Transfer DBS to DCS

mazworld15

Dox wrote: »

£4.8K is about twice the amount I'd expect to see someone paying - ask how much of it the referring IFA gets in exchange for the introduction.

Thank you I thought it was a lot

mazworld15

dunstonh wrote: »

Why Pru? They are not well priced. Their offering is basic. They only have one thing going for them and that makes them a niche offering.



Only around 1 in 10 advisers hold the increased permissions required.



If only.

The biggest issue for advisers is the liability. They will still be paying increased PI premiums long after transfers have dried up again. Indeed, in todays press, another DB transfer firm has closed today as it could not get PI insurance. It is a significant risk to your business and many firms dont want it.

Just a name I know and thought 4% was ok? Yes I saw that today it's a minefield finding it all a bit scary

goRt

£2,400 in total for both parts here (no affiliation, not used, found by a google search):
https://www.first-equitable.co.uk/final-salary-pension-transfer-advice/

Malthusian

mazworld15 wrote: »

This is partly what I didn't get he said there were none? will have to research

Either you have misunderstood or been mislead. If it is the latter, find a better adviser. They are supposed to be doing the research, and making sure you understand exactly what you are paying. That's what you pay £4,800 for.

Which adviser are you using?

Someone paying £4,800 for advice should be getting better advice than to be dumped in PruFund (I'm guessing that it's PruFund, but it's an educated guess) and told it's free.

If it is PruFund, PruFund is With Profits. Any advice to give up the real guarantees of a defined benefit pension so you can have the pretend guarantees that With Profits offers is suspect until proven otherwise. Anyone prepared for the risks of giving up a defined benefit pension should have little need for the risks to be hidden from them using With Profits.

xylophone

https://www.royallondon.com/Global/documents/GoodWithYourMoney/COMPANY-PENSIONS-FIVE-REASONS-TO-TRANSFER-OUT-AND-FIVE-REASONS-NOT-TO.pdf

https://www.fca.org.uk/news/news-stories/advising-pension-transfers-our-expectations

https://www.ftadviser.com/pensions/2018/01/05/adviser-under-fire-for-offering-to-arrange-pension-transfer/

http://www.thepensionsregulator.gov.uk/docs/db-dc-transfers-conversions-regulatory-guidance.pdf

https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme

Firms advising on transferring your defined benefit pension to a defined contribution pension must have specialist knowledge in this area. You can ask them if they're qualified in this field


The Money Advice Service has a retirement adviser directory you can use to draw up a shortlist.

All the advisers and firms on the directory are regulated and will also show whether they have advisers who are qualified to deal with transfers from DB schemes.

We suggest you contact at least three firms to find one that suits your needs.

mazworld15

Hi all thank you so much for all your replies sorry not thanked you before, spilled a drink on laptop so had no computer, def not capable of managing a SIPP lol

mazworld15

goRt wrote: »

£2,400 in total for both parts here (no affiliation, not used, found by a google search):
https://www.first-equitable.co.uk/final-salary-pension-transfer-advice/

Thanks for this, spoke to them today, set fee 1450 plus 950 but also adviser fees to put money to the Pru as apparently Pru wont accept execution only so about 4k in fees in total.Other option is the 1450 plus 950 and put funds in A J Bell Sipp, but think still be fees to tfr to the PRu.

mazworld15

Malthusian wrote: »

Either you have misunderstood or been mislead. If it is the latter, find a better adviser. They are supposed to be doing the research, and making sure you understand exactly what you are paying. That's what you pay £4,800 for.

Which adviser are you using?

Someone paying £4,800 for advice should be getting better advice than to be dumped in PruFund (I'm guessing that it's PruFund, but it's an educated guess) and told it's free.

If it is PruFund, PruFund is With Profits. Any advice to give up the real guarantees of a defined benefit pension so you can have the pretend guarantees that With Profits offers is suspect until proven otherwise. Anyone prepared for the risks of giving up a defined benefit pension should have little need for the risks to be hidden from them using With Profits.

Thank you. I rang him today to say could get tfr cheaperthan the 2% he quoted, he said oh sorry we're not doing under 500k now and the cost is 3%!

mazworld15

Finally got my report wanting to transfer the cash equivelant out of my DBS scheme and they wont recommend it! Spoke to the IFA today , explained again that I wanted 100% of the fund after the 25% in trust for my son who has a disability, am in poor health, if I die my spouse will get a 50% pension but my son would get nothing etc but obviously they stand by their advice, am thinking the anser is no but is there anything I can do? many thanks for any replies.

xylophone

You are required to obtain the advice, not necessarily to follow it.

However, your choice of a scheme to accept the transfer may be limited as some will not accept a transfer without a positive recommendation.

https://www.professionaladviser.com/professional-adviser/news/3015853/martin-tilley-sipp-providers-accepting-insistent-clients-is-questionable