Transfer out of Final Salary Scheme - HELP!

Hope2015

If I can sort this out, I'd live on bread and water with beans on toast for a treat, rather than get into debt again.

Hope2015

Hello xylophone


The pensions I have stop me getting benefits - one of the penalties of trying to be independent of the state. I'd rather have it that way of course but I've paid out for others all my life and can get no help when I need it. Apologies - I don't mean to whinge - I just want my pension money!

Hope2015

davide691 wrote: »

@Hope - PM me for the IFA I used for my transfer. Unless he’s now whacked his fee up, he'll probably do it for half the lower value of what you’ve been quoted. P.S. I’m not on commission!

Much appreciated - I will PM you when I find out how to do it!

mangle101

Hope2015 wrote: »

Much appreciated - I will PM you when I find out how to do it!

Click on the user name & a list of options will appear, click on the one concerning sending a PM.

SJD48

I recently transferred out of a final salary scheme in January.


I had to contact many IFAs who kept saying the same thing and that the cost of their 'advice' was significant.


In the end I reached an agreement with my pension administrator and the SIPP provider (Youinvest/AJ Bell) whereby if I detailed my reasons for wanting to exit the final salary they would give it consideration.


My argument was quite strong and both agreed with AJ Bell sending me a disclaimer to sign.


All done without an IFA and zero cost. Not sure if I was just lucky and whether the rules have tightened since.

magpiecottage

SJD48 wrote: »

I recently transferred out of a final salary scheme in January.


I had to contact many IFAs who kept saying the same thing and that the cost of their 'advice' was significant.


In the end I reached an agreement with my pension administrator and the SIPP provider (Youinvest/AJ Bell) whereby if I detailed my reasons for wanting to exit the final salary they would give it consideration.


My argument was quite strong and both agreed with AJ Bell sending me a disclaimer to sign.


All done without an IFA and zero cost. Not sure if I was just lucky and whether the rules have tightened since.

And when it all goes wrong, you will be able to complain to FOS who have said, with FCA support, that they will simply ignore that disclaimer and tell the adviser to put you back into the position you would have been in if you had not transferred.

That is why no sensible adviser will rely on a disclaimer.

You have found an idiot adviser.

jamesd

SJD48 wrote: »

All done without an IFA and zero cost. Not sure if I was just lucky and whether the rules have tightened since.

From 6 April 2015 the law has changed to make getting financial advice mandatory for amounts over £30,000. Not for amounts up to that. The customer is then free to ignore the advice if they wish and can find a scheme that will accept the transfer.

Hope2015

SJD48 wrote: »

I recently transferred out of a final salary scheme in January.


I had to contact many IFAs who kept saying the same thing and that the cost of their 'advice' was significant.


In the end I reached an agreement with my pension administrator and the SIPP provider (Youinvest/AJ Bell) whereby if I detailed my reasons for wanting to exit the final salary they would give it consideration.


My argument was quite strong and both agreed with AJ Bell sending me a disclaimer to sign.


All done without an IFA and zero cost. Not sure if I was just lucky and whether the rules have tightened since.

Very useful. AJ Bell seem to be the way forward and I'll be contacting them soon.