Do I have to take advice

PaulSHAD

I am trying to transfer a workplace pension to my SIPP and have been advised that I need to take financial advice regarding the transfer as there are guaranteed benefits associated with the workplace pension. I have contacted the pension administrator for my old workplace pension and have been informed there are no guaranteed benefits (it was a defined contribution scheme). My SIPP is held with HL and they will require 3K to do the advice.
I would like to do the transfer, any idea where I can go from here?
Workplace Pension value approx: 150K
Thanks

MK62

Have you tried supplying HL with a copy of the information from your old workplace pension administrator stating that it is a DC scheme with no guaranteed benefits?

Alternatively, you could transfer to another SIPP who will take it without advice (and if nobody will, you may need to double check the info the pension administrator has given you)......after a year you could then transfer that SIPP to HL if you still wished to (transferring a new SIPP within a year can often incur punitive fees).
Other than that, I don't think there is much else you can do with HL - they are under no obligation to accept any transfer.

Another possibility is to approach a local (hopefully recommended) IFA, and see what they say.

beamyup

Alternatively, you could transfer to another SIPP who will take it without advice (and if nobody will, you may need to double check the info the pension administrator has given you)......after a year you could then transfer that SIPP to HL if you still wished to (transferring a new SIPP within a year can often incur punitive fees).

Good idea, pensionbee may be a good option as they "try hard" and do not have a minimum holding period.

The most obvious approach would be to discuss this directly with HL.

zagfles

PaulSHAD wrote: »

I am trying to transfer a workplace pension to my SIPP and have been advised that I need to take financial advice regarding the transfer as there are guaranteed benefits associated with the workplace pension. I have contacted the pension administrator for my old workplace pension and have been informed there are no guaranteed benefits (it was a defined contribution scheme). My SIPP is held with HL and they will require 3K to do the advice.
I would like to do the transfer, any idea where I can go from here?
Workplace Pension value approx: 150K
Thanks

There's clearly a misunderstanding about whether there are guaranteed benefits or not. Is it HL telling you there are guarantees? If so ask them what they need from the workplace scheme to prove there aren't any guarantees.

Albermarle

Alternatively you could try to transfer to another SIPP provider ( HL are expensive anyway ) and see what they say.

xylophone

I am trying to transfer a workplace pension to my SIPP and have been advised that I need to take financial advice regarding the transfer as there are guaranteed benefits associated with the workplace pension. I have contacted the pension administrator for my old workplace pension and have been informed there are no guaranteed benefits (it was a defined contribution scheme).

First clarify the situation regarding the safeguarded benefits.

If there are none, there is no requirement for advice.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

Or do you want advice about whether or not to transfer?

https://www.hl.co.uk/pensions/transfer-to-the-vantage-sipp

Is your pension not of a type listed on the HL site above?

dunstonh

Is there safeguarded benefits or not? If yes, you need advice. If not then you do not. It is a binary question with no shades of grey. The receiving scheme seems to believe there are safeguarded benefits. The ceding scheme says there are not. Only one of them is right and the wrong one needs providing the correct information which is very easy to do.

xylophone

I suppose that the old scheme is not DC with DB underpin?

See

http://www.mycompanypension.co.uk/What-is-a-Money-Purchase-Scheme-with-a-Defined-Benefit-Underpin-Pensioner-Members-DB

Silvertabby

xylophone wrote: »

I suppose that the old scheme is not DC with DB underpin?

See

http://www.mycompanypension.co.uk/What-is-a-Money-Purchase-Scheme-with-a-Defined-Benefit-Underpin-Pensioner-Members-DB

Or has a GMP?

PaulSHAD

Thanks for your replies, they have been very useful. I particularly like the idea of opening a 2nd SIPP.
I have forwarded on to HL the details from my old scheme administrator indicating there are no guaranteed benefits and am still awaiting their reply. The scheme (or company) is not listed in the ones on the HL website, probably because they are based in the Republic of Ireland.
There are certainly no safeguarded benefits of any kind, simply the options to buy an annuity, take the 25% cash, or transfer the funds to another scheme.
Also I most definitely do not want advice from HL as they will take 2% and probably advice me to do what I am attempting to do.
Really what I would like to know is which official body should I approach if HL continue to insist that I must take advice.Would that be the Pensions Ombudsman?

Pension_Geek

PaulSHAD wrote: »

Thanks for your replies, they have been very useful. I particularly like the idea of opening a 2nd SIPP.
I have forwarded on to HL the details from my old scheme administrator indicating there are no guaranteed benefits and am still awaiting their reply. The scheme (or company) is not listed in the ones on the HL website, probably because they are based in the Republic of Ireland.
There are certainly no safeguarded benefits of any kind, simply the options to buy an annuity, take the 25% cash, or transfer the funds to another scheme.
Also I most definitely do not want advice from HL as they will take 2% and probably advice me to do what I am attempting to do.
Really what I would like to know is which official body should I approach if HL continue to insist that I must take advice.Would that be the Pensions Ombudsman?

It being an Irish pension could mean its a QROPS transfer. Might require advice, not something I have ever looked at.

The ombudsman cant force a company to accept a transfer.