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transfer out of DB scheme
Comments
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If the 'partner' is lucky. Any partner of such long standing should be on the deeds if not married, as the surviving partner would look after the minor child in any case.
Very precarious situation for that partner. And very tax inefficient to not marry if you have been together long enough to have a 14 yr old. Esp with the new situation of being able to share at least some of the PA.0 -
I'm not sure where this "IFA sign off" is all about but I'm in the process of transferring a DB pension to my Private Pension to Standard Life and they are not insisting I take financial advice but I do need to sign a declaration stating that I am happy NOT to seek financial advice and as a result I would potentially have less grounds for complaint if thindgs were to go wrong in the future.
I'm transferring because I want to enjoy the money before I'm 65 and if I were to die before I take my pension then I'm in the safe knowledge that my wife would get whats left over.0 -
I'm not sure where this "IFA sign off" is all about but I'm in the process of transferring a DB pension to my Private Pension to Standard Life and they are not insisting I take financial advice but I do need to sign a declaration stating that I am happy NOT to seek financial advice and as a result I would potentially have less grounds for complaint if thindgs were to go wrong in the future.
It is up to each firm to decide what they do. However, the vast majority will not transact defined benefit scheme transfers without an adviser signing off on it to take the liability. If it is a standard life agent doing this then maybe their internal compliance allow it. Or it could be their sales agent is breaking their rules. However, the default position with the regulator is that these are mis-sold unless proven otherwise and that transacting transfers that you know are likely to be wrong is not an excuse for doing execution only.
Just because you found one company willing to take silly risks does not mean all will. Insurance companies have never been reliable for their sales methods. However, most are not foolish enough to do it nowadays.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I am a little puzzled.
http://www.standardlife.co.uk/consolidation/considerations.html
"Combining your pensions
Do I have a Defined Benefits Scheme?
We will not accept transfers from Defined Benefits Schemes using this process as in many cases this will not be in your best interests. If you want to transfer from a Defined Benefits Scheme you will need to do this through a Financial Adviser.
What are the risks of transferring out of a Defined Benefits Scheme?
Transferring out of a Defined Benefits Scheme means that you give up guaranteed benefits for the prospect of benefits linked to future investment returns."0 -
Q: What are the risks of transferring out of a Defined Benefits Scheme?
A: That you'll get ham-strung by multiple layers of rules, regulations, disclaimers, and SEP fields and thus be denied the option of doing it even if *you* decide it's in *your* best interests.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
A: That you'll get ham-strung by multiple layers of rules, regulations, disclaimers, and SEP fields and thus be denied the option of doing it even if *you* decide it's in *your* best interests.
And when "you" find (years on), that "your" personal pension cannot possibly match the benefits of your DB Scheme, you start bleating about mis selling?
There may be circumstances where a transfer out can be in a person's best interests - but surely it is vital that there are safeguards in place to ensure that any such decision is carefully considered?0 -
you start bleating about mis selling?
Grown adults should be free to make their own choices, even bad ones. Of course, after having made their bed ...I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »Grown adults should be free to make their own choices, even bad ones. Of course, after having made their bed ...
If only that was still our culture. Not the "oops, i got it wrong so who can I blame" culture we have now.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
gadgetmind wrote: »Grown adults should be free to make their own choices, even bad ones. Of course, after having made their bed ...
I would (and do) agree, except-
We have had cases here reported here where grown adults did what you said ( ie were told no not to do it but did it anyway) then later complained they were numpties and didn't understand and their complaint was UPHELD???
How can this be fair? Until the regulators make said numpities responsible for their own bad choices, how can you support your above statement?0 -
their complaint was UPHELD???
How can this be fair?
The word "fair" is a moveable feast, but certainly doesn't apply here.
I maintain that grown adults *should* be able to make their own decisions. If the forces of meh and legions of safety elfs prevent this, then *they* are in the wrong.Until the regulators make said numpities responsible for their own bad choices, how can you support your above statement?
If that's not the way things currently are, then I hope we're all pulling hard on the oars to fix things.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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