hey ho...Pension drawdown MUST go through an IFA

promuso

Nice conversation today about three pensions with A***A.
I want to draw down from my funds but they refuse to allow me to do it telling me I MUST go through an IFA...
Anyone throw some light on this..? Is it legislated somehwere? Or just the Pension company rules?
I'm somewhat frustrated by not being able to deal with my own financial affairs in this way and looking for some sensible advice as to how to approach the whole issue.

promuso

:mad:

dunstonh

If it is a defined benefit scheme then that would involve a transfer and that requires an IFA to sign off on it.

If it is an insurer/pension provider then a move from a non-drawdown policy to a a drawdown policy is a new product and many providers do not hold the FSA authorisations to do that and require an adviser to do it.

If you want to DIY then you need to use a provider that is geared up and deals with DIY investors. (although that wont avoid the issue if its a defined benefit scheme)

CannySaver_2

Hi

Assuming it is a defined contribution scheme some providers of Income Drawdown and Annuity products will accept applications directly from the consumer, others will only deal via an IFA.

There are some very large Income Drawdown providers, e.g. HL, who will take this direct no problem, you just need to do some shopping around.

By the way there are also some SIPP providers who will take defined benefit / final salary schemes in without an IFA advising the consumer, although this strikes me as very risky.

Out of interest why do you want DIY, reduce cost? Don't trust IFA? Think you can do a better job?

The Canny Saver

Gettingeven

CannySaver wrote: »

Hi

Assuming it is a defined contribution scheme some providers of Income Drawdown and Annuity products will accept applications directly from the consumer, others will only deal via an IFA.

There are some very large Income Drawdown providers, e.g. HL, who will take this direct no problem, you just need to do some shopping around.

By the way there are also some SIPP providers who will take defined benefit / final salary schemes in without an IFA advising the consumer, although this strikes me as very risky.

Out of interest why do you want DIY, reduce cost? Don't trust IFA? Think you can do a better job?

The Canny Saver

Which SIPP providers acept defined benefit transfers? I thought all had to be signed off by an IFA.

CannySaver_2

My understanding is that Stadia will do, see the foot of this table:

http://www.!!!!!!.uk/sipp-zone/sipps/stadia-essential-sipp/

Not tried it, and I would advise anyone thinking about a Final Salary transfer to take advice.

Just because you can do it doesn't make it a good idea! The benefits of a final salary scheme are huge.

I hope that's enough disclaimers!

The Canny Saver

Gettingeven

CannySaver wrote: »

My understanding is that Stadia will do, see the foot of this table:

http://www.!!!!!!.uk/sipp-zone/sipps/stadia-essential-sipp/

Not tried it, and I would advise anyone thinking about a Final Salary transfer to take advice.

Just because you can do it doesn't make it a good idea! The benefits of a final salary scheme are huge.

I hope that's enough disclaimers!

The Canny Saver

Yep, lots of disclaimers there....thanks for the info.