Still got Pensions Dilemma....

zagfles

happyandcontented wrote: »

Good point re the LTA but the 2nd IFA suggested we should be ok on that front if;protections were in place, nothing more was paid in and a TFLS was taken.

So have you not paid anything into any pension since April 2016? If you have, FP2016 is not an option.

It looks like IP2016 wouldn't be possible either as it'll be based on the value as at April 2016 which would under £1M by the sounds of it, since the DB pension's value would be calculated as it was then, ie 20x the annual pension, not the CETV.

That's my understanding anyway. Others on here understand the LTA and protections better.

happyandcontented

zagfles wrote: »

So have you not paid anything into any pension since April 2016? If you have, FP2016 is not an option.

It looks like IP2016 wouldn't be possible either as it'll be based on the value as at April 2016 which would under £1M by the sounds of it, since the DB pension's value would be calculated as it was then, ie 20x the annual pension, not the CETV.

That's my understanding anyway. Others on here understand the LTA and protections better.

Yes, monies have been paid into pensions to date this year.
Correct that the amount would have been under 1m in April.

So does that mean we have missed the boat with LTA protections? If so, why did the 2nd IFA suggest it? I need to read more around that subject I think!

pip895

I have a confession in that I miss read your opening post and thought you had 4 DB pensions but there was something special about one of them:o.

You are actually in a similar position to me a few years back having a few DC's and one DB pension. What I did then was transferred the DC's into a SIPP at Hargreaves Lansdown. I got a free consultation and they then arranged everything. They will manage your portfolio for you to if you want (for a fee) but personally I'd just go with VLS80 or the like - no balancing necessary. I don't remember there being any fees to pay at all (it was a few years back though so that may have changed). Although HL are not the cheapest platform they do have a good reputation for customer service and their website is great.

I am now looking to transfer the DB pension a process for which you have to get IFA sign off (see my thread on here) I have no issues with hitting the LTA threshold sadly:D

I am now rather less charitably inclined to your first Advisor - there shouldn't be large fees involved in a DC transfer.

happyandcontented

pip895 wrote: »

I have a confession in that I miss read your opening post and thought you had 4 DB pensions but there was something special about one of them:o.

You are actually in a similar position to me a few years back having a few DC's and one DB pension. What I did then was transferred the DC's into a SIPP at Hargreaves Lansdown. I got a free consultation and they then arranged everything. They will manage your portfolio for you to if you want (for a fee) but personally I'd just go with VLS80 or the like - no balancing necessary. I don't remember there being any fees to pay at all (it was a few years back though so that may have changed). Although HL are not the cheapest platform they do have a good reputation for customer service and their website is great.

I am now looking to transfer the DB pension a process for which you have to get IFA sign off (see my thread on here) I have no issues with hitting the LTA threshold sadly:D

I am now rather less charitably inclined to your first Advisor - there shouldn't be large fees involved in a DC transfer.

Thanks, I have just had a look at the HL website. I have had some info packs from them before but never got around to doing anything with them.

It seems you can still do fee free set up and transfers into a SIPP through them. The ongoing charges seem much lower too. The first adviser's fees were around £6500 for a report and the set up and transfer and 1.4% ongoing.

Definite food for thought there. Have your funds increased at a reasonable rate since you moved to the SIPP (if you don't mind me asking?)

I wasn't aware that they had regional advisers,I thought they were London based/online, but it does seem as though they have a Chartered Planner who covers my area. I am going to arrange a consultation. I have nothing to lose and a lot to gain. I will broach the DB issue with him too, but probably just do the transfer of the DC pots first.

Thanks for the pointer.

pip895

I have been very pleased with performance. I don't have the figures for just the SIPP but our portfolio in general has gone up 11.5% this year so far , 16.1% in 2016, 5.1% in 2015, 7.4% in 2014 and 15.2% in 2013. I have pitched it to have a similar volatility to VLS60 but it has less bonds and more small companies. It all depends on your risk tolerance really.

VLS60 would be a reasonable choice I would have thought but if you want advice on that, best to speak to an IFA.

Alexland

HL might be good for you to start with but with the amount of money you are talking about the costs with be lower with a fixed price SIPP such as Halifax Share Dealing or Interactive Investor. You would still have pretty much the same choice of funds.

sandsy

happyandcontented wrote: »

I have researched him on the IFA registered site (using a link from his own website) and his name does not come up, is this a red flag?

Check whether the firm and the adviser are listed on the regulator's website:

https://register.fca.org.uk/

happyandcontented

sandsy wrote: »

Check whether the firm and the adviser are listed on the regulator's website:

https://register.fca.org.uk/

Thanks, the adviser is not initially listed on a name search, but the firm is but with 3 entries; Lapsed, Authorised and No longer registered.

Looking further back it appears the firm changed its registered number with the FCA in Aug 2016. From that point the adviser is listed as active. There is a long history going back to 1999 for him but why would a firm changed its number with the FCA? I may be reading too much into the info or misreading it altogether!!

LHW99

I think we would put the larger sum into cautious funds and the other 400k into medium risk.

You could regard the DB pension as your "cautious fund" and use the rest for medium risk (/more adventurous) investment.

zagfles

happyandcontented wrote: »

Yes, monies have been paid into pensions to date this year.
Correct that the amount would have been under 1m in April.

So does that mean we have missed the boat with LTA protections? If so, why did the 2nd IFA suggest it? I need to read more around that subject I think!

Suggest you do - I can't see how you can use LTA protection, and if you can't then you're creating an LTA problem by transferring out of the DB scheme.