DB to DC help please!

elbows123

Hi,

I would like to move my DB scheme into my DC or my SIPP and am struggling to find an adviser who can do this without paying 3k for the privilege and being sold asset management services.

I understand I need to pay for the advice but considering the size of the pot it's just not worth paying so much for, plus I have managed assets on both a personal and professional basis for 20 years. I am told by many advisers this is harder because I am 40 and their ppi simply won't cover it.

Has anyone encountered this themselves and can offer any guidance?

dunstonh

And am struggling to find an adviser who can do this without paying 3k for the privilege and being sold asset management services.

£3k is cheap.

. I am told by many advisers this is harder because I am 40 and their ppi simply won't cover it.

its not PPI. its PI.

And yes, self managed investors are higher risk and many firms wont take on that risk.

However, it is possible to get transactional. Just avoid firms that tag themselves "wealth management". Ongoing services are optional and can be cancelled at any time. Once out of the DB scheme, you can move it again at your leisure.

elbows123

dunstonh wrote: »

£3k is cheap.



its not PPI. its PI.

And yes, self managed investors are higher risk and many firms wont take on that risk.

However, it is possible to get transactional. Just avoid firms that tag themselves "wealth management". Ongoing services are optional and can be cancelled at any time. Once out of the DB scheme, you can move it again at your leisure.

Thanks, I think I must have been distracted by the ppi payout claim banner on the right

I understand what you are saying and I feel for the guys who are doing this, from my perspective it is expensive and is a tick box exercise for experienced investors. The moving into a fund just to move out again is really testament to this.

Albermarle

Has anyone encountered this themselves and can offer any guidance?

This is a regular topic on this forum . Unfortunately you can not avoid the large IFA fee ( if you can find one ) however experienced you are as an investor.
Also if the IFA advises against a transfer ( which is usually the case ) and you still want to go ahead , then you will find that many mainstream SIPP providers will not accept the transfer.

elbows123

Thank you for the reply.

It sounds like a mess, the regulator has made a real hash of protecting the consumer and the industry.

JoeCrystal

I think, in this case, the government made the right choice in ensuring that the consumers get the appropriate protection. We generally do not want people to make costly mistakes, after all. The DB pension schemes are very valuable after all.

elbows123

Hi,

I agree but appropriate protection for you may not be for me.

cloud_dog

elbows123 wrote: »

I understand what you are saying and I feel for the guys who are doing this, from my perspective it is expensive and is a tick box exercise for experienced investors. The moving into a fund just to move out again is really testament to this.

Ummm, the investment side of things has little do do with the risk of transferring out a DB scheme.

elbows123 wrote: »

I agree but appropriate protection for you may not be for me.

Perhaps that protection is for you after all?

elbows123

For me the investment side has alot to do with it, I am calculating a guaranteed income stream vs long term market average returns.

atush

I've been an investor a long time now. And am happy to manage my accounts.

That said, if i had a DB pension, i'd be keeping it as 'insurance' NOT transferring it.

elbows123

Hi,

So hypothetically you are 40 years old, your pension pays you 1k p.a at 60 linked to rpi, your employer will give you a 40k transfer value today, would this be good insurance to keep?