DB scheme transfer?

audi321

yes yes yes I know most on here will say not to do it. But regardless of this, does anyone know of a SIPP provider which will actually accept transfers still from a DB Scheme, either with advice or on an insistent customer basis?

Thanks all.

xylophone

HL seems favourite......?

https://forums.moneysavingexpert.com/discussion/5053691 11

https://forums.moneysavingexpert.com/discussion/5156538 post 43.

davide691

AJ Bell will too - but only after IFA sign off

232607

Standard life will accept without IFA sign off but you'd have to be quick. They can't after 6/4/2015.

jayjay2910

in my experince quite a few SIPP Providers will accept Benefits from a DB Scheme but as in the case with my company our compliance department require a copy of the suitbailty report recommending the transfer. HL, A J Bell, to name a few.

agarnett

Another thing you should keep your eye on is the number your DB scheme puts on your CETV.

There is much talk of scammers who are looking to receive your pension cash, but I have not yet seen much discussion of DB pension schemes may deliberately be looking to underpay you for giving up your rights to a DB promise.

The question is, exactly how do they arrive at the number they tell you they owe you?

It isn't as simple as you might expect and there are conflicts of interest to be monitored.

Better be quick? Better be smart, I think. Fools and their money are easily parted, and you may be surprised at who is taking you for a fool.

audi321

232607 wrote: »

Standard life will accept without IFA sign off but you'd have to be quick. They can't after 6/4/2015.

Thanks for all your replies guys, can someone confirm the above is definite re Standard Life? Of course I'll call them tomorrow but I just wondered.

232607

audi321 wrote: »

Thanks for all your replies guys, can someone confirm the above is definite re Standard Life? Of course I'll call them tomorrow but I just wondered.

Just to clarify my comment. Re - Standard life.
I can confirm because I & some of my colleagues have just done it without IFA sign off.
This however was to a SL group PP not a SL SIPP. I guess if SL make a distintion between letting you do it into a SIPP rather than a PP, you could always move it to a PP and then to a SIPP shortly after.
I did the process over the phone and it was faily lengthy (about 20 mins). They were obviously "covering their back" with the questions they were asking, IE...Do you realise you could end up with an inferior pension to your DB. No doubt the process will have been recorded.

I have a contact in the banking industry who tells me the reason they are doing this is because gilts are on the floor meaning that transfer values are very high at the moment. This means they are happy to take the risk without insisting on an IFA as the buffer shield.
I guess if they're the only ones doing this, they'll be picking up lots of extra business.
To reiterate - It must all be done before April 6th otherwise you will need IFA sign off.

Also as a warning - If you are going this route, make sure you're satisfied with the CETV and the critical yield you'll need to match your DB. Not wanting to tell you how to "suck eggs" but this route isn't for people who are unknowledgeable about pensions.

Regards

dunstonh

can confirm because I & some of my colleagues have just done it without IFA sign off.

Were the amounts above or below £30,000 on the transfer value?

I have a contact in the banking industry who tells me the reason they are doing this is because gilts are on the floor meaning that transfer values are very high at the moment. This means they are happy to take the risk without insisting on an IFA as the buffer shield.

That doesnt make any sense for a pension transfer as the issue is not about investments but liability and the regulator.

woolly_wombat

agarnett wrote: »

Another thing you should keep your eye on is the number your DB scheme puts on your CETV.

There is much talk of scammers who are looking to receive your pension cash, but I have not yet seen much discussion of DB pension schemes may deliberately be looking to underpay you for giving up your rights to a DB promise.

The question is, exactly how do they arrive at the number they tell you they owe you?

It isn't as simple as you might expect and there are conflicts of interest to be monitored.

Better be quick? Better be smart, I think. Fools and their money are easily parted, and you may be surprised at who is taking you for a fool.

A very timely reminder IMHO to take care. The CETV I was quoted for a DB pension now administered by Towers Watson was very poor indeed.

WW

woolly_wombat

audi321 wrote: »

yes yes yes I know most on here will say not to do it. But regardless of this, does anyone know of a SIPP provider which will actually accept transfers still from a DB Scheme, either with advice or on an insistent customer basis?

Thanks all.

Just seen your other post:
https://forums.moneysavingexpert.com/discussion/comment/67795269#Comment_67795269

Now I understand why you were looking to transfer.

WW