Still got Pensions Dilemma....

happyandcontented

zagfles wrote: »

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.

The IFA suggested it, so I assumed he knew what he was talking about.

Thrugelmir

pip895 wrote: »

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.

Are you crediting this performance to your stock picking skills?

zagfles

happyandcontented wrote: »

The IFA suggested it, so I assumed he knew what he was talking about.

It sounds like you assumed wrong It's best to understand these things yourself.

pip895

Thrugelmir wrote: »

Are you crediting this performance to your stock picking skills?

No indeed - I don't. I have mainly funds, a mixture of passive & active and I would have got broadly similar results putting the whole lot in VLS60.:D

happyandcontented

zagfles wrote: »

It sounds like you assumed wrong It's best to understand these things yourself.

Well, of course it is, but we generally pay for advice/services from professionals are we supposed to second guess them all? If someone rewires my house should I assume he is not competent and go and check all his work or should I be able to rely on his credentials?

The IFA in question is a Chartered Financial Planner so, not unreasonably, I believed he knew what he was talking about, it seems, from what I have since read that he didn't. Which throws yet another spanner in the works!

coyrls

happyandcontented wrote: »

However, he came highly recommended by an IFA we know. She was upfront that she would receive a commission if we used him.

It's good that she told you that she would receive a commission but the fact that she would be paid for a recommendation would make me more circumspect.

happyandcontented

coyrls wrote: »

It's good that she told you that she would receive a commission but the fact that she would be paid for a recomendation would make me more circumspect.

Actually, I think she said "referral" so maybe a referral fee then commission on products bought?

To be fair, she is not a Pensions Specialist so she has to have a link with one or not be able to service that requirement for her clients.

zagfles

happyandcontented wrote: »

Well, of course it is, but we generally pay for advice/services from professionals are we supposed to second guess them all? If someone rewires my house should I assume he is not competent and go and check all his work or should I be able to rely on his credentials?

The IFA in question is a Chartered Financial Planner so, not unreasonably, I believed he knew what he was talking about, it seems, from what I have since read that he didn't. Which throws yet another spanner in the works!

Sorry didn't mean to imply and criticism of you - that was aimed at the IFA. I've often found the ignorance of some IFAs staggering, even on this board.

They're probably useful for someone who knows next to nothing about finance, but for those who do understand or are capable of understanding with a bit of research, you're likely better off working things out for yourself.

PS here's a example from the RL website which pretty much fits your situation, it's for advisers so why not point your IFA at it : http://adviser.royallondon.com/news/pensions/2017/january/db-transfers--one-more-factor-to-consider/

happyandcontented

Yes, I am now wondering if the best course of action would be to transfer to the spouse the 400k DC pots, leaving the DB open to be transferred without breaching the LTA? No idea if that is allowable or not.

Audaxer

Before it was possible to transfer your DB pension, if you were previously happy that you were going to get £26k per annum at age 65, and confident that the DB pension combined with your other pensions was going to provide you with a comfortable retirement, why complicate things and take more of a risk by transferring the DB pension, and putting all your eggs in one IFA basket?