From: gillingw@hotmail.com
Newsgroups: uk.finance
Subject: These IFA charges seem a little heavy
Date: 5 Oct 2006 06:31:39 -0700
   posting-account=KQgQcAwAAADb1ey-CSO8rsKeM9Wl793F

I am currently making intial investigations regarding taking my
annuity/income. I had an initial free consultation with an IFA, who to
be fair was very up-front about her charges. To me they seem a bit
heavy.

For an income drawdown account 5.6% setup and 1.5% per year. I have
=A3150,000 fund. That's =A38,400 setup and =A32,250 per year. I checked
out "sippDeal" web site and unless I've missed something they charge
=A3150 to set up an unsecured pension and =A310 per pension payment and
=A375 per review.

The way I look at it, if I gave my money to sippDeal they could "lose"
=A310,000 in the first year and I'd still come out on top.

Please tell me if I have completely misunderstood these charges.

Also if it's possible to do a "DIY" income drawdown scheme could you
point me to a standard check list if this has already been done.

Thanks

Mike