Flat Fee for pension transfer - Any suggestions

Malthusian

pip895 wrote: »

I will be transferring to iWeb and self managing. They are aware of this. I think as part of the process of proving they have properly advised you they need to put you into what they consider a properly balanced portfolio. If you then decide to transfer and put the lot into junior gold shares that is down to you.

If the adviser's recommendation was that you transfer out of the DB scheme and into a globally balanced and diversified portfolio of mainstream funds, and you do that but then switch all your diversified funds into Junior Gold, against the vehement advice of the adviser (which he will keep copies of), then it's down to you. Chain of causality broken, y'see.

If the adviser's recommendation was that you transfer out of the DB scheme "because you want to self-manage" and then you self-manage by investing your entire CETV into Junior Gold, then it's down to him.

If the adviser recommends you transfer out when he doesn't know what's going to happen to the fund after it's transferred out then the advice to transfer out is automatically unsuitable. It's like recommending you jump off a cliff without taking a look over the edge to see what's at the bottom. This has been established in multiple Ombudsman cases.

If you want to transfer out and not tell the adviser what you're buying then he has to recommend against it and do it on an "insistent client" basis. There are far fewer advisers willing to go down that route.

pip895

I will listen dutifully to his advice and then transfer into a beautifully balanced portfolio of my own in iWeb - so cheep as is possible in terms of fees. Junior gold will not feature I assure you

freddymoney

Interesting that you chose the death benefits as a motive for moving, would keeping the DB scheme and taking out life cover for the same benefit provide the same outcome?

xylophone

so cheep as is possible in terms of fees. Junior gold will not feature I assure you

Not bird witted?:)

Bilk2004

freddymoney wrote: »

Interesting that you chose the death benefits as a motive for moving, would keeping the DB scheme and taking out life cover for the same benefit provide the same outcome?

That was the first thing i thought about and the premiums would be around the same as the transfer fee if i moved the pot. To be honest i was going round in circles so took the plunge and have a meeeting booked with an IFA to fully examine all the situations. Balked at having to pay a £1000 for the privileged but trying to look at it as an investment.