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Savings and Investments thread

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  • BalladMan
    BalladMan Posts: 1,434
    Rob7Lee said:
    Southendaddick said:
    Has anyone on here used Fisher Investments to manage their pensions and investments?

    I’ve had the initial chat and probably spin about how they outperform the market etc just wondered whether anyone had any view either way ? 
    I know a couple of people who’ve spoken to them. But know no one who has used them, for the exact reasons posted, really bad reviews, 60% 1*
    I spoke to them, but they came across as heavy handed sales people who were only interested in getting hold my pension pot.  Their fees were also pretty high (1-1.5% depenbding on pension size).  I went with an IFA instead in the end which worked out cheaper and you get a more personalised service.  
  • Er_Be_Ab_Pl_Wo_Wo_Ch
    Er_Be_Ab_Pl_Wo_Wo_Ch Posts: 2,240
    Rob7Lee said:
    golfaddick said:
    _uptheaddicks said:
    I believe it's a HL Sipp. Not sure on exact details. 

    He has not taken any tax free cash/lump sum just yet. Basic rate tax payer. 

    He's at the age that it will get taxed 45% to whoever he leaves it to, I think.
    After age 75 any monies left to dependants / beneficiaries is taxed at the recipients marginal rate. And that is after any IHT has been paid (if applicable)

    I believe the HL Sipp should be ok for Flexi-Acess Drawdown but that should be confirmed as it does depend on when it commenced - older plans might not be or only allow Capped Drawdown.

    Far for me to give advice (having not completed a fact find) but taking the maximum Tax-free lump asap should surely be imperative. But again, it would also depend on whether other tax-free lump sums have previously been taken and if so how they measure against the Lifetime Allowance (for TFC)
    With IHT coming in I think a lot of people (me included) have completely flipped as to how to manage retirement and what ‘pots’ to use first, whilst your own tax considerations, just not worth having anything left in your pension come 75 (unless I’ve missed something). It’ll just get double dipped/taxed if IHT applies to your estate.
    Yep - for me it's extra encouragement to plan to retire early. And to extract money as early and efficiently as possible and begin transferring to others.

    The incentives for people not to work, at either end of the equation, are absolute madness.

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