New pension rules force me to seek IFA advice

Sioux18

I understand why as leaving a final salary scheme but I have my reasons. Trouble is, I'm finding it difficult to find an IFA as I'm told by the pensions advisory service they have to be pension transfer qualified - I can check easily if they are FCA registered but what is 'Pension Transfer Qualified'?

xylophone

http://www.pruadviser.co.uk/content/knowledge/technical-centre/pension_switches_transfers/

HappyHarry

Sioux18 wrote: »

I understand why as leaving a final salary scheme but I have my reasons. Trouble is, I'm finding it difficult to find an IFA as I'm told by the pensions advisory service they have to be pension transfer qualified - I can check easily if they are FCA registered but what is 'Pension Transfer Qualified'?

The adviser/firm needs specific qualifications and permission to advise on these type of pension transfers.

If you are looking at the FCA register, then under the "Permissions" heading for the advice firm, you need to look for a box called "Advising on Pension Transfers and Pension Opt Outs"

If that box isn't there, then they don't have permission.

dunstonh

Trouble is, I'm finding it difficult to find an IFA as I'm told by the pensions advisory service they have to be pension transfer qualified - I can check easily if they are FCA registered but what is 'Pension Transfer Qualified'?

There is a special permission called pension transfer specialist. Only around 1 in 10 have the permission and qualification.

I believe unbiased have a filter for pension transfer. Although that assumes that the firm has correctly selected their filters. But it may be better than nothing.

If you are looking at the FCA register, then under the "Permissions" heading for the advice firm, you need to look for a box called "Advising on Pension Transfers and Pension Opt Outs"

Although that box will appear on most IFA firms since the introduction of the limited permissions to cover plans with a guaranteed annuity rate.

So, if that box appears and it includes the following:
Limitation
Limited pension transfer activity for the provisio [sic]
Then they cannot do it. if it doesnt include that limitation, then they can.

HappyHarry

Although that box will appear on most IFA firms since the introduction of the limited permissions to cover plans with a guaranteed annuity rate.

So, if that box appears and it includes the following:
Limitation
Limited pension transfer activity for the provisio [sic]
Then they cannot do it. if it doesnt include that limitation, then they can.

Now I didn't know that. Thanks duntsonh.

atush

Sioux18 wrote: »

I understand why as leaving a final salary scheme but I have my reasons. Trouble is, I'm finding it difficult to find an IFA as I'm told by the pensions advisory service they have to be pension transfer qualified - I can check easily if they are FCA registered but what is 'Pension Transfer Qualified'?

Your reasons may not be good reasons.

Sioux18

Thankyou for your very helpful advice. Reasons are I have children but am not married & I would like to potentially leave them something from my pot - they are adults, plus the enhanced tax free pot would clear my liabilities fully.

Sioux18

This is very helpful thankyou - so I've found under limitations " rights to or interests in both" for one IFA that has been recommended to me.

dunstonh

Sioux18 wrote: »

This is very helpful thankyou - so I've found under limitations " rights to or interests in both" for one IFA that has been recommended to me.

The ones with the "Limited pension transfer activity for the provisio" limitation say that as well. However, if there is no mention of that limitation, then its fine.

atush

Sioux18 wrote: »

Thankyou for your very helpful advice. Reasons are I have children but am not married & I would like to potentially leave them something from my pot - they are adults, plus the enhanced tax free pot would clear my liabilities fully.

How old are your children, and are they in full time education?

While int he DB pension, they may have a dependents pension paid should you die. If they are older than 23, then they would only inherit if you transferred (unless there is a min payment period of x years).

Sioux18

atush wrote: »

How old are your children, and are they in full time education?

While int he DB pension, they may have a dependents pension paid should you die. If they are older than 23, then they would only inherit if you transferred (unless there is a min payment period of x years).

They are over 23, hence attraction, or at leat one of, of considering a transfer.