Is it normal to face €2,300 fee on UK pension transfer?
I am a 54-year-old woman, who has 20 years of various pensions from working in the UK. I have been living and working in Ireland for 14 years. The transfer value of my UK private pensions totals about £250,000 (€283,000). I have been discussing this with a number of financial advisers – and am now close to transferring my pensions to Ireland. Part of my pension portfolio comes from an eight-year service with a bank I have worked with previously. This part of my pension will die when I die. I have to take advice from an adviser regulated by the FCA, and my financial adviser here in Ireland says the UK adviser it is using wants to charge £2,000 (€2,267). My Irish adviser says I must pay this charge. Is it normal for a UK adviser to charge an Irish adviser this amount for what is more a legislative issue than investment advice? I always thought that charges would be borne by the advisers as they make their commission on managing the pension? Mary, Co Roscommon
There are a number of costs which will arise as a result of the transfer of your pensions from the UK to Ireland. The first relates to the advice being given pertaining to the transfer of assets from the UK to Ireland – which your Irish adviser is giving and outlining the merits and reasons for transferring.
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