Transfering a DB pot of less than £30K, is it possible without an IFA and a TVAS?

teflontinker

I know the rules state that a DB pension can be transferred into a SIPP ( for example) if its CETV value is less than £30,000. but I can't find any pension scheme or SIPP provider that will accept the transfer without me having advice from an ISA, who understandably would want to undertake a TVAS calculation to support any transfer.

My basic circumstance are, I have 2 DB pensions one with a CETV value of £250k, which i intend to keep and another with a value of £29,500, a British Steel one which I would like to transfer to a SIPP or other pension scheme and then maybe draw on it when i'm 55, I'm currently 48.

Is the IFA and TVAS a definite requirement, i understand it helps manage any further claims against the pension company for poor advice but can it be done?

dunstonh

Transfering a DB pot of less than £30K, is it possible without an IFA and a TVAS?

Theoretically yes. Commercially no.

Is the IFA and TVAS a definite requirement

Legally no. Commercially yes.

firms are allowed to protect their backsides and refuse to accept business that is statistically unlikely to be suitable. The historic position of the regulator is to treat DB transfers as being missold unless proven otherwise and more recent trends has seen the regulator and FOS target providers where no adviser was used.

xylophone

Have you tried AJ Bell?


https://www.youinvest.co.uk/faq/do-you-accept-final-salary-transfers


Do you accept final salary transfers?

Yes, we do accept final salary transfers. But before you go ahead and transfer to us, you’ll need to seek advice from a suitably qualified financial adviser if your transfer value is £30,000 or above.

drphila

I'm pretty sure you'll be able to find a SIPP provider that will accept the transfer without advice or a TVAS

[Deleted User]

My spouse has recently completed a transfer to AJ Bell, who were very helpful. Defined benefit pension under £30000. No advice requirement. The transfer was done on a DIY basis and did not incur any fees.Please do as much homework and gather as much info as possible before you proceed,
Regards,
Billy

iro

I have a lot of time for AJ Bell 'execution only' a SIPP for adults!

teflontinker

An oldish thread I know but thanks to everyone who answered my questions. I have completed the transfer to AJBell's SIPP. Without the advice given on here I wouldn't have proceeded and that just goes to show that giving some of your time to helps others really does make a difference.

I now have the hard bit of where and when to invest the money. ETF's are looking favourable.