Final Salary deferred pension Transfer to a SIPP

dmelife

I have the necessary qualifications, but it’s potential clients like you, who think they already know it all, that put me off giving the advice. You can turn around in 30 years when you have run out of money and claim to have been mis-sold and we carry the liability indefinitely. You’ve already decided what you want to do, before you’ve had the advice and don’t have a clue what an IFA has to do to provide compliant advice in this area.

If you already have a SIPP it means you are likely going to self manage, which makes it more difficult, as you will control the underlying investments and could !!!! it up. We would have to take into account how the CETV will be invested when giving the advice.

In terms of the cost, I would expect you to pay £10k plus, which is likely the minimum required to cover the excess on the firms insurance under new rules.

Albermarle

To be fair it's 507k now or 31k in 11 years time.

Obviously we do not know the full details but I think we can assume that the value of this FS pension today is something like £20K pa ( £30K minus projected inflation during the 11 years )
If it is the usual type of FS pension i.e . + RPI and 50% spousal pension , then £507K looks to be on the low side for a CETV.A lot of assumptions here but if I am in the right ball park then an IFA would almost certainly advise against transferring.

If I had £507k kicking around (I don't) I'd happily give it up for £31k pa indexed linked

I agree !