Low cost IFA for DB to SIPP pension transfer?

DavidLaGuardia

Erc1046 wrote: »

Not true. They're gagging for it and keep calling me to be selected and get on with the job. It's a pot of £400k and they are typically asking for 1.5% provided I have an ongoing relationship at 0.5%/year Alternatively, just the transfer for 2%. I mean, whose pension is it? It seems parasitic, and being compelled to go through this process is ridiculous. The pension offer is £17,000/year and I'll pay 40% tax on all of it because I'll still have income.
So, if anyone knows a low-cost IFA please let me know.

Are you saying it isn't worth taking from the scheme because of the tax now and you don't want to spend it right now??? Surely one option to consider is to NOT transfer and then put this annual pension straight into a SIPP, get all the tax back (also creating a new fund a 25% tax free cash) for when you do retire. This may be a better option by the time you get to a certain age than transferring it now. Do you not get the option to defer it, what is the reason for doing anything with it?. If it is still better to transfer then you could get someone that didn't exceed 1%

Malthusian

dunstonh wrote: »

I cant see how it is possible that there is just 1-2 hours work.

Well, it sounds like the punter did the work of getting the CETV and accompanying information. And as I understand it they have chosen the receiving SIPP and investments, and done the paperwork as well. The adviser is only providing the recommendation to transfer or not.

So:

- Initial email/phone correspondence, get client to send pension paperwork, send client a fact find to fill out via email [30 minutes]
- Plug transfer values and pension figures into a TVAS system [15 minutes]
- Plug pension figures, client's name and TVAS critical yield into a template letter, full of sentences like "I have not advised you that... you have chosen etc..." "You would require a growth rate of X per cent but you are confident that your chosen investments will etc" [30 minutes]
- Drink coffee and eat biscuits [15 minutes]
- Send cut-and-paste job, I mean suitability letter, to client along with invoice and a piece of paper saying "I understand the advice in this letter and agree not to complain" [15 minutes]
- Cash cheque, wash hands [15 minutes]

Total time 2 hours.

Now obviously the bit missing here is the bit where you check that it's actually a good idea for the client to transfer. Which requires a meeting to do a proper fact-find including follow-up questions, as opposed to sending them something to fill in via email. And research of what the DB money is going to be invested into at the other end. However none of this actually has to be done if all you want is to provide squiggles for dosh with a bit of cargo cult compliance thrown in.

(A cargo cult compliance file is one that has a fact find and a suitability letter and all the things that a compliance file should have, in the same way that primitive Pacific Islanders built airports out of wooden boxes and straw aeroplanes and pretend air traffic controllers wearing headphones made of coconuts, in the belief that these rituals would cause planes to land with food and bounty, just as they did when the Americans performed them. They'd done everything right and their airport had all the things it needed to be an airport, the only problem is that those things didn't function.)

allan7272

All I can say is try fixmypension dot com
I had skipped over them as the name looked a little whimsical but they were the only one whe met where I was, i.e. looking for a no BS IFA who could do the transfer and not try and con me in the process.

As it turned out, my transfer quote only hade 10days left on it and we managed to get it done in time.
(yes it was the highest quote I had received)

Very pleasont people all round. And as far as I can tell, select products that are in the punters interest. They deserve the success they have.

Hope this does not break any forum rules. It's just I called so many IFA's, and they were the only one who really just wanted to do the transfer. And at the most reasonable cost - yes I know it is still painful. But far below any one else. From what I can tell they are geared up to just get it done.

If you need any more details just pm me.

Cheers - Allan

soulsaver

See post #36 above..
and http://forums.moneysavingexpert.com/showthread.php?t=5554142

Linic

I want to accept My old employers offer and transfer pension money to my sipps. Old employer said he will cover costs of IFA if I use his IFA. However after telephone interview with IFA and me giving over my financial details. IFA wants me to invest in his funds only.
I refused and complained to old company. Now IFA no longer wants to deal with me and old company supports his stance. I think it is blackmail so now I want old company to pay for costs of proper IFA advice for me.
Where do I stand legally?

IanSt

Linic wrote: »

I want to accept My old employers offer and transfer pension money to my sipps. Old employer said he will cover costs of IFA if I use his IFA. However after telephone interview with IFA and me giving over my financial details. IFA wants me to invest in his funds only.
I refused and complained to old company. Now IFA no longer wants to deal with me and old company supports his stance. I think it is blackmail so now I want old company to pay for costs of proper IFA advice for me.
Where do I stand legally?

I'm not legally trained, but I'm not sure where you think the blackmail in this is. Your old employer has offered to pay the costs if you used his ifa. For valid reasons (to you) you do not wish to use him, but that does not mean that your old employer has to pay for a different ifa to be used.

The old employer has made you an offer, if you do not wish to take it then you are not forced to take it.

Malthusian

Linic wrote: »

Where do I stand legally?

*Edit* Duplicate of this thread, replied there.

Mark170770

Hi is there any chance you can give me the Fin Advisor you used for DB to SIPP transfers please.

Rattenb

I am currently drawing my final salary pension after being made redundant last year aged 63. My problem is that I have 4 private pensions from previous employers and a total pot of £86k in these. My bank can’t/ won’t advise me due to regulations. What are my best options with these. I’ve heard a draw down plan would be best and that annuities suffer from the ups and downs in the markets. This is not my main source of income obviously. Any information would far exceed what I’ve got.

Brynsam

Rattenb wrote: »

I am currently drawing my final salary pension after being made redundant last year aged 63. My problem is that I have 4 private pensions from previous employers and a total pot of £86k in these. My bank can’t/ won’t advise me due to regulations. What are my best options with these. I’ve heard a draw down plan would be best and that annuities suffer from the ups and downs in the markets. This is not my main source of income obviously. Any information would far exceed what I’ve got.

'You've heard...' from whom? A qualified professional who gave a full explanation? Hmm, thought not.

Your 'best options' will depend on what the current pensions offer (are they defined benefit/final salary, or defined contribution/money purchase?) and what you want to achieve. Also what your attitude to risk is. Once purchased, an annuity can't suffer from ups and downs in the market; drawdown most certainly can.