So,I set aside a day to study the pricing of ONE of the new Master Trust pensions for company directors.
Some context. I’ve been working in financial services since 1992 and I’ve been a qualified financial adviser since 1994. I have a degree in economics and a rake of post graduate qualifications so this should be a walk in the park thought I.
Nope. After an entire day on a website and plugging various numbers into a spreadsheet I couldn’t accurately determine what it would cost ME to set up a one member executive pension for myself as a director of my own company.
We eventually found the information I needed on page 27 of the application form I would complete if I had already decided to proceed on the basis of not being able to establish what it was actually going to cost me.
Other than perhaps a mobile phone tariff I can’t think of any other consumer service which is so unnecessarily complicated when it comes to charges.
Having now cracked the code, as a business we are aiming to provide our clients with a pre-sale disclosure document which seeks to inform what the actual costs are in both percentage and Euro amounts and to illustrate the effect of those charges as a “reduction in yield figure”.
Surely that’s not too much to ask when buying something as significant as a pension is it?
Marc Westlake CFP®, TEP, EFP, APFS, QFA
Some context. I’ve been working in financial services since 1992 and I’ve been a qualified financial adviser since 1994. I have a degree in economics and a rake of post graduate qualifications so this should be a walk in the park thought I.
Nope. After an entire day on a website and plugging various numbers into a spreadsheet I couldn’t accurately determine what it would cost ME to set up a one member executive pension for myself as a director of my own company.
We eventually found the information I needed on page 27 of the application form I would complete if I had already decided to proceed on the basis of not being able to establish what it was actually going to cost me.
Other than perhaps a mobile phone tariff I can’t think of any other consumer service which is so unnecessarily complicated when it comes to charges.
Having now cracked the code, as a business we are aiming to provide our clients with a pre-sale disclosure document which seeks to inform what the actual costs are in both percentage and Euro amounts and to illustrate the effect of those charges as a “reduction in yield figure”.
Surely that’s not too much to ask when buying something as significant as a pension is it?
Marc Westlake CFP®, TEP, EFP, APFS, QFA
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