What does a pensions IFA do for an ongoing fee?

[IR35 Avoider]

I'm a gentler soul than Lukemg, so I couldn't be as blunt as he was. But I'm screaming similar things to myself in the privacy of my own head.

If you are paying approaching 2% on a balanced fund there's a real possibility that you are handing more than half the money you'll ever make to middle-men who are doing little or nothing for their money. (2% may not sound a lot in a year when the fund goes up 10%, but don't forget they will get 2% in the years when it goes down 10%, as well. Without calculating it, I'd guess a balanced fund is not going to make more than 3% to 4% over and above inflation, once you average out the returns.)

[ladymuck]

My IFA phones me every six months ish (or when I tell him to call me back) and tells me whether he thinks the funds are doing ok or need shifting about. He usually nags me to pay more into it (I know I need to but...holidays, booze, loose men, the usual first world problems).

I know feck all about that stuff so I'm happy to pay half a percent to someone

[SueEllen]

My IFA phones me every six months ish (or when I tell him to call me back) and tells me whether he thinks the funds are doing ok or need shifting about. He usually nags me to pay more into it (I know I need to but...holidays, booze, loose men, the usual first world problems).

I know feck all about that stuff so I'm happy to pay half a percent to someone

Ahh there is where you are wasting money you could spend on booze, holidays, loose men and shopping in future.

If you had a SIPP and put tracker funds in it to then just added to them monthly you would end up with more money in future.

[ladymuck]

Ahh there is where you are wasting money you could spend on booze, holidays, loose men and shopping in future.

If you had a SIPP and put tracker funds in it to then just added to them monthly you would end up with more money in future.

TBH...I'd rather cark it early and leave a booze addled corpse than live to a ripe old age on inadequate funds being abused in a home.

[lukemg]

TBH...I'd rather cark it early and leave a booze addled corpse than live to a ripe old age on inadequate funds being abused in a home.

Yeah, everyone would but the lack of certainty of outcome means it probably makes sense to have fun on the way through but also stash a few bob as you go along.
That gives you some options about where/when/if to work. Worst case - you love work and keep going and everything else gets an upgrade.
Leave yourself no options and you are old Bob, the miserable b*****d who is still dragging his ar*e into work at 64 when he hates it and everyone in it or even worse can't get a job...

[Spoiler]

I had a SIPP a while back - when I thought I could do well with buying/holding high yield dividend shares.

But I was really bad at managing it. To the point where I didn't log in and check for ~2 years, missed a few corporate announcements. Cost me money ... my fault.

Transferred it to Nutmeg, moved a few sliders about. Job done.