Help for a newbie finding pension transfer expert please

gillybeanuk

Hi

I’ve been following the threads on DB pension transfer. Also looking at the pros, no dependents, life limiting health issues for me, and a chance to do something wonderful with the tax free cash that will change our hopefully early retirement. We also have other DB pensions that we won’t transfer.

I know people can’t recommend an IFA so I’m not asking that, but I’ve used unbiased and whilst the first IFA feels a transfer is worthwhile on the face of it, he is leaving the current network (flying colours) and setting up a new company, so suggested his friend who is also setting up with him and leaving and currently works with a similar set up, and they would both apply.

Sorry, long story short it didn’t feel comfortable, although the initial work is free, I felt a little pushed for them to transfer after the decision, and the decision hasn’t been made in time (I contacted them at the beginning of the CETV) In the meantime time has run out and my new offer has increased by £20k so not all bad.

I’d just like to find a pension transfer specialist and happy to pay a fee upfront. I have lost a little faith in unbiased, and don’t really know how to identify the qualifications for a PFT.

Does anyone know know other places I can search please?

Thanks for reading, and I hope you don’t mind me asking.

xylophone

https://adviserbook.co.uk/

When the menu comes up on the left hand side you would tick "confirmed independent" and "pension transfers".

And read

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/

Pension transfer specialists
Currently a pension transfer specialist must have CF30 (customer function) and hold a qualification from:

G60 or AF3 (CII)
Pensions paper of Professional Investment Certificate (IFS)
Fellow/Associate of Pensions Management Institute
Fellow/Associate of Faculty of Actuaries
By October 2020 FCA will require PTSs also hold the level 4 RDR qualification for advising on investments (or equivalent by other existing qualifications and gap-fill exercises) before they can advise on or check pension transfer advice.

Full details of the qualifications accepted are available in the FCA Training and Competence Handbook. The FCA heavily discourage direct offer or execution only in pension transfers and if this is to take place then the firm must make, and retain indefinitely, a clear record that no advice was given.

SeniorSam

It seems that the present IFA who is tied to one company has discussed matters with you but as he is setting up his own business with someone else soon, he wishes to steal the present company client (you) to benefit himself in his new company. If that was me, I wouldn't touch him with a barge pole. If he is prepared to cheat, how might he act for you. Better to find an established company with honest advisers.

wjr4

https://directory.moneyadviceservice.org.uk/en

Another option. It might take some time to find an adviser you are comfortable with. The first meetings should always be free to see if it’s even in your best interests to consider a transfer.

AF7 is the new AF3 exam FYI.

gillybeanuk

Thanks so much fr your help and comments.

Really, very much appreciated