Why do I have to use a Financial Advisor?

sandsy

Boringfrog wrote: »

I am in the same situation as the OP, my DB pension does have benifits but only if I am married with children. Luckily I have neither.

Rubbish. It has significant benefits to you even without a spouse or children, not least a secure form of lifetime guaranteed income increasing with inflation each year. Some people would give anything for that rather than the sleepless nights of seeing their pension pot fall in line with investment markets and having to rein in their spending to make their fund last when they live longer than they expected (which most people do because they underestimate longevity).

The company my pension is with has gave me a final transfer figure and also stated I need to see a FA and enclose a written statement from said advisor with my transfer application. When I went to see a FA I told him exactly what I wanted and my circumstances, ie transfer my DB to a SiPP that I already have. After a 'free' hour of listening to him and a leaflet with their prices I feel I'm no further forward and think he didn't want to do what I asked.

He's not allowed to give you advice during the 'free' hour. And it's not his job simply to do what you ask either. His job is to give a professional opinion on whether he thinks it's in your best interests to transfer.

The regulator thinks most people should be told to stay put in a DB scheme. What makes you think you're not one of most people and that you're capable of taking on the risk of managing your own pot in to your dotage?

hyubh

Boringfrog wrote: »

I am in the same situation as the OP, my DB pension

The OP, it seemed (shame this was never clarified) had a DC pension with no safeguarded benefits though, so you are not in the same situation as them. I'd suggest starting your own thread, as this one is getting confusing with a different situation being thrown in.