Do I have to take advice

PaulSHAD

OK thanks, if HL do insist on advice being given then it looks like the only option open would be a 2nd SIPP, which I'm not adverse to, in fact it might be useful to try a 2nd platform. On the whole I am very happy with HL and have no complaints.

greatkingrat

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?

HL do not provide advice on whether to transfer or not. If advice is required it would be up to you to find your own advisor and agree a fee. Is it possible you have misunderstood what HL are saying and they are actually just recommending that you take advice?

dunstonh

The scheme (or company) is not listed in the ones on the HL website, probably because they are based in the Republic of Ireland.

They key is whether it is a UK pension or not. So, is the pension (not the employer) a registered UK pension or ROI pension?

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?

providers are allowed to insist upon advice to access their product if they so wish. Usually, this appears in safeguarded benefits, non-standard pension transfers, DB pension transfers or transfers of other pensions that fall under pension transfer specialist permissions).

PaulSHAD

The pension scheme is registered in the ROI, although I was an employee of part of the UK group.
(I am resident in the UK).
Also HL are not recommending, they are insisting, that I take advice in order to effect the transfer. They don't seem to have any problems with the origin of the funds, i.e the type of pension scheme, the country its registered in etc.
I don't wish to sound cynical but I feel they are insisting upon this in order to provide advice for 2% of the funds.
Obviously I can use an independent adviser which will probably reduce the fee, by my argument is that the I should be able to make this transfer without incurring any advice fees.

xylophone

Also HL are not recommending, they are insisting, that I take advice in order to effect the transfer.

No provider is compelled to accept a transfer.

Have HL explained why they are insisting that advice is taken before they would accept the transfer?

dunstonh

Also HL are not recommending, they are insisting, that I take advice in order to effect the transfer.

My guess is that is because it is not a UK registered pension scheme and cannot be transferred in the same way a UK registered pension scheme can be. It requires a method called QROPS.

It is a non-standard transfer. If there are no safeguarded benefits, this would be the standout reason that is most likely (behind it being an error).

They don't seem to have any problems with the origin of the funds, i.e the type of pension scheme, the country its registered in etc.

Have you actually told them that it is not a UK registered pension scheme?

I don't wish to sound cynical but I feel they are insisting upon this in order to provide advice for 2% of the funds.

That is not correct. They transfer money in and many out daily for pensions with no issues or advice required.

We are just speculating. HL will be able to answer this specifically by you phoning them and asking
1 - State the pension is not a UK registered pension but ROI - ask if it makes any difference.
2 - Tell them the ceding scheme have said there are no safeguarded benefits, so why do HL believe there are.

The answers to those two should clear it up.

xylophone

https://www.gov.uk/guidance/check-the-recognised-overseas-pension-schemes-notification-list#ireland

Is your scheme a ROPS on the above list?

https://www.aegon.co.uk/support/faq/pension-technical/Overseas-transfers-in.html