Yes but Steve Bee says it’s OK as long as it’s a pension. What are IFAs supposed to live on? Just that warm feeling from doing the right thing? They’ve got expensive lifestyles and have to maintain them somehow. Skimming off the great unwashed is OK if people like Henry stop mentioning it – why scare the golden geece?
A school friend of mine, came to see me yesterday with some paperwork. He had been reviewing his financial affairs.
Like me , he is 53 and had been excited by talk of the new Pension Freedoms.
His pension pot is worth around £150k, his wife had around £15k, he was not funding his pension, she is.
His money is invested with Aegon, he is currently paying 1.75% on his money, his money is in the Mixed Fund. His wife is saving into a workplace scheme and paying 0.68% -she is in a default fund.
My friend wanted advice on how he could use the pension freedoms to help him and his wife have a better life.
The proposal was for his money to be invested in a range of 15 active equity and bond funds, most investing in growth stocks. The average management charge of these…
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