Who will accept a DB to SIPP transfer from "insistent client"

lewisp91

I get free advice x 3 from my employer to transfer from my employer DB schemes to a SIPP provider. The first attempt they advised against but it seems I can be an insistent client (withing 3 month time limit) and so I can transfer but I need to find a SIPP provider who will accept me. I tried Interactive Investor - T&Cs say no, Fidelity I have a SIPP but they say no. Awaiting AJBell.
Q. Does anyone else have any proven options? Fidelity told me I could transfer to a willing provider and then immediately transfer from that SIPP to Fidelity :-)

Albermarle

From previous threads on this forum, I think that AJ Bell will accept it .
As well as Fidelity and II , Hargreaves Landsdown will not accept insistent clients either.
It's because they are scared if they do and you run out of money in 10 years you will try and sue them for being accepting the transfer knowing an IFA has advised against it.

Of course it begs the question why you are going against the advice as it is probably not in your best interests?

[Deleted User]

Xafinity Simply SIPP will accept insistent clients - no frills, low fees - but the rider is that your financial adviser must sign their application form to say that that s/he has provided advice, to satisfy Xafinity's compliance team.

No reason in fairness why your financial adviser shouldn't sign such a declaration, of course, but do check.

Dox

If you are determined, then the simple answer is transfer to a stakeholder pension scheme (the only type of registered pension scheme which must accept a transfer from another UK registered scheme). Then transfer to your preferred SIPP (no exit fee permitted on a stakeholder).

You still need to show the DB scheme that you have received financial advice - but you don't need to have followed it.

squirrelpie

lewisp91 wrote: »

I get free advice x 3 from my employer to transfer from my employer DB schemes to a SIPP provider. The first attempt they advised against but it seems I can be an insistent client

I don't understand this first bit. What is 'free advice x 3'? Does it come from one or more suitably qualified IFAs? Also, if the first attempt advised against, what about the other two attempts?

lewisp91

My large public sector employer allows 3 separate financial advice reports for pension transfer from a qualified IFA company they employ. I have had one attempt which resulted in a NO.

lewisp91

Albermarle wrote: »

From previous threads on this forum, I think that AJ Bell will accept it .
As well as Fidelity and II , Hargreaves Landsdown will not accept insistent clients either.
It's because they are scared if they do and you run out of money in 10 years you will try and sue them for being accepting the transfer knowing an IFA has advised against it.

Of course it begs the question why you are going against the advice as it is probably not in your best interests?

I have had one report which said NO. I have 2 more attempts free of charge. If I get a good transfer value (currently 32x) then I want to make sure I can transfer. I'm a competent professional adult so i can decide my own future based on the evidence before me. The IFA didn't like my lack of exact dates but one of my reason for transfer was flexibility to cope with changing circumstances e.g. redundancy, transfer values as well as IHT as a single parent.

JoeCrystal

lewisp91 wrote: »

My large public sector employer allows 3 separate financial advice reports for pension transfer from a qualified IFA company they employ. I have had one attempt which resulted in a NO.

Do you mean the LGPS? That is only a large public sector employer with a public sector DB pension scheme I can think of that allows transferring out. However the fact they employ a qualified IFA company to give your free financial advice sound odd. If there is another large public sector employer that also allow a transfer out of their DB pension scheme, I am most interested to know.

lewisp91

Dox wrote: »

If you are determined, then the simple answer is transfer to a stakeholder pension scheme (the only type of registered pension scheme which must accept a transfer from another UK registered scheme). Then transfer to your preferred SIPP (no exit fee permitted on a stakeholder).

You still need to show the DB scheme that you have received financial advice - but you don't need to have followed it.

Any recommendations for a Stakeholder Pension with no exit fees and low management charges gratefully accepted

woolly_wombat

JoeCrystal wrote: »

Do you mean the LGPS? That is only a large public sector employer with a public sector DB pension scheme I can think of that allows transferring out. However the fact they employ a qualified IFA company to give your free financial advice sound odd. If there is a large public sector employer that also allow a transfer out of their DB pension scheme, I am most interested to know.

I find it difficult to believe that the LGPS would have the stated 'good transfer value (currently 32x)'.

JoeCrystal

woolly_wombat wrote: »

I find it difficult to believe that the LGPS would have the stated 'good transfer value (currently 32x)'.

Yeah. That is why I am awaiting for lewisp91's response with great interest. I know there are other public sectors funded schemes around so I am quite interested to know which large employer he/she referring to.

lewisp91 wrote: »

Any recommendations for a Stakeholder Pension with no exit fees and low management charges gratefully accepted

lewisp91 wrote: »

I'm a competent professional adult so i can decide my own future based on the evidence before me.

Then why are you asking for the recommendations? Surely, as a competent professional adult, you are more than capable of researching the pension providers that still retails stakeholder pension. It should not take you too long to find the answers.