Low cost IFA for DB to SIPP pension transfer?

dunstonh

My problem is that I have 4 private pensions from previous employers and a total pot of £86k in these.

Is that a problem?

My bank can!!!8217;t/ won!!!8217;t advise me due to regulations.

Your bank cant advise you as only regulated advisers can give advice and your bank doesn't offer that service (even back in the days they did, they wouldnt have been any good to you as banks were restricted to in-house salesforces).

What are my best options with these.

it can be a whole range of options that could be suitable. However, we have absolutely nothing to go on to help filter options.

I!!!8217;ve heard a draw down plan would be best

Not really. Drawdown plans have become increasingly obsolete now that most SIPPs and PPPs offer drawdown functionality.

and that annuities suffer from the ups and downs in the markets.

You have that the wrong way around.

If you want advice, go see a local IFA. Not a bank or building society.

kidmugsy

dunstonh wrote: »

If you want advice, go see a local IFA. Not a bank or building society.

Or see the know-all in the pub. A source of keenly argued and well informed advice, that chap. Top man. His cousin's brother-in-law keeps him in the picture. Gives him the inside story.

I know for a fact that ... It stands to reason that ... The way I see it is ... Always cut out the middle man ...

xylophone

4 private pensions from previous employers and a total pot of £86k in these.

These are not defined benefit pensions?

Do any of them have any kind of safeguarded benefit?

You could seek an interview with Pension Wise to discuss your options but you will not be given advice.

https://www.pensionwise.gov.uk/en

If you require advice, you will need to pay for it - there is a directory here which might help

https://directory.moneyadviceservice.org.uk/en

michael1234

dunstonh wrote: »

ROFL. An hours work and just £250.

.

Disgusting.

Malthusian

michael1234 wrote: »

Disgusting.

You missed that dunstonh was being sarcastic about both the numbers in that sentence. If you'd read the whole thread (and given that it's 2 years old, what was the rush?) you'd've seen that it's considerably more than an hour's work.

Last time I saw a TVAS report invoice it was £200 + VAT. That's just the cost of taking the numbers provided by the DB scheme and plugging them into a computer. That leaves £10 to cover fact finding, risk profiling, report writing, admin, and the accumulated knowledge, experience and skill to determine whether the whole malarkey is a good idea or not. From this £10 you also have to deduct regulatory costs, the FSCS levy and the usual costs of running a business.

So basically you expect an IFA to advise on the most risky and complex pieces of financial business that can be undertaken for less than you would pay your cleaner to hoover your carpet and scrub your hobs, before costs.

Astonishingly, most of the financial industry has taken the view that people who are this bad at valuing things should probably not be transferring out of DB schemes.