D.B. to SIPP transfer advisor

trevrev3

Hi, i have made the decision to take the transfer value (436k) from my defined benefit pension and move it to my SIPP.

Despite being a seasoned and confident investor I am struggling to find an advisor to give me the positive recommendation required to satisfy my SIPP provider(I.I.).

Has anyone out there experienced this or can anyone recommend an advisor that isn't extortionate?

dunstonh

Has anyone out there experienced this or can anyone recommend an advisor that isn't extortionate?

The problem is that you are asking to transfer to a SIPP provider that an IFA would not use. And chances are that you want to pick the investments on that basis. So, that makes you an increased risk in an already high risk transaction that is generally regarded as missold unless proven otherwise.

It is a common scenario. There will be some out there willing but if they have any sense, the fee should be higher to reflect the risk (or most common sense option is just to tell you they are not interested).

sandsy

Another problem is that you seem to have decided to transfer, irrespective of whether, in the adviser's professional opinion, it's in your best interest to do so.

Being a seasoned and confident investor isn't enough for an adviser to recommend a transfer for you. It would be different if you were coming along with £436k in cash. But you're not, as your £436k is actually the cash equivalent of a completely different set of benefits. So the adviser has to undertake a full analysis of whether your existing benefits or the pot you could transfer to is likely to better for you. It's not just about where you could transfer to - it's very much about what you're giving up too. Are you a seasoned and confident expert in DB pensions too?

And as dunstonh indicated, choosing your own destination(II) simply complicates the picture even further as advisers don't normally deal with DIY SIPP providers.

Many advisers will therefore simply decline to do business with you as (a) you're too insistent on transferring and (b) they don't want the hassle of looking at a DIY alternative.

soulsaver

Where are you?

goRt

Do the transfer to iWeb and then into ii - iWeb will take an 'insistent client' transfer whereas ii won't.

Just be wary of holding cash in iWeb as you don't get specific named protect but are lumped with all other cash holdings. ii hold in your name spread across 12 banking institutions. A small risk, but one to be aware of.

Brynsam

Transfer to a stakeholder pension and then on to a SIPP?

trevrev3

I should have said , I live in sunderland

WillowCat

Although I eventually want my DB funds in a SIPP, I decided the easiest course was to let the IFA choose the pension and the investments. I plan to leave it there a year (six months to go now) and then transfer into a SIPP, which of course being DC to DC doesn't need advice.