I've got a small pension building up, few hundred quid a month going in. Recently moved house, so trying to change my address. The pension company doesn't have a change address option. Was about to ring them up when I noticed that it states that a local IFA that I visited years ago is listed as the "advisers". That got me wondering if they should be doing anything for me, if nothing else would they get the address changed?
Thinking about it, dont they have to do a annual report or something? Just really wondering what sort of service I should be expecting. If it's relevant, I started the pension via another IFA that retired, at that point I must have moved it to the listed one.
Any info welcome. Ta.
Depends what advice service you 'paid' for. IFA's will offer a one off, or an ongoing advice service. With the later you'd expect an annual document summarising your portfolio performance.
I have three separate pensions, and I get an annual statement from all of them direct from the pension provider. They're all employer pensions, so no IFA involved.
The time I saw the IFA was before those rules started. So it was all free for me, and assume they get some sort of kick back from the pension company.
I’d be surprised if the IFA were interested in that.
Call the pension provider - they must have the facility to change address
If no-one (you or pension provider) is paying the IFA you won't be getting any advice.
I'd be speaking directly to the pension company to
a) change the address
b) see what fees are being paid to the IFA; that kick-back you speak of comes straight of your investments, it is no way 'free' to you
c) if there's an ongoing 'fee for advice' or similar (which is the kick-back), explain to the pension company that you no longer have a relationship with the IFA so that should be stopped.
Oh, and which pension company is it?
The pension company is Phoenix Wealth, used to be AXA.
If I ask for the fee for advice to stop going to the IFA, will it then go into my pension pot, or the pension company profits?
Also, if they have been paying the IFA for the best part of 10 years, shouldn't the IFA actually do something for said money?
It'll go into your pot (well, more precisely, stop coming out of your pot)
And yes, yes they should. They may argue that they did that by giving you the advice in the first place, but I think after ten years worth of payments (assuming there are payments) you can argue that they've had their money for that.