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  • FIRST POST
    • pandapaws
    • By pandapaws 15th Mar 17, 12:54 PM
    • 2,109Posts
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    pandapaws
    How to find IFA who will do pension transfer paperwork?
    • #1
    • 15th Mar 17, 12:54 PM
    How to find IFA who will do pension transfer paperwork? 15th Mar 17 at 12:54 PM
    I understand that I'm legally obliged to get a financial adviser to sign paperwork to say that they have advised about transferring a final salary pension out of it's employer scheme, and made initial enquiry with a friend of a friend who's an IFA. He said that it can be very difficult to justify these transfers, and while he totally agreed that in our circumstances it makes sense to do the transfer, he probably wouldn't be able to recommend it officially on paper because of the high levels of regulation and the type of pension it is.

    My question is, if I'm determined that I want to transfer this pension, what are the IFA requirements that i need? Only that I've sought advice, or that they've agreed with the transfer?

    Can the fees that the IFA charges come out of the pot amount even if I manage to get a fixed fee rather than a percentage? What sort of agreement would be normal in such circumstances? I've never used an IFA before, and don't know much about how they work. They generally seem to offer a free consultation, but there aren't enough hours in the day to spend an hour with a dozen different companies (and waste their time too) just to find out how much they'll charge - I'm not sure what the normal protocol is?
Page 1
    • dunstonh
    • By dunstonh 15th Mar 17, 1:41 PM
    • 86,885 Posts
    • 52,032 Thanks
    dunstonh
    • #2
    • 15th Mar 17, 1:41 PM
    • #2
    • 15th Mar 17, 1:41 PM
    My question is, if I'm determined that I want to transfer this pension, what are the IFA requirements that i need? Only that I've sought advice, or that they've agreed with the transfer?
    The ceding scheme only requires you to have had advice. They are not required to know the outcome of that advice.

    The receiving scheme can choose whether they only have positive advice to transfer or just that you have had advice. There are plenty that will accept without positive advice to transfer. Some IFAs will not transfer unless the advice is positive. So, that is another question to ask.

    Can the fees that the IFA charges come out of the pot amount even if I manage to get a fixed fee rather than a percentage?
    yes, as long as the IFA does the transaction through their agency.

    They generally seem to offer a free consultation, but there aren't enough hours in the day to spend an hour with a dozen different companies (and waste their time too) just to find out how much they'll charge - I'm not sure what the normal protocol is?
    The free consultation isnt really a consultation. It is a brief period for you to meet and discuss issues and see if there is common ground to proceed into the next stage.

    You can ask the adviser firm on the phone what they charge for defined benefit pension transfers.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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