Snorvey wrote:A cautionary tale.....and eye popping fees.
The eye-popping fees are for St James Place.
With the ease these days of setting up SIPPs, ISAs or dealing accounts, it's a surprise that their expensive offerings bundling investments and fee/commission hungry advisers still retains market share.
It remains a bit odd why the transfer value should be slashed. It's not as if economic conditions or interest rates changed since the first quote.
Unless the FSA has changed its guidance, the compulsory transfer value advice is unlikely to be much use, as it doesn't or didn't consider that the reason for transfer was to access flexible drawdown. Comparisons with what you could or couldn't buy as an annuity would be largely irrelevant.