When you pay for pension advice you buy the expertise of those people best placed to take you through the retirement planning process. The cost of getting advice will depend on a number of factors, including the type of pension you have, the advice you choose and how complex your requirements are. However, our affordable and quality advice starts from as little as £995 and we strongly believe that our members get the right outcome and best plan for their retirement having spoken to one of our expert advisers.
LV= can offer you a commitment-free chat with one of our expert retirement advisers. We’ll discuss the most suitable advice options for you and confirm any costs before work commences (this usually takes about an hour of your time). You will only ever commit to paying fees if you agree to one of the advice services offered, and your LV= adviser will provide you with details on when and how the fee will be charged, making sure they’re clear and that you understand them.
How much does a pension adviser charge?
Pension advice for defined contribution pensions starts at £995, which is only charged when you proceed with the advice recommendations. For defined benefit pensions, the first pension advice and exploration is charged at £3,885 + VAT, and any other pensions are charged at £1,900 + VAT.
Defined contribution pensions
Defined contribution pensions (typically personal pensions) are where the amount you pay in is fixed, often as a percentage of your salary, or a monthly sum. If you choose to proceed with our recommendation, then we will charge a fee and there are a number of ways in which you can pay for the advice including:
- deducting fees from your pension savings when you proceed with the advice (this is called a facilitated adviser charge, and you must have enough money in your pension pot to pay for this) or;
- by a single payment.
| Service | Our charges | |
|---|---|---|
| Initial consultation | No charge | |
| Advice report and explanation | No charge | |
| To proceed with our recommendation | Known as our initial advice fee and typically 3% of your pension fund excluding the value of your tax-free lump sum. There’s a minimum adviser fee of £995 and a maximum fee of £10,000. |
|
| Ongoing annual review service | For a £40,000-£64,999 pension pot |
£400 per year |
| For a £65,000 pension pot and above |
0.5% per year of the fund value, subject to a minimum fee of £650 per year and a maximum fee of £5,000 per year |
|
| Service | Our charges | |
|---|---|---|
| Initial consultation | No charge | |
| Advice report and explanation | No charge | |
| To proceed with our recommendation | Known as our initial advice fee and typically 3% of your pension fund excluding the value of your tax-free lump sum. There’s a minimum adviser fee of £995 and a maximum fee of £10,000. |
|
| Ongoing annual review service | For a £40,000-£64,999 pension pot |
£400 per year |
| For a £65,000 pension pot and above |
0.5% per year of the fund value, subject to a minimum fee of £650 per year and a maximum fee of £5,000 per year |
|
The cost will include a thorough assessment of your personal circumstances, goals and preferences, followed by a comprehensive discussion and report. Your LV= adviser will confirm their recommendations on what actions to take and why, that are personally tailored to meet your needs. Where appropriate, this will include selecting specific products and investment solutions for you from providers across the market and making the arrangements to set these up for you.
Defined benefit pension advice costs
If you have a defined benefit (final salary) pension scheme and require pension transfer advice we offer a competitive fixed price fee structure as shown in the table below. We are required by regulation to charge an upfront fee for defined benefit pensions, and if this applies to you, it will be explained clearly right at the start when you contact us.
| Service | Our charges | |
|---|---|---|
| Initial consultation | No charge | |
| Advice report and explanation | £3,885 + VAT for the first defined benefit pension. There will be an additional charge of £1,900 + VAT for subsequent defined benefit pensions. |
|
| To proceed with our recommendation | ||
| Service | Our charges | |
|---|---|---|
| Initial consultation | No charge | |
| Advice report and explanation | £3,885 + VAT for the first defined benefit pension. There will be an additional charge of £1,900 + VAT for subsequent defined benefit pensions. |
|
| To proceed with our recommendation | ||
Because this is such a complex area of advice, it’s important to use a company you can trust. Our pension transfer specialists have the appropriate qualifications and lots of experience, and, with our advice process puts your needs and future security at the heart of our recommendations. We will carefully look at all your circumstances, needs and objectives so we can advise whether or not to stay in the defined benefit pension or transfer out into a different pension.
So you can continue to get the most from your hard-earned savings, LV= can also provide an optional ongoing advice service (for a low annual fee). This can help make sure your products and investments are performing well for you and remain appropriate to any changes to your personal circumstances and needs.
LV= offer pension and annuity products from the whole of the market and investment products from the Liverpool Victoria group of companies and a limited number of other companies.
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