Can its say no to pension transfer from final salary to sipp

dunstonh

soulsaver wrote: »

He WAS stupid - he was one of the stupid ones that weren't seeking £10k+ (majority of responses) for so called advice for a 'no brainer' & what appears a few minutes work on a spreadsheet to confirm what I already knew.
My IFA probably recognised a 'no brainer' & so probably didn't need to argue.

Yes. Sounds like he was.

bigfreddiel

honestash62 wrote: »

Sorry should read
Can an IFA say no to your transfer , and take payment
This would not allow transfer to h&l sipp

Why don't you just edit the title?

atush

punctuation and spelling might help those of us reading on smaller screens too

honestash62

Ifa 1.5% off pot
Nice guy onwards and upwards


Prudential anybody got a Sipp with this firm
H&L too dear for just holding a fund and no advice

soulsaver

How you getting on with this?

bikeman

Hi,

I am also thinking of transferring my DB pension so I can drawdown.

It's also more than £30k so I know I need an IFA but what I don't understand is am I paying for the IFA's advice or the IFA's approval?

It would seem the latter.

dunstonh

but what I don't understand is am I paying for the IFA's advice or the IFA's approval?

The IFAs advice is what you are buying. However, some IFAs will not transact in areas that go against their advice. So, you should always ask in advance that should the IFA say not in your best interests, will they transact if you insist on it.

bikeman

Would I need the IFA to 'transact' - I have the transfer forms here and they're pretty straightforward. Is it not the case that I get an IFA's advice and need nothing further from them? After receiving their advice I'd go ahead and request the transfer out myself - what would I need them to 'transact'. The pension company would be satisfied that I had consulted an IFA and before going ahead. Am I misunderstanding the process?

dunstonh

Would I need the IFA to 'transact' - I have the transfer forms here and they're pretty straightforward.

The IFA still needs to sign that form. Its whether they are prepared to do it if the advice is not to transfer.

Is it not the case that I get an IFA's advice and need nothing further from them?

Apart from signing the form and supplying their regulatory details. Some will not do that if the advice is not to transfer.

soulsaver

You(r current scheme) need(s) from your IFA a signed formal declaration that they have provided you with advice. The pro forma should be in your pack.
They're not usually interested in what the advice is, so it can be negative, but....
the receiving scheme will want proof of professional standing - ie the IFA is a formally qualified certified pension specialist, and often they will not accept negatively advised clients. AJ Bell does .. at the moment (& may not be the only one, DYOR)