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

[Deleted User]

Dale72 said:

ZingPowZing said:

Don't commit to full advice with HL. 
At the analysis stage, your PTS will flirt with the idea that your case "is marginal." But as soon as you commit to the full process..
You will get a negative recommendation and they'll stick a big charge on you. 

Greed and Fear govern DB pension transfer advice.
Not yours. Theirs.

I'm expecting a negative recommendation anyway, the reasons for going with them are that their fee is among the lowest, I have an existing good relationship so I trust them, and also, and i'm not sure if this will play any part in their decision, the fact they have access to my previous record in managing my own investments, so can see I'm not a mug.

Don't ask what Hargreaves Lansdown can do for you, ask what you can do for Hargreaves Lansdown.
Trust, you know your route through in the event of a negative recommendation; assuming you would ignore the advice.

Tony4625

ZingPowZing said:

Dale72 said:

ZingPowZing said:

Don't commit to full advice with HL. 
At the analysis stage, your PTS will flirt with the idea that your case "is marginal." But as soon as you commit to the full process..
You will get a negative recommendation and they'll stick a big charge on you. 

Greed and Fear govern DB pension transfer advice.
Not yours. Theirs.

I'm expecting a negative recommendation anyway, the reasons for going with them are that their fee is among the lowest, I have an existing good relationship so I trust them, and also, and i'm not sure if this will play any part in their decision, the fact they have access to my previous record in managing my own investments, so can see I'm not a mug.

Don't ask what Hargreaves Lansdown can do for you, ask what you can do for Hargreaves Lansdown.
Trust, you know your route through in the event of a negative recommendation; assuming you would ignore the advice.

They wanted £9 k from me  on a £360k CETV , with that being paid up front ( not out of pot) with an almost def negative outcome.

[Deleted User]

Yes, it would have been a negative recommendation. Safer for Hargreaves Lansdown.

Silvertabby

dunstonh said:

i can only speak about my own experience with this, but several IFAs I spoke to said they would not recommend a transfer out of a DB scheme under any circumstances! 

They are technically in breach of their regulatory permissions as they should not be pre-judging advice outcomes.  If their company has restrictions in place that only result in that outcome then they are not allowed to refer to themselves as IFAs but as FAs.  FAs are allowed to make restrictions in the advice process.   IFAs are not.        

 I can't answer why that would be, someone else maybe able to say better the risks an IFA takes when giving advice, or whether these risks take an overly large part in there advice giving process, but when your met with such a blanket refusal, it becomes less about what makes your situation so special and becomes more that you have to take the actual decision about what is best for your financial future.

The risk to IFAs and FAs has often been discussed in this section.  So, I wont repeat what is an FAQ.   However, it is pretty much the highest risk transaction that an adviser can carry out.  It comes at the highest cost and could potentially result in the closure of the company. Very few advice transactions come close to it.

That's interesting.  In the rush to 'cash in' just after the pension freedoms were announced, I (as a LGPS administrator) spoke to a fair few IFAs who stated that there was 'no way that they would recommend a transfer out from a public sector DB scheme'.  

It was, in the main, the newly set up 'pensions advice companies' who had no hesitation in recommending transfers out.

dunstonh

That's interesting.  In the rush to 'cash in' just after the pension freedoms were announced, I (as a LGPS administrator) spoke to a fair few IFAs who stated that there was 'no way that they would recommend a transfer out from a public sector DB scheme'.  

I would probably feel the same and may hint that it was the likely outcome if asked.  However, I wouldn't go as far as to put myself in a 100% no position before you start.   

It was, in the main, the newly set up 'pensions advice companies' who had no hesitation in recommending transfers out.

Companies set up to factory line the transfer process, earn lots of money in doing so and then, in the end, shut down to dump their liabilities on the FSCS.  

Most IFA firms probably only did 1 DB transfer every now and then.  But from April 2015 to 2018 the FCA found just 18 firms gave advice to 48,248 people on DB transfers which resulted in 24,919 transfers.

The FCA asks every regulated firm for data every 6 months.     You get the feeling that the FCA never uses that data in a pro-active way.    If an adviser firm is doing a DB transfer every couple of years and another adviser firm is doing thousands with at least half being transferred (which is above the expected level) then you would think the FCA would proactively contact that firm and carry out checks.   What is the point of collecting data if you dont look at trends?

Thrugelmir

Dale72 said:

ZingPowZing said:

Don't commit to full advice with HL. 
At the analysis stage, your PTS will flirt with the idea that your case "is marginal." But as soon as you commit to the full process..
You will get a negative recommendation and they'll stick a big charge on you. 

Greed and Fear govern DB pension transfer advice.
Not yours. Theirs.

the fact they have access to my previous record in managing my own investments, so can see I'm not a mug.

Means absolutely zilch. Anyone trade investments of some kind. 

Antysam

Malthusian said:

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.

How do you implement a transfer yourself ? Surely if it was that easy - everyone would be doing it ? 

Antysam

Dale72 said:

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.

So the abridged advice is not a lot of use really if you need the full advice to be an insistent client ? Please update if you have any positive news 🙏

Albermarle

Antysam said:

Malthusian said:

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.

How do you implement a transfer yourself ? Surely if it was that easy - everyone would be doing it ? 

Once you have taken the full transfer advice and you have some kind of documentation to prove that ( I am not sure exactly what is needed) you can organise the transfer of the CETV from the DB scheme to a DC scheme that will accept it .
In fact I assume that with a negative recommendation that is what you would have to do, as no IFA would probably want to get involved .

german_keeper

Antysam said:

How do you implement a transfer yourself ? Surely if it was that easy - everyone would be doing it ? 

I wouldn't. Actually I can't because it's a public sector pension but even if I could I wouldn't.