Final salary scheme

jem16

mania112 wrote: »

I would look at it the other way around.

If a DC transfer had a value of £100,000 and a £3,000 fee, the same fee would apply to the the same CETV of a DB scheme.

You would think so, yes.

mania112 wrote: »

P.S - I would never ever charge £7k for a DB transfer.

PI costs is a lame excuse to justify charging more. The additional costs of including potential DB transfers is not significant.

Lame excuse or not, it's obviously happening and will make it more difficult to find an IfA willing to do a transfer of a DB scheme.

However I can see an IFA's point in being unwilling to take on the extra risk of a DB transfer where the research shows that it is not in the best interest of the client.

jem16

SJD48 wrote: »

Not sure how my quote ended up here. For transfers of my DCs I've moved them to my SIPP and paid nothing.

Your quote was put there as it showed the costs being quoted for a DB transfer which is what this thread is all about.

SJD48

jem16 wrote: »

Your quote was put there as it showed the costs being quoted for a DB transfer which is what this thread is all about.

OK thanks. I was quoted 2% of my fund by most IFAs which is a sizeable amount that I was not happy to pay.


In the end I was able to provide the scheme administrator & SIPP provider evidence of all my calculations + the reasons for wishing to do the transfer and both agreed that they would accept my transfer request if I wished to proceed without an IFA certificate.


Now I just need to decide on whether to actually follow through.

Mands

Cyberman60 wrote: »

Well, what a surprise !! They are trying to save themselves money, so it is clear that you would be better off keeping the deferred pension.

Here's a clue. Look up GMP !!!

Well, exactly!

The offer doesn't actually apply to me. The notification I had was a courtesy one: as an overseas resident they were letting me know it was happening but were very sorry to tell me that I wasn't eligible to take part.

So I'm stuck with the deferred final salary scheme still
Mands

wayfaring

First of all I'd like to thank everyone who has taken the trouble to reply. This wasn't really a question about the advantages of staying in or leaving, it was about establishing whether I could leave if that was the choice I wished to make. It appears that I may be able to do so, and I will now give further consideration to the numbers.
Thank you once again.