Pension payments from yourco bank account

[IR35 Avoider]

This was an issue for me many years ago, I used Cavendish Online, who for a fixed fee of something like £25 offered to be the middleman (IFA) - no advice requested or given. Not sure if they still do that, but no doubt some other IFAs will offer a similar service.

I now pay lump sums direct into my pension with Sippdeal (now called YouInvest I think) without all this malarkey.

[Sausage Surprise]

Looks like I'm going to have to bite the bullet then

Thanks for the input everyone - much appreciated.

[Jessica@WhiteFieldTax]

The advisory market is still settling down after the last lot of changes. I've had similar issues in trying to get a review of my fund allocation recently; IFA now "tied" so can't advise regarding the pension company I was using; would have been nice if he hadn't initially told me he could and taken a year to change his mind

Maybe look at things another way: if you have to go through an IFA and pay for advice, ask what they can do for you? Specifically is the fund allocation the best for your circumstances, and will they watch it and advise pro actively on it? Put simply, get VFM.

I sympathise though: trying to deal direct with these companies is like pulling teeth. I've moved most of my investments and pension to a stockbroker who just does fund management, rather than the plethora of other stuff IFAs deal with / try and sell you.

[DirtyDog]

I don't see why I should have to pay for advice I don't want. All I want to do is top up my pension pot and don't see the need to go through a third party.

Sadly, it doesn't matter whether you see the need to go through a third party or not (I don't see the need to go through an agency to work with a client, for example) - the people with the power in the relationship do, so that's what matters.

[ASB]

It's Scottish Life and it was recommended by an IFA 7 years ago and it's bounding along lovely atm. Haven't a clue what this regulation thing is anyway.

They only sell through IFA channels. I imagine that is at the root of the problem.

It does seem rather harsh not to take additional payments direct without an IFA channel though.

[northernladuk]

I don't think it is anything to do with money laundering. It's because of them not being regulated so don't deal with public or something. My mortgage is from B&M who only do them through IFA's for the same lack of being regulated.

[Sausage Surprise]

Find one that doesn't charge much per hour.

Linky

Newly arranged commission payments have been banned under the RDR. Advisers used to be paid commission by product providers, but the regulator was concerned that this could lead to bias towards products that pay higher commission, meaning that consumers weren't always getting the most suitable products.

Under the RDR, payment for advice will have to be agreed with the consumer before the advice is given. Charging can now work in three ways:

Flat fee. A one-off charge that covers everything.
Hourly fee.
Ongoing management charge. This is allowed for ongoing work, like investment reviews. It's expressed as a percentage.

I don't see why I should have to pay for advice I don't want. All I want to do is top up my pension pot and don't see the need to go through a third party.

[Sausage Surprise]

Not come across it but my suspicion is its to do with money laundering, I can wire money direct to my Aviva pension but before I could they had to be in receipt of a certified copy of ID i.e. Passport, Drivers License etc

Tbh if they're aren't regulated I wouldn't be sending them a christmas card let alone some of my money

It's Scottish Life and it was recommended by an IFA 7 years ago and it's bounding along lovely atm. Haven't a clue what this regulation thing is anyway.

[Pondlife]

Buggered if I'm handing over commission to an IFA...why can't I just put money in?
Anyone else come across this?

Find one that doesn't charge much per hour.

Linky

Newly arranged commission payments have been banned under the RDR. Advisers used to be paid commission by product providers, but the regulator was concerned that this could lead to bias towards products that pay higher commission, meaning that consumers weren't always getting the most suitable products.

Under the RDR, payment for advice will have to be agreed with the consumer before the advice is given. Charging can now work in three ways:

Flat fee. A one-off charge that covers everything.
Hourly fee.
Ongoing management charge. This is allowed for ongoing work, like investment reviews. It's expressed as a percentage.

[Murder1]

Have 2 pension pots with a Scottish company. One with lumper in it and another that I contribute to monthly (via company bank account)
I want to pay a lump sum in and/or increase the monthy payment. Phoned the Scottish company and they couldn't accept my money as they weren't regulated?
Told me that the only way that I can give them money is through a financial adviser... wtf is that about?
Buggered if I'm handing over commission to an IFA...why can't I just put money in?
Anyone else come across this?

Not come across it but my suspicion is its to do with money laundering, I can wire money direct to my Aviva pension but before I could they had to be in receipt of a certified copy of ID i.e. Passport, Drivers License etc

Tbh if they're aren't regulated I wouldn't be sending them a christmas card let alone some of my money

[Sausage Surprise]

Have 2 pension pots with a Scottish company. One with lumper in it and another that I contribute to monthly (via company bank account)
I want to pay a lump sum in and/or increase the monthy payment. Phoned the Scottish company and they couldn't accept my money as they weren't regulated?
Told me that the only way that I can give them money is through a financial adviser... wtf is that about?
Buggered if I'm handing over commission to an IFA...why can't I just put money in?
Anyone else come across this?