“The scourge of contingent charging” might not sound like vexing issue if you’re not in this business; but the stance of MPs and regulators could affect the future (and availability) of financial advice. Most advisers don’t charge an upfront fee for reviewing the transfer value of a final salary pension and their fee would be paid from the fund if it goes ahead; so it’s in the adviser’s financial interest to recommend you go ahead. The alternative is an upfront fee of around £2,000; with a 50/50 chance that you’ll be told to do nothing. Would you bother? And would you come and see me if the principle was extended to all financial advice? Or would you call Dr Google (aka Martin Lewis)?
“Why most won’t need to worry about IHT on pensions”
Many a government has made the point that only a minority will be affected by this or that tax change or tinker. It is, however, both perception and aspiration which are important, and they are what makes IHT the ‘most hated’ of all taxes – along with all the others, of course.
