Surely the FTSE is only risky in the short term.

Regards,

Steve.

Posted on: 01 October 2004 by reductionist

In the spirit of this thread I was just wondering if NB or Mike might like to suggest a good pension option for me? Free of charge of course.

Posted on: 01 October 2004 by Tarquin Maynard - Portly

I have a lie to bet property.

Sorry, should have said, "Buy to let".

Regards

Mike

Spending money I don't have on things I don't need.