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

[Deleted User]

Just shows what a farce the process is now - a total inversion of the principle of Pension Freedom giving individuals agency over their  pensions.

candie01

britishboy said:

omelettesandeggs said:

Thanks for that. The main problem persists though - finding an IFA to receive full financial (even negative) advice from. Was hoping to hear from someone who has found such an IFA.

Hi omletteandeggs - I'm looking for the same, did you have any luck yet?   Once I'd told the IFA's a little about me (my age, 43) none would even offer to give the advice for their stated fee, knowing it would be to not transfer out.  Frustrating

Hi, did you transfer??

xylophone

a total inversion of the principle of Pension Freedom giving individuals agency over their  pensions.

"Pension Freedom" was   aimed  primarily at those who had DC pensions.

https://www.ft.com/content/b5151486-3395-11e9-bd3a-8b2a211d90d5

candie01

LisaJen said:

I am now tied up in the same situation. My pot is £720k and I was looking to take early retirement at 55 due to back problems. The advice I have been given is to stay in, take a £80k lump sum and a pension of £12kpa which doesn,t even cover my outgoings. The report then says that I should consider taking a part time job of a few hours a week to top it up as my back should be ok with that !! Just wow.
 I am definitely going to go down the AJ Bell route - has anyone completed this yet ? 

Did you transfer your pension out to AJ Bell?

candie01

ZingPowZing said:

dunstonh said:

PS. It may be the correct, but I do dislike the term 'insistent client', it sounds like a toddler jumping up and down stamping their feet, rather than someone simply being pro active in managing their own finances.

For the majority of cases, it is an apt description.

People who do not engage in the advice process and make little effort to understand what the advice is are often the ones that go on to raise complaints later when things dont match what they thought.

Great label imho. I revel in it. 

Because if there is one side I never want to be on, it is that of the financial services industry servants. 
The assumption from financial industry apologists that "people like you" (me 18 months ago) will be the first to complain when things go wrong says everything you need to know about the regard in which it holds you. 

I had advice from two pension transfer specialists, one said no, one said yes. In each case - and I suspect in every case - the financial adviser was deciding in his own interest. Had I accepted the recommendation of the first adviser, I would be a quarter of a million pounds worse off today. With no redress. 

Love it! 

candie01

Malthusian said:

Fluffybunny747 said:

So as of this week AJ Bell are no longer accepting transfers from insistent clients.  They will only accept where the advice is positive.

Interesting that after years of insisting to its shareholders (i.e. the public) that everyone else was wrong and there was nothing to worry about in accepting DB transfers for people who'd been told it was a bad idea, AJ Bell has suddenly reverse ferreted and decided that it wasn't such a great idea after all.

Maitre d': "Just one more insistent client, monsieur? It's waffer-thin..."

AJ Bell shareholders: "No... more... business risk..."

Yes I was told this today. I was planning to transfer as an insistent cliwnt to AJ Bell and now this happened.  The IFA called me and sai he could move it to PSG instead and that they would be the custodians. I've never even heard of them. Does this sound dodgy?

Fluffybunny747

Thrugelmir said:

Malthusian said:

Fluffybunny747 said:

So as of this week AJ Bell are no longer accepting transfers from insistent clients.  They will only accept where the advice is positive.

Interesting that after years of insisting to its shareholders (i.e. the public) that everyone else was wrong and there was nothing to worry about in accepting DB transfers for people who'd been told it was a bad idea, 

Did the AJ Bell publicly say this? Suspect it's supposition rather than fact.

I rang them myself and was told they no longer accept transfers from insistent clients. I asked since when, and they said last week.  They could have been lying I suppose…..

candie01

Fluffybunny747 said:

Thrugelmir said:I did a webchat with them yesterday and they confirmed they don't accept insistent clients as if 01/06. 

Malthusian said:

Fluffybunny747 said:

So as of this week AJ Bell are no longer accepting transfers from insistent clients.  They will only accept where the advice is positive.

Interesting that after years of insisting to its shareholders (i.e. the public) that everyone else was wrong and there was nothing to worry about in accepting DB transfers for people who'd been told it was a bad idea, 

Did the AJ Bell publicly say this? Suspect it's supposition rather than fact.

I rang them myself and was told they no longer accept transfers from insistent clients. I asked since when, and they said last week.  They could have been lying I suppose…..

I did a webchat with them yesterday and they said they aren't accepting insistent clients as of 01/06. 

Marcon

Fluffybunny747 said:

Thrugelmir said:

Malthusian said:

Fluffybunny747 said:

So as of this week AJ Bell are no longer accepting transfers from insistent clients.  They will only accept where the advice is positive.

Interesting that after years of insisting to its shareholders (i.e. the public) that everyone else was wrong and there was nothing to worry about in accepting DB transfers for people who'd been told it was a bad idea, 

Did the AJ Bell publicly say this? Suspect it's supposition rather than fact.

I rang them myself and was told they no longer accept transfers from insistent clients. I asked since when, and they said last week.  They could have been lying I suppose…..

Of course they aren't lying - why on earth would they? Read their website:

'Please note: to transfer a final salary (also known as 'defined benefit') pension worth £30,000 or more, a financial adviser must recommend that the transfer is in your interests. To confirm you’ve received the recommendation, you and your adviser need to complete our financial advice declaration form.'

Link: https://www.youinvest.co.uk/transferring-to-us

Tony4625

candie01 said:

Fluffybunny747 said:

Thrugelmir said:I did a webchat with them yesterday and they confirmed they don't accept insistent clients as if 01/06. 

Malthusian said:

Fluffybunny747 said:

So as of this week AJ Bell are no longer accepting transfers from insistent clients.  They will only accept where the advice is positive.

Interesting that after years of insisting to its shareholders (i.e. the public) that everyone else was wrong and there was nothing to worry about in accepting DB transfers for people who'd been told it was a bad idea, 

Did the AJ Bell publicly say this? Suspect it's supposition rather than fact.

I rang them myself and was told they no longer accept transfers from insistent clients. I asked since when, and they said last week.  They could have been lying I suppose…..

I did a webchat with them yesterday and they said they aren't accepting insistent clients as of 01/06. 

 That’s put a spanner in the works , was hoping to use them the end of this year🤔