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  • FIRST POST
    • chiefie
    • By chiefie 21st Sep 17, 9:51 AM
    • 308Posts
    • 318Thanks
    chiefie
    Which sips allow db transfer in
    • #1
    • 21st Sep 17, 9:51 AM
    Which sips allow db transfer in 21st Sep 17 at 9:51 AM
    On a positive recommendation ?

    Apologies as I know this has been discussed before but I can't find all the answers in one place.

    I think I saw ajbell as one but what about fidelity and h-l ?

    Cheers all
Page 1
    • dunstonh
    • By dunstonh 21st Sep 17, 9:52 AM
    • 89,880 Posts
    • 56,553 Thanks
    dunstonh
    • #2
    • 21st Sep 17, 9:52 AM
    • #2
    • 21st Sep 17, 9:52 AM
    Which sips allow db transfer in
    On a positive recommendation ?
    All of them.
    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 an Independent Financial Adviser local to you.
    • gonedownthepub
    • By gonedownthepub 10th Oct 17, 1:12 PM
    • 77 Posts
    • 32 Thanks
    gonedownthepub
    • #3
    • 10th Oct 17, 1:12 PM
    Negative recommendation
    • #3
    • 10th Oct 17, 1:12 PM
    How does the receiving SIPP company know if the recommendation was positive/negative?
    I was under the impression that was all for the benefit of the DB pension provider when transferring and all they require is evidence saying you had taken advice if no positive recommendation was forth coming.
    Surely the DB provider just transfers to your nominated SIPP when they are happy all the formalities are completed at their end?
    • dunstonh
    • By dunstonh 10th Oct 17, 2:40 PM
    • 89,880 Posts
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    dunstonh
    • #4
    • 10th Oct 17, 2:40 PM
    • #4
    • 10th Oct 17, 2:40 PM
    How does the receiving SIPP company know if the recommendation was positive/negative?
    They will ask to see the suitability report from the adviser.

    I was under the impression that was all for the benefit of the DB pension provider when transferring and all they require is evidence saying you had taken advice if no positive recommendation was forth coming.
    There have been some FOS decisions which have ruled investments being unsuitable on DIY cases and have blamed the FOS provider for allowing it. This has led to some requiring a positive advice recommendation.

    Do not mix up legal requirements with commercial decisions based on liability issues.
    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 an Independent Financial Adviser local to you.
    • gonedownthepub
    • By gonedownthepub 10th Oct 17, 5:06 PM
    • 77 Posts
    • 32 Thanks
    gonedownthepub
    • #5
    • 10th Oct 17, 5:06 PM
    • #5
    • 10th Oct 17, 5:06 PM
    So are there any providers that will accept funds from a transfer that was not recommended?
    • dunstonh
    • By dunstonh 10th Oct 17, 5:18 PM
    • 89,880 Posts
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    dunstonh
    • #6
    • 10th Oct 17, 5:18 PM
    • #6
    • 10th Oct 17, 5:18 PM
    So are there any providers that will accept funds from a transfer that was not recommended?
    Originally posted by gonedownthepub
    yes there are.
    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 an Independent Financial Adviser local to you.
    • soulsaver
    • By soulsaver 10th Oct 17, 10:08 PM
    • 1,490 Posts
    • 539 Thanks
    soulsaver
    • #7
    • 10th Oct 17, 10:08 PM
    • #7
    • 10th Oct 17, 10:08 PM
    So are there any providers that will accept funds from a transfer that was not recommended?
    Originally posted by gonedownthepub
    I believe some will - AJ Bell for example.
    Some won't, Interactive Investor & I believe, H-L, for example.
    • pip895
    • By pip895 10th Oct 17, 11:23 PM
    • 445 Posts
    • 254 Thanks
    pip895
    • #8
    • 10th Oct 17, 11:23 PM
    • #8
    • 10th Oct 17, 11:23 PM
    iWeb use AJ Bell and don't require a recommendation. Pretty cheep to for a largish sipp.
    • gonedownthepub
    • By gonedownthepub 11th Oct 17, 7:28 AM
    • 77 Posts
    • 32 Thanks
    gonedownthepub
    • #9
    • 11th Oct 17, 7:28 AM
    • #9
    • 11th Oct 17, 7:28 AM
    Thanks for the info.
    Is there list of other providers-I am sure there was a thread some time ago stating a few more.
    • soulsaver
    • By soulsaver 11th Oct 17, 4:23 PM
    • 1,490 Posts
    • 539 Thanks
    soulsaver
    Maybe you should sharpen up your research skills in readiness for managing your SIPP ...
    • CFrog
    • By CFrog 11th Oct 17, 8:30 PM
    • 56 Posts
    • 36 Thanks
    CFrog
    I have just completed a DB transfer into HL who would only accept the funds with a positive recommendation from the IFA; they wanted to see something from the IFA to back this up too. As a fall-back, I found that A J Bell would accept the funds irrespective of the recommendation.
    • stephen160
    • By stephen160 12th Oct 17, 7:34 AM
    • 22 Posts
    • 2 Thanks
    stephen160
    I transferred my DB pension from British Steel to Fidelity , i little hassle , but worth it with the money i may save in the long run.
    steve
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