Which sips allow db transfer in

chiefie

On a positive recommendation ?

Apologies as I know this has been discussed before but I can't find all the answers in one place.

I think I saw ajbell as one but what about fidelity and h-l ?

Cheers all

dunstonh

Which sips allow db transfer in
On a positive recommendation ?

All of them.

gonedownthepub

How does the receiving SIPP company know if the recommendation was positive/negative?
I was under the impression that was all for the benefit of the DB pension provider when transferring and all they require is evidence saying you had taken advice if no positive recommendation was forth coming.
Surely the DB provider just transfers to your nominated SIPP when they are happy all the formalities are completed at their end?

dunstonh

How does the receiving SIPP company know if the recommendation was positive/negative?

They will ask to see the suitability report from the adviser.

I was under the impression that was all for the benefit of the DB pension provider when transferring and all they require is evidence saying you had taken advice if no positive recommendation was forth coming.

There have been some FOS decisions which have ruled investments being unsuitable on DIY cases and have blamed the FOS provider for allowing it. This has led to some requiring a positive advice recommendation.

Do not mix up legal requirements with commercial decisions based on liability issues.

gonedownthepub

So are there any providers that will accept funds from a transfer that was not recommended?

dunstonh

gonedownthepub wrote: »

So are there any providers that will accept funds from a transfer that was not recommended?

yes there are.

soulsaver

gonedownthepub wrote: »

So are there any providers that will accept funds from a transfer that was not recommended?

I believe some will - AJ Bell for example.
Some won't, Interactive Investor & I believe, H-L, for example.

pip895

iWeb use AJ Bell and don't require a recommendation. Pretty cheep to for a largish sipp.

gonedownthepub

Thanks for the info.
Is there list of other providers-I am sure there was a thread some time ago stating a few more.

soulsaver

Maybe you should sharpen up your research skills in readiness for managing your SIPP ...

CFrog

I have just completed a DB transfer into HL who would only accept the funds with a positive recommendation from the IFA; they wanted to see something from the IFA to back this up too. As a fall-back, I found that A J Bell would accept the funds irrespective of the recommendation.