Fees for transferring DB pension

sandsy

Mcdomic wrote: »

Hi Gemma,

I used Tideway for my DB transfer in December 2018, the fee,s charged are 1% of total value of your DB CETV . I was happy with the DB transfer using Tideway which was all done in around 4 weeks which was exceptional, normally six to eight weeks or longer, good Tideway software package used to show you how the transfer progresses and ticks all the boxes. Good communications, very thorough and professional process. I have a Tideway wealth manager managing my Tideway SIPPS draw-down account, so far the returns have been very good and in line with what was predicted but these do come at a cost which is factored in. I can check my funds online at any time with clear information on current fund values, investments and fees, quarterly email on how the funds are doing, regular discussions with wealth manager as and when their are any area,s of change in circumstances.
I believe they do most transfers over 400K although I know of one case that they did for under the 400k mark. The performance of my managed SIPP is doing well and on target with what was calculated net of ongoing management fee. It is still early days as I am around 9 months in to my pension portfolio and everything is inline with what was predicted, certainly during these uncertain times. The have great calculators on the website to give you an insight of how your SIPP will perform over your life time at various rates and draw-downs, I hope this helps in what was for me a real learning curve, especially on what companies will charge you. I may add, Tideway will not charge you anything at the discussion process before the transfer, once the transfer is done, that fee comes off immediately and is a one off charge.

Good luck

Dear one-time poster: Will you still be happy with your DB transfer if the market tanks? Or if you run out of money while you're still alive?

People should be happy to get the right advice for them, based on their circumstances, irrespective of whether an adviser recommends a transfer or not. Just because you are happy doesn't mean that a transfer is the right thing for everyone else. People should also be wary of advice firms that only charge if they recommend a transfer - errr, conflict of interest anyone?

[Deleted User]

SeniorSam wrote: »

Have a chat with Hargreaves Lansdown. They are very easy to listen to and helpful with people who don't understand how things work. They will not try and sell anything to you, but their help may be just what you need.

Don't use HargreavesLansdown :eek:
If you wish to transfer your pension HL are the very last firm you should choose. If you do chat with them, they will promise to give you a "pretty clear indication" of the likely recommendation after the analysis stage (£1500 +VAT). More likely, at that point, they will tell you that your case is "in the balance" and entice you to progress to the report stage (£5,500+VAT) with the promise that, in the event of a negative recommendation, you can simply hop over to another provider, using their declaration. If you reach that point, you would be effectively trapped, as they will not attest to the fact that they have provided advice on the transfer form of the recipient scheme.
Hargreaves Lansdown approve 1 in 20 DB transfers, and most of the positive recommendations stem from foreshortened life-expectancy. They charge the same whatever the outcome, so it is simply safer for them to make a negative recommendation, regardless of suitability.


If you are clear in your mind that you do want to transfer, find an IFA who will only charge a fee in the event of a positive recommendation, and go for the cheapest.

AlanP_2

ZingPowZing wrote: »

If you are clear in your mind that you do want to transfer, find an IFA who will only charge a fee in the event of a positive recommendation, and go for the cheapest.

Don't do that, go for an IFA who will give you an honest, fact based appraisal of the situation and a recommendation, for which you will have to pay a fee.

Paying somebody only if they come to the answer you have pre-chosen is hardly independent advice, more like a bribe.

SonOf

If you are clear in your mind that you do want to transfer, find an IFA who will only charge a fee in the event of a positive recommendation, and go for the cheapest.

The FCA are looking to ban that and the consultation on that ban is due to end this month. It is expected to put in place very quickly.

Hargreaves Lansdown approve 1 in 20 DB transfers

Which suggests that they are in line with expectations. So, well done them.

if you do chat with them, they will promise to give you a "pretty clear indication" of the likely recommendation after the analysis stage (£1500 +VAT). More likely, at that point, they will tell you that your case is "in the balance" and entice you to progress to the report stage (£5,500+VAT) with the promise that, in the event of a negative recommendation, you can simply hop over to another provider, using their declaration.

All that seems reasonable. I personally think the initial guidance option is a bit pointless but its not as if they are unclear about what they may or may not do.

cloud_dog

SonOf wrote: »

All that seems reasonable. I personally think the initial guidance option is a bit pointless but its not as if they are unclear about what they may or may not do.

I think there might be someone who was unclear.

[Deleted User]

SonOf wrote: »

The FCA are looking to ban that and the consultation on that ban is due to end this month. It is expected to put in place very soon.. option is a bit pointless but its not as if they are unclear about what they may or may not do.

That being the case, all the more reason for someone determined to transfer to use an IFA
on the contingency of a positive recommendation. The huge conflict of interest problem awaiting buyers is the IFA bias towards a negative recommendation, regardless of its suitability to the circumstances of the client.

Second point, yes Hargreaves Lansdown are deliberately unclear about what they may or may not do. They say that - in the event of a negative recommendation - the insistent client can simply use their declaration to facilitate a transfer to an alternative provider. In practice, they will thwart the transfer by refusing to sign a declaration to the effect that they have provided financial advice as required on the transfer form of the recipient provider.

Third point , to cloud dog. Absolutely right. As a layman, I never dreamt that an adviser would refuse to confirm that he had provided advice , while handing the client the bill.

cloud_dog

I'm not going around this house again.

[Deleted User]

I never dreamt that an adviser would refuse to confirm that he had provided advice , while handing the client the bill.

Just copy and paste your first apology for this , cloud dog, I can't remember what it was.

bowlhead99

ZingPowZing wrote: »

I never dreamt that an adviser would refuse to confirm that he had provided advice , while handing the client the bill.

Just copy and paste your first apology for this , cloud dog, I can't remember what it was.

I remember your other thread "Don't use Hargreaves Lansdown", in which you admitted that although the adviser you had engaged did not fill out a form for the pensions company that you wanted to use, they did provide you a written and signed declaration that advice had been given.

You also provided us a link to the Financial Ombudsman Service report, who had assessed a complaint you made and noted that on 13 April (before you had actually paid the bill which you did not want to pay): "Hargreaves Lansdown did provide Mr W with a declaration confirming that it had provided independent advice".

Now you are back here again saying, "I never dreamt that an adviser would refuse to confirm that he had provided advice , while handing the client the bill."

Yet as you had admitted, and as the FOS confirmed when they got the facts from you and from Hargreaves Lansdown, the adviser Hargreaves Lansdown did give you a written declaration of advice, before you paid their bill. So the dream that you never had, didn't come to pass.

When you keep dragging up your previous story and implying that the adviser wouldn't confirm he had provided independent advice, while holding in your hand a signed piece of paper in which the adviser confirms he had provided independent advice, it is no wonder that people like cloud_dog are saying that they are not going to keep going round and round the same old issue again.

Either drop the issue, or next time you tell your tale, change the wording to tell the truth. We all know that HL provided advice to you and provided you with a declaration they they provided advice to you, because you and the published anonymised FOS report told us that it happened. So 'I wouldn't have dreamt that they would provide advice and then not confirm they had done so' is subtly off the mark.

[Deleted User]

Yeah, bowlhead, I said all that in my opening post.

The grinding point is that Hargreaves Lansdown won't acknowledge the truth (that they provided advice) to a third party.

Let's be clear, you're giving Hargreaves Lansdown a pass for charging £8/9 grand for advice; only for them to refuse to acknowledge to a third party that they provide advice? That's ok iyo..