DB Cash Value Transfer to a DC Pension Pot

Jimbo911

I am in the process of transferring the cash value of my Deferred DB pension into my current occupational DC pension. The transfer value is over £30,000 and I have been told I must have confirmation that appropriate independent advice has been obtained from an authorised independent adviser or an appointed representative.

Can anyone explain what this advice involves, transfer timescales and any possible issues I may encounter along with estimated costs?

xylophone

https://forums.moneysavingexpert.com/discussion/5728934

post 3.

You will need to discuss fees with the adviser giving the advice.

Have you checked with the your current providers whether or not a positive recommendation to transfer would be required before they accepted a transfer in?

With regard to a time scale, you could be looking at anything from weeks to months.

Jimbo911

xylophone wrote: »

Have you checked with the your current providers whether or not a positive recommendation to transfer would be required before they accepted a transfer in?

A very good point which I will follow up.

Francesca99

Your financial advisor should have told you about something called a TVAS report. Cost is about £1000. I did a transfer recently and this was part of the process.

cooky44

Sent you a PM

CFrog

Jimbo

I've just completed the process and have asked a few questions myself and shared some experiences in the following threads that you may find helpful:

https://forums.moneysavingexpert.com/discussion/5563654
https://forums.moneysavingexpert.com/discussion/5593154
https://forums.moneysavingexpert.com/discussion/5611225
https://forums.moneysavingexpert.com/discussion/5618560
https://forums.moneysavingexpert.com/discussion/5665088

Send me a PM is you have any specific queries.

Regards

bigadaj

Francesca99 wrote: »

Your financial advisor should have told you about something called a TVAS report. Cost is about £1000. I did a transfer recently and this was part of the process.

Sounds very cheap.

pip895

bigadaj wrote: »

Sounds very cheap.

Its typically just the first part of the process followed by a % charge e.g 1% to sign off the transfer. I have gone for one that gives a free report with ~1% fee to sign off.