FAs Go Ahead

soulsaver

A scheme transfer is a matter of paper shuffling and a transfer of money.
You don't need an FA to do it. Even the transfer of a DB scheme to a SIPP, you can do yourself. I've done it.

However to be able to do it, unless its under £30k, you DO need to be able to show you've taken advice from a Pension transfer qualified IFA - your existing scheme usually provides a pro forma document in the transfer document pack for the FA advisor to make a declaration & sign.
From a regulatory point the releasing scheme don't need to see the advice, or even know if it's positive or not. In my experience, they just need the signed declaration, but schemes may differ.

And you have to handle the needs of the receiving scheme, Interactive Investor or Hl etc.

You'll be able to have a preliminary chat with them to informally establish mutual acceptability - then request a transfer-in document pack from them if you want to see what's involved.

They may want to see proof of positive advice, but some don't.
Those that do may want to see the up-to-date certificate of professional standing of the advisor as well.

I believe AJ Bell (amongst others)will accept a transfer in without positive advice.

TBC15

soulsaver wrote: »

A scheme transfer is a matter of paper shuffling and a transfer of money.
You don't need an FA to do it. Even the transfer of a DB scheme to a SIPP, you can do yourself. I've done it.

However to be able to do it, unless its under £30k, you DO need to be able to show you've taken advice from a Pension transfer qualified IFA - your existing scheme usually provides a pro forma document in the transfer document pack for the FA advisor to make a declaration & sign.
From a regulatory point the releasing scheme don't need to see the advice, or even know if it's positive or not. In my experience, they just need the signed declaration, but schemes may differ.

And you have to handle the needs of the receiving scheme, Interactive Investor or Hl etc.

You'll be able to have a preliminary chat with them to informally establish mutual acceptability - then request a transfer-in document pack from them if you want to see what's involved.

They may want to see proof of positive advice, but some don't.
Those that do may want to see the up-to-date certificate of professional standing of the advisor as well.

I believe AJ Bell (amongst others)will accept a transfer in without positive advice.

Like what he said. Fully concur its unfortunate the IFA industry who have been given a monopoly on this advice aren’t stepping up to the plate.

dunstonh

TBC15 wrote: »

Like what he said. Fully concur its unfortunate the IFA industry who have been given a monopoly on this advice aren’t stepping up to the plate.

IFAs have not been given a monopoly. FAs are allowed to transact in this area as well.

If the demand was there and expected to be there long term then there would be more advisers. Once a firm tells its PI insurer it has done defined benefit transfers, the firm suffers the increased cost of that each year for the rest of its corporate life. So, it needs to be damned sure that it is going to be doing them after this short term window has closed.

Malthusian

The IFA industry does not have a monopoly - restricted advisers who hold the necessary permissions can do it as well. And you cannot force someone to step up to the plate if they don't fancy having beanballs thrown at their head.

In your profession are you obliged to serve people even if you don't want to?