DC to DB pension transfer

Arp

Hi

I tried to move a DB pension to a SIPP a year or so ago and after paying for advice was advised to leave it in DB. I have no spouse or dependants and my health isn't great so I want to be able to nominate a beneficiary upon my death so DC all the way. The adviser refused to transfer it so I'm looking for an adviser who will do this on an "Insistant Client" basis. Reeves do so but the charging structure puts me off. I'd like to be able to transfer it into an existing SIPP if possible. Any recommendations on suitable advisers?

dunstonh

I have no spouse or dependants and my health isn't great so I want to be able to nominate a beneficiary upon my death so DC all the way.

Based on the extremely limited info you have given, it actually sounds more like DB is suitable than DC. So, the recommendation seems correct.

So, why do you think it's a good idea to transfer it?

xylophone

So, why do you think it's a good idea to transfer it?

He has no spouse or children to benefit from widow/dependant pension and thinks that his health condition means that he could have limited life expectancy.

He wants to be able to transfer the (presumably high CETV) to a SIPP in the hope of leaving a substantial sum to a person/good cause etc.

xylophone

The adviser refused to transfer it

You paid for the advice of a Pension Transfer Specialist?

You have his written recommendation (albeit to stay in scheme)?

You are compelled only to take advice not to follow it?

If really determined to go ahead, you need to find a provider who will accept a transfer without a positive recommendation?

Arp

Yes, that's exactly what I'm trying to do.

Arp

Spot on summary of my situation...Thanks

AnotherJoe

Just noticed the heading is the wrong way round as well

Arp

Yes my bad, I'm.trying to put Final Salary into a SIPP...oops, good spot!

Dox

Did you bother to read the answer I gave when you asked this yesterday on another thread?

The DB scheme will require evidence that you have received advice from a suitably qualified person, not that you have followed that advice. You'd done that and your adviser should be prepared to certify to say they have given advice etc etc.

A stakeholder pension will accept the transfer in, so why do you need to be an insistent client? Transfer to that and then if necessary on to your preferred choice, be it a SIPP or whatever. The transfer from the stakeholder will be DC to DC, so no advice needed.

Arp

Hi..thanks for your reply. I couldnt find the other oost again so didnt see your reply. Much appreciated, I will look into what you've said.