Retirement Annuity - ongoing fees - PPS

[snoozee]

Hi.
Am just curious. I have a retirement annuity with PPS where I invest an annual amount every February (instead of bothering with monthly debit orders etc). I pay no initial fees for the investment, but do pay an ongoing fee to the broker. On top of that, there are the normal management fees charged by the various unit trusts in which the RA invests in.

I have no issue with the latter, but do wonder about the ongoing fee to the broker. He barely does any work (once a year some documentation), and gets a small fortune for this effort, yet I probably can't just approach an alternate PPS broker to bargain them off against each other for a lower fee. Hence my question - how much should the ongoing monthly fee be? What are others paying?

Thanks for any advice and feedback

 

[chrisc]

You could move the annuity to another company and bypass the broker, but you cannot do anything about your current contract. If you stopped paying, the investment will still be in place, it won't appreciate as quickly. You will find that the commission is written into the original contract

 

[snoozee]

It seems to be included in the contract for each deposit - sure it cannot be updated? Not looking at moving to another company - but surely one should be able to bargain in some way with a broker? Keen to see rates that people are being charged, if possible

 

[snoozee]

Had a look at the most recent quote. Ongoing fees are split into 3 categories - advisory, admin and asset management. The last 2 I have no issue with, but am just wondering about the advisory, as I don't receive any advisory as such. The percentage I'm being charged is 0.75% plus VAT, ending up around 0.86%... Anyone else dealing with PPS?