Pension advisers do not want me telling you this
Hey Future Millionaire,
After I left Salesforce, I became very popular with financial advisers. They rushed to congratulate me and offer their "free" services.
"You could finally break free from your pesky corporate pension scheme!" they claimed.
At first, their arguments may seem convincing.
However, they don't hold up under closer scrutiny.
Today I'll explain why.
Even if you don't live in Ireland, it's good to recognise these sales tactics anywhere.
1. The "elite fund managers" pitch
The claim: "Bring your money to us and get access to 'elite fund managers' and world-class providers like BlackRock and Vanguard."
Sounds impressive, right?
The reality: You likely have access to these same funds within your corporate pension. And often at better rates than what you're being offered now.
Verdict: You're probably downgrading, not upgrading.
2. The "professional guidance" pitch
The claim: "Bring your money over to us and get professional QFA guidance and investment advice."
The reality: Many financial advisers charge ongoing fees—often 1%+ per year. Over a 30-year period, this can eat up to 30% of your potential retirement savings.
The best advice? Keep costs low, invest in diversified index funds, and stay the course. You don't need expensive "personalised" advice to follow a simple, time-tested strategy.
Verdict: Keeping your pension where it is saves you thousands in unnecessary fees.
3. The "early access" pitch
The claim: "Bring your money over to us and get early access from age 50."
The reality: In Ireland, most workplace pensions already allow access to a 25% tax-free lump sum from age 50. You're being sold what you already have.
And just because you can access it doesn't mean you should. It's like chopping down a tree before it bears fruit. The longer your money stays invested, the more time it has to compound.
Verdict: Early access sounds nice, but it could cost you significantly in the long run.
4. The "Freedom" pitch
The claim: "Bring your money over to us, and no more dealing with previous employers."
The reality: Workplace pensions are legally yours. Your employer isn't controlling your money.
Company pensions often come with lower fees and better governance. They're designed to benefit employees—not financial advisers.
Plus, you can already control how your funds are invested.
Verdict: Why add costs and complexity? Your current pension already works in your favour?
Why they do this?
It's simple: They make money from it.
The financial adviser gets a big commission if you bring your money to them. But for you, the investor, the costs usually outweigh the benefits.
The best move for most people
✅ Stick with your low-cost workplace pension.
✅ Check the funds and fees before making any changes.
✅ Remember that keeping things simple is often the best strategy.
If someone tells you that transferring your pension is a "no-brainer," take a step back. It might just be a no-brainer for them - not for you.
Money Mastery
If you'd like the skills to never again be tricked by financial advice like this, let's have a Money Mastery call.
Click on the button below to schedule a free 15-minute intro call below to get started:
I hope you have an amazing weekend!
To your financial freedom,
Sjoerd
p.s. I am opening up an exclusive small group coaching program, specifically for BDRs and Account Executives.
The goal is to get more young sales people educated and confident about both their career and their financial journey.
This will be a six-week programme starting on the 24th of March.
There are only 10 spots available.
If you are interested in joining, please click here, and I will share all information.
