Advice on merging pots

KM7

Hi

I have several pensions that I wish to merge - unfortunately the companies involved are insisting a financial adviser signs off the transfers. Can I get this done without paying a set percentage fee? I don't need advice and am quite confident in what i am doing, I just need someone to sign off on transferring the funds. I don't want to pay an adviser what might be several thousand pounds just to do this if i can avoid it as it seems they would be doing little to earn it if I'm blunt!

Thanks

Marcon

Yes. See https://www.moneyadviceservice.org.uk/en/articles/Guide-to-financial-adviser-fees

When you say 'sign off' do you mean they are insisting that the adviser has to give a positive recommendation, or simply that the transactions have to be handled via an adviser?

Any of the funds involved have guarantees and/or are defined benefit with a transfer value of at least £30,000? If so, then you are looking at what could indeed be several thousand pounds 'just' to do this - it's a hugely high risk area for advisers. Make sure that anyone you instruct will be willing to sign whatever paperwork the ceding scheme requires, even if the recommendation is not to transfer.

KM7

Thanks - appreciate your help.

None of my pots have special guarantees or defined benefits - one is a deferred pot from an old pension that was bought out and I believe has no associated charges (held with PIC), two are old workplace pensions that are smaller. I want to merge the two workplace ones to save on charges.

I believe Scottish Widows and Royal London ( the workplace ones) require they are handled by an adviser - I don't think they insist on a positive recommendation.

zagfles

If they aren't defined benefits or have guarantees (eg guaranteed annuity rates etc), then AIUI they can't stop you transferring out, advice or no advice.

The scheme to which you are transferring might insist you use an advisor, as some operate that way, you just need to find a provider that will accept the transfer. Who do you want to transfer to and what have they said?

As an example this is what HL say: https://www.hl.co.uk/pensions/transfer-to-the-vantage-sipp

Marcon

KM7 wrote: »

I want to merge the two workplace ones to save on charges.

You may already have checked this, but just in case not...

Unless there is some sort of flat monthly charge (entirely possible if these are elderly pension pots), you won't necessarily save on charges, which 'these days' are normally based on total fund value.

xylophone

one is a deferred pot from an old pension that was bought out

You are sure that this is not a S32 with GMP?