Transfering DB to SIPP

dunstonh

The figures I was given were for Standard life and they were more expensive than the deal I have with HL?? Then I had to pay another 1% ongoing fee to them, for ongoing advice.

That does not make sense. Std Life operate two platforms. Both of them are cheaper than HL.

As I have already said, the 1% ongoing fee is optional.

If costs are that much of a concern then a personal pension would be cheaper than both HL and Std Life.

Interesting so they would for instance say that the move was "too risky" if I was self managing.

If you have no history of managing investments and are looking to build a bespoke portfolio yourself, they may well say they consider it inappropriate.

In cases where there is no ongoing servicing, the investments recommended may be more basic.

Could I still take that report to HL and say "I've taken advice but I have decided to ignore it" or do you have to go with the advice?

The IFA signs to say advice was given. Some providers will only accept a positive recommendation to transfer to them.

Alternatively could I go along with the advisors suggestion and get a positive recommendation to move but at the last minute divert the money to HL?

That does not change a thing as the IFA still has to sign HL's forms.

gonedownthepub

pip895 wrote: »

So far I have spoken to two advisors one over the phone and the other face to face and neither is willing to sign off on a transfer to HL, although they have indicated that they would "probably" recommend a transfer.

Their costs are less than using the HL advisory service but by the time you add additional ongoing yearly costs (platform and advice) they work out more expensive after only one year. Is keeping control of the money a common restriction?

Brynsam wrote: »

The scheme trustees " were keen to give members a better deal?!" - I wonder who on earth spun you that line...

Quite simple really the scheme advised me of this prior to changing factorisation to x40

Malthusian

pip895 wrote: »

Alternatively could I go along with the advisors suggestion and get a positive recommendation to move but at the last minute divert the money to HL?

Not exactly (as per DunstonH). But you could 1) accept the adviser's recommendation to transfer into Standard Life into a sensible diversified portfolio, then 2) terminate the servicing agreement and transfer the pension from SL to HL and invest in whatever you like. At point 2) it's transferring a personal pension to another personal pension so there are no regulations about requiring advice and HL will not require any sign-off from an adviser.

You would still have to pay any initial fees agreed with the IFA but not the ongoing fee.

You would be paying more for less but it's your money.

No reputable IFA will recommend that someone transfers out of a DB pension and into ????? for ????? reasons. So to transfer directly to a DIY provider to self-manage you are going to have to go down the insistent client route. The only platform I know of that will accept insistent clients is AJ Bell and the number of IFAs willing to help insistent clients go against their advice is also more limited.