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IFA needed or not?
bobbymotors
Posts: 746 Forumite
Hello all thanks in advance for any help
Amongst several other plans I have an old pension with Aviva due to mature in June.
It is worth just over £30k
i want to transfer it into a HL SIPP, as Aviva do not do drawdown on the policy.
Aviva are saying i need advice from an IFA before doing this.
There is no GAR on this policy.
Are Aviva correct in their stance please?
Thank you
Bob
Amongst several other plans I have an old pension with Aviva due to mature in June.
It is worth just over £30k
i want to transfer it into a HL SIPP, as Aviva do not do drawdown on the policy.
Aviva are saying i need advice from an IFA before doing this.
There is no GAR on this policy.
Are Aviva correct in their stance please?
Thank you
Bob
0
Comments
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Aviva are saying i need advice from an IFA before doing this.
There is no GAR on this policy.
Are Aviva correct in their stance please?
A GAR is one type of safeguarded benefit. You say there is no GAR but are there any other safeguarded benefits? if yes, then IFA needed. If no, then not.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 -
there is a guaraneted pension of £1350 pa on a fund value of £35k so less than 4%
not sure if that counts
thanks0 -
there is a guaraneted pension of £1350 pa on a fund value of £35k so less than 4%
not sure if that counts
Yes that counts as a safeguarded benefit.
You will need advice from an IFA.
The IFA may also recommend a less expensive solution than HL.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
HappyHarry wrote: »Yes that counts as a safeguarded benefit.
You will need advice from an IFA.
The IFA may also recommend a less expensive solution than HL.
thank you i will get hold of an IFA.0
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