Here’s what you may pay to quit your final salary scheme

The Times, Saturday 9 December 2017

Savers hoping to transfer out of their pension scheme can be charged tens of thousands of pounds, with fees varying widely between financial advisers. Charges can range from £500 to £16,000 for transferring a pension pot of £1 million from a gold-plated defined benefit (DB) scheme, but it is not just the high fees you need to watch out for. Experts are warning against the ultra low fees used by scammers to lure pensioners into investment schemes...

...Cheaper fees came from Tideway Investment Partners in London, which quoted £10,000, or 1 per cent of the pension fund. This is charged up to £1 million, with 0.5 per cent charged on the remainder over £1 million. The fee is capped at £20,000 and there is no charge for a transfer value analysis...

...Savers should ask to see the investment performance of the adviser’s cautious managed portfolio. This provides an indication of how well your savings will do, says James Baxter, the managing partner of Tideway Investment Partners. “It is a bit like asking what the house wine is at a restaurant,” he says. “A company’s cautious managed portfolio is what most DB pension transfers clients are going to opt for. How the company invests that and the returns it makes are really important.”

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