How to find out if IFA has FCA Transfer Permissions.

RADDERS

Hi All
I have tried searching on the FCA website for an IFA to look into the possible transfer of my DB pension, unfortunately it does not seem an easy task. Does any one have an easy way or is it simply checking each company one by one, I thought that there may have been a search function.
I have received my CETV value so just wanted to talk through the options with an advisor.
Thanks for any assistance RAdders :A

dunstonh

If you use unbiased, there is a filter for pension transfer. You are reliant on the firm setting their permissions correctly but its a start.

xylophone

For information:-

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

https://www.unbiased.co.uk/ You need to use the filter.

RADDERS

Thanks both, will give it a go.

RADDERS

They don't make this easy, do they lol
The one I have found that is near me has the Pension Transfer but when I look on the Permissions of the company it says this
Limit Pension Transfer Activity -

This activity is limited to the provision of advice in relation to the conversion or transfer of benefits from: * pension policies with a Guaranteed Annuity Rate (for the avoidance of doubt, this includes policies which are retirement annuity contracts with a minimum guaranteed income, where that income satisfies limb (b) of the Glossary definition of Guaranteed Annuity Rate); * defined contribution occupational schemes without safeguarded benefits

Can anyone confirm if this is what I am after as when I rang them they have said that yes they have got the Permissions ( I am now confused.com)

dunstonh

I mentioned this in a recent thread. The limited add on you mention is something new in 2016. The FCA put safeguarded benefits into the pension transfer specialist area (which it never used to be). It then decided to allow guaranteed annuity rates an exclusion and firms without pension transfer permissions had to apply to have this limited permission added.

Firms that are pension transfer specialist authorised will not have that limitation. It only shows where a firm does not have pension transfer specialist permissions but is allowed to deal with plans with GARs.

eranou

RADDERS wrote: »

They don't make this easy, do they lol
The one I have found that is near me has the Pension Transfer but when I look on the Permissions of the company it says this
Limit Pension Transfer Activity -

This activity is limited to the provision of advice in relation to the conversion or transfer of benefits from: * pension policies with a Guaranteed Annuity Rate (for the avoidance of doubt, this includes policies which are retirement annuity contracts with a minimum guaranteed income, where that income satisfies limb (b) of the Glossary definition of Guaranteed Annuity Rate); * defined contribution occupational schemes without safeguarded benefits

Can anyone confirm if this is what I am after as when I rang them they have said that yes they have got the Permissions ( I am now confused.com)

If they've not got the permissions to transfer occupational schemes with safeguarded benefits then I doubt they would have the permissions to transfer DB schemes. unless of course if the above info is out of date.

RADDERS

dunstonh wrote: »

I mentioned this in a recent thread. The limited add on you mention is something new in 2016. The FCA put safeguarded benefits into the pension transfer specialist area (which it never used to be). It then decided to allow guaranteed annuity rates an exclusion and firms without pension transfer permissions had to apply to have this limited permission added.

Firms that are pension transfer specialist authorised will not have that limitation. It only shows where a firm does not have pension transfer specialist permissions but is allowed to deal with plans with GARs.

Thanks for the prompt reply dunstonh, looks like back to the drawing board

HappyHarry

Could you not just phone some local IFAs and ask them if they have the necessary permission?

RADDERS

HappyHarry wrote: »

Could you not just phone some local IFAs and ask them if they have the necessary permission?

I was trying to be organised but will have to do this, but it is looking like none have the required permissions anywhere near where I am.

dunstonh

RADDERS wrote: »

I was trying to be organised but will have to do this, but it is looking like none have the required permissions anywhere near where I am.

Try the local city. Its a similar situation in our county. The rural/small town firms dont as its not worth the costs (historically) for the low volume. The Major town/city firms usually will.