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  • FIRST POST
    • teflontinker
    • By teflontinker 28th Nov 17, 7:18 PM
    • 1Posts
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    teflontinker
    Transfering a DB pot of less than £30K, is it possible without an IFA and a TVAS?
    • #1
    • 28th Nov 17, 7:18 PM
    Transfering a DB pot of less than £30K, is it possible without an IFA and a TVAS? 28th Nov 17 at 7:18 PM
    I know the rules state that a DB pension can be transferred into a SIPP ( for example) if its CETV value is less than £30,000. but I can't find any pension scheme or SIPP provider that will accept the transfer without me having advice from an ISA, who understandably would want to undertake a TVAS calculation to support any transfer.

    My basic circumstance are, I have 2 DB pensions one with a CETV value of £250k, which i intend to keep and another with a value of £29,500, a British Steel one which I would like to transfer to a SIPP or other pension scheme and then maybe draw on it when i'm 55, I'm currently 48.

    Is the IFA and TVAS a definite requirement, i understand it helps manage any further claims against the pension company for poor advice but can it be done?
Page 1
    • dunstonh
    • By dunstonh 28th Nov 17, 8:09 PM
    • 89,930 Posts
    • 56,605 Thanks
    dunstonh
    • #2
    • 28th Nov 17, 8:09 PM
    • #2
    • 28th Nov 17, 8:09 PM
    Transfering a DB pot of less than £30K, is it possible without an IFA and a TVAS?
    Theoretically yes. Commercially no.

    Is the IFA and TVAS a definite requirement
    Legally no. Commercially yes.

    firms are allowed to protect their backsides and refuse to accept business that is statistically unlikely to be suitable. The historic position of the regulator is to treat DB transfers as being missold unless proven otherwise and more recent trends has seen the regulator and FOS target providers where no adviser was used.
    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.
    • xylophone
    • By xylophone 28th Nov 17, 10:18 PM
    • 23,675 Posts
    • 13,799 Thanks
    xylophone
    • #3
    • 28th Nov 17, 10:18 PM
    • #3
    • 28th Nov 17, 10:18 PM
    Have you tried AJ Bell?


    https://www.youinvest.co.uk/faq/do-you-accept-final-salary-transfers


    Do you accept final salary transfers?

    Yes, we do accept final salary transfers. But before you go ahead and transfer to us, you’ll need to seek advice from a suitably qualified financial adviser if your transfer value is £30,000 or above.
    • drphila
    • By drphila 29th Nov 17, 5:01 PM
    • 35 Posts
    • 1 Thanks
    drphila
    • #4
    • 29th Nov 17, 5:01 PM
    • #4
    • 29th Nov 17, 5:01 PM
    I'm pretty sure you'll be able to find a SIPP provider that will accept the transfer without advice or a TVAS
    • thetimewill
    • By thetimewill 29th Nov 17, 5:30 PM
    • 46 Posts
    • 7 Thanks
    thetimewill
    • #5
    • 29th Nov 17, 5:30 PM
    • #5
    • 29th Nov 17, 5:30 PM
    My spouse has recently completed a transfer to AJ Bell, who were very helpful. Defined benefit pension under £30000. No advice requirement. The transfer was done on a DIY basis and did not incur any fees.Please do as much homework and gather as much info as possible before you proceed,
    Regards,
    Billy
    Last edited by thetimewill; 29-11-2017 at 5:32 PM. Reason: spelling
    • iro
    • By iro 8th Dec 17, 8:12 PM
    • 41 Posts
    • 17 Thanks
    iro
    • #6
    • 8th Dec 17, 8:12 PM
    • #6
    • 8th Dec 17, 8:12 PM
    I have a lot of time for AJ Bell 'execution only' a SIPP for adults!
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