I am a 33 year old IT contractor and have 3 company pensions from previous employment over the years. I am looking in to consolidating my pensions and to start adding personal monthly contributions.
A friend recommended a local Pensions Advisor and after some preliminary investigations he is now asking whether I want to proceed with an in-depth report (and then subsequently use them to manage my pension)
If I agree to go ahead with the report and then decide not to proceed I will have to pay a £1,000 fee. If I do proceed, then I have to pay a 3% implementation fee along with a 0.75% management fee per annum. The management fee is paid monthly.
I don't really know if this a good idea or not, the costs seem quite high. I have seen a number of good reports for using nutmeg.com instead which doesn't appear to have huge setup costs. I asked if he could provide me with an indication of expected returns but he said that would form part of the report as it is personalised. Paying at least £1,000 for an indication of anticipated returns seems odd to me.
Any advice would be gratefully received.