Typical pension set-up charges

What is the typical charge (made to a company by an independent pensions advisor) for setting the pension for an employee? How is it typically calculated?
Thanks,
Daniele
Reply to
D.M. Procida
Although I haven't seen this from the company side, I think the answer is £0.00. I think they will typically make their money from commission taken from the money paid into the pension.
Reply to
David Woolley
I suspect there is no "typical" - at least not without a great deal more about the employee's circumstances - age, income, existing pension plans if any, property, other savings and investments, mortgage and other liabilities, family, and so on. But as I suspect you know, it ain't free or cheap since IFAs were (broadly speaking) barred from commission where they act as intermediaries. Eg I know someone coming up retirement who paid ?1,500 for advice (ie without actual management). But he was (by my standards) well-heeled and sleek.
IIRC there was a Which? report on this last year which should have more reliable figures. I don't subscribe any longer but you may be able to access it at a library.
Reply to
Robin

Further investigation confirms what you say, and also that a figure of £1000-£1200 is "about average" for this kind of thing.
Daniele
Reply to
D.M. Procida
Commission cannot now be paid on investment products, only on life assuranc e. So an advisor would have to charge a fee if he wanted remuneration.
Reply to
cryptogram

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.