I recently paid an IFA 350 for a pensions review - I wanted to work on a fee basis to avoid any bias.
My initial preference was to move out of w/p and consolidate my existing funds into a SIPP and this was indeed my IFA's recommendation. 350 for a few hours work seems a bit steep, but I guess it's par for the course.
But my problem is that the IFA has recommended a SL SIPP (most of my current pension is already with SL anyway) and this will result in an initial commission payment of about 6k to the IFA - plus an ongoing commission of 1%. I'm rather unhappy about this since :-
a) it seems wildly out of proportion to the effort involved in arranging the transfer (filling in the forms etc) b) since this is so profitable to the IFA, how can I be sure that my original fee based advice was unbiased?
Obviously I'll be taking this up with my IFA in the hope of getting some commissions returned, but in the meantime does anyone have any comments on whether this is normal, and advice on how I could have avoided it?
It seems that SL won't let me set up my own SIPP. Is this the same for all companies?