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

AaronEP

Hi. Thanks for all your comments - this has been very helpful. I've been reading as many threads re DB transfers as I can, but still left with a query. If my IFA recommends not to transfer & I then become an insistent client the Advisor has said they would provide the section 48 declaration (confirming I've taken financial advice) but would not assist with the transfer. I asked the Pension Advisory Service what was involved with implementing the transfer by myself, & they said I would have to find a financial advisor who would be willing to do it for me. Is that right? Are there any Advisors out there who would take that on? 

AlanP_2

AaronEP said:

Hi. Thanks for all your comments - this has been very helpful. I've been reading as many threads re DB transfers as I can, but still left with a query. If my IFA recommends not to transfer & I then become an insistent client the Advisor has said they would provide the section 48 declaration (confirming I've taken financial advice) but would not assist with the transfer. I asked the Pension Advisory Service what was involved with implementing the transfer by myself, & they said I would have to find a financial advisor who would be willing to do it for me. Is that right? Are there any Advisors out there who would take that on? 

You don't need an advisor to transfer a pension and I can't imaagine that any of them would want to touch it with a bargepole if you get a "no" from the IFA doing the transfer analysis.

You can transfer to SIPP with A J Bell or in to a Stakeholder scheme, just a DIY process - complete relevant forms that both the DB and the DC people need and let them get on with it. The DC provider will request the funds from the DB scheme once all the process stuff is sorted.

Malthusian

AaronEP said:

I asked the Pension Advisory Service what was involved with implementing the transfer by myself, & they said I would have to find a financial advisor who would be willing to do it for me. Is that right?

Just to confirm what AlanP said, that is wrong. They thought you asked "can I transfer a DB pension above £30k by myself" (which you can't) instead of "can I implement a transfer I have already taken regulated advice on by myself" (which you can).

The PAS got it wrong because they answered the question nearly everyone else asks instead of the question you asked.

AaronEP

Many thanks, AlanP_2 and Malthusian. I didnt think it sounded right, but I was getting no where with the guy I spoke with - and that was after he had checked with his 'Policy Team'. So, it sounds quite straight forward then. I'm still hoping to get a positive recommendation from the FA. But the one criteria I'm uneasy about is the "Why now?" question. I'm 59 & NRA is 65. One IFA I spoke to informally said I would need to wait until I was a lot nearer NRA & that there would be an expectation that I should spend my existing liquid funds in the meantime. Does that ring true? Any thoughts/suggestions? I was wondering if I either don't declare the funds, or say it's earmarked for a holiday property purchase.

AlanP_2

AaronEP said:

Many thanks, AlanP_2 and Malthusian. I didnt think it sounded right, but I was getting no where with the guy I spoke with - and that was after he had checked with his 'Policy Team'. So, it sounds quite straight forward then. I'm still hoping to get a positive recommendation from the FA. But the one criteria I'm uneasy about is the "Why now?" question. I'm 59 & NRA is 65. One IFA I spoke to informally said I would need to wait until I was a lot nearer NRA & that there would be an expectation that I should spend my existing liquid funds in the meantime. Does that ring true? Any thoughts/suggestions? I was wondering if I either don't declare the funds, or say it's earmarked for a holiday property purchase.

If you want honest, useful analysis and advice to decide on whether to transfer or not, the pros and cons etc. then give then IFA the full picture.

As you can still transfer with a negative advice why bother trying to game the system?

Antysam

Hi 
I’m joining this thread because I’m pretty sure I’m going to be in the same position as quite a lot of people on the thread.I have been referred to a pension transfer specialist (Pensionhelp) by my IFA ,I’ve gone through triage and have my next appointment with Pensionhelp on Tuesday.After doing lots of research I’m 99% certain that recommendation will be a no,If so I want to go down the insistent client route - I have a couple of questions~

Do I need a full advice report to become an insistent client ? 

Or will an abridged advice report do ?
How do I go down the insistent client route? 

Thanks for any advice you have to offer 🙏

dunstonh

After doing lots of research I’m 99% certain that recommendation will be a no,

If it matches the historical rate, then it would be 90% likely to be a no.

Do I need a full advice report to become an insistent client ? 
Or will an abridged advice report do ?

You need the full advice process and not the abridged shorter process.    That abridged process is a lower cost option for people that want an idea but are not wedded to transferring out.

How do I go down the insistent client route? 

The adviser is required to sign the declaration saying that they have given advice.   The receiving scheme provides that declaration.     Some providers also insist that the adviser takes the liability for the selection of product/provider but the IFA will not sign those on a negative recommendation.     The number of providers that take insistent only DIY customers are very low. Stakeholder pensions and AJ Bell are often mentioned.  Not many stakeholders left nowadays.  So, AJ Bell is frequently used.  If you dont like AJ Bell, then you can always move it away from them afterwards as once it is in the SIPP it is free to move to wherever you want without future declarations.

Thanks for any advice you have to offer 🙏

Nothing you read here is advice.  It is comment, discussion and opinion.

Albermarle

If you dont like AJ Bell, then you can always move it away from them afterwards as once it is in the SIPP it is free to move to wherever you want without future declarations.

Although if you transfer to A J Bell and transfer out again within a year, there is a charge of around £300.

However they are a perfectly good SIPP provider for a DIY investor, so would be no pressing need to transfer out in reality.

squirrelpie

Antysam said:

Hi 
I’m joining this thread because I’m pretty sure I’m going to be in the same position as quite a lot of people on the thread.I have been referred to a pension transfer specialist (Pensionhelp) by my IFA ,I’ve gone through triage and have my next appointment with Pensionhelp on Tuesday.After doing lots of research I’m 99% certain that recommendation will be a no,If so I want to go down the insistent client route - I have a couple of questions~

Do I need a full advice report to become an insistent client ? 

Or will an abridged advice report do ?
How do I go down the insistent client route? 

Thanks for any advice you have to offer 🙏

Probably a silly question, but it seems you have decided that you want to transfer your pension before you have taken advice and despite concluding yourself that the best advice is likely to be to not transfer. What makes you think that your situation is so special that what is actually best and what the advice will recommend are so radically different?

Dale72

Antysam said:

Hi 
I’m joining this thread because I’m pretty sure I’m going to be in the same position as quite a lot of people on the thread.I have been referred to a pension transfer specialist (Pensionhelp) by my IFA ,I’ve gone through triage and have my next appointment with Pensionhelp on Tuesday.After doing lots of research I’m 99% certain that recommendation will be a no,If so I want to go down the insistent client route - I have a couple of questions~

Do I need a full advice report to become an insistent client ? 

Or will an abridged advice report do ?
How do I go down the insistent client route? 

Thanks for any advice you have to offer 🙏

Hi, I'm going through the same process at the moment, and I've discovered that abridged advice is not sufficient to meet the legal requirement, even if the abridged advice is not to transfer but you chose to do it anyway, you still need full advice.