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

candie01

Tony4625 said:

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🤔

It certainly has for me.i have my transfer value and was about to start the transfer in a couple of weeks.  :-(

Gordy01

If AJ Bell are out of the picture, and noting suggestions earlier in the thread to go the Stakeholder Pension route (maybe), but has anyone identified any other pension provider, or route, to be able to transfer a DB to, as an insistent client?
thank you.

Prism

Gordy01 said:

If AJ Bell are out of the picture, and noting suggestions earlier in the thread to go the Stakeholder Pension route (maybe), but has anyone identified any other pension provider, or route, to be able to transfer a DB to, as an insistent client?
thank you.

20 pages and nobody has provided a definitive answer yet. A few people are assuming there is still a possible route but until somebody takes the plunge and reports back we just don't know. 

JoeCrystal

Gordy01 said:

If AJ Bell are out of the picture, and noting suggestions earlier in the thread to go the Stakeholder Pension route (maybe), but has anyone identified any other pension provider, or route, to be able to transfer a DB to, as an insistent client?
thank you.

In other words, it is all on you and other people who are desperate to transfer out their CETV to do the actual works on finding the pension providers who are willing.

xylophone

finding the pension providers who are willing.

They've all been doing their own research?
https://www.ftadviser.com/pensions/2020/12/14/adviser-to-refund-fee-over-insistent-client-sipp-transfer/

Gordy01

Prism said:

Gordy01 said:

If AJ Bell are out of the picture, and noting suggestions earlier in the thread to go the Stakeholder Pension route (maybe), but has anyone identified any other pension provider, or route, to be able to transfer a DB to, as an insistent client?
thank you.

20 pages and nobody has provided a definitive answer yet. A few people are assuming there is still a possible route but until somebody takes the plunge and reports back we just don't know. 

I’m waiting to hear back from XPS Self Invested Pensions (I think mentioned very early in the thread as “Xafinity”, but undergone recent name change), and Fidelity, as I already have a current Stakeholder Pension running with them, and want to hear what they have to say (In terms of a Fidelity SIPP it’s a “no” to Insistent Clients).  I’ll keep you posted.

[Deleted User]

My pension is with XPS. I can tell you they will not. 

Prism

xylophone said:

finding the pension providers who are willing.

They've all been doing their own research?
https://www.ftadviser.com/pensions/2020/12/14/adviser-to-refund-fee-over-insistent-client-sipp-transfer/

That a good example of why this type of transfer is risky. It looks like the advisor just about dodged having to cover the pension fund losses even though they warned against it.

[Deleted User]

xylophone said:

finding the pension providers who are willing.

They've all been doing their own research?
https://www.ftadviser.com/pensions/2020/12/14/adviser-to-refund-fee-over-insistent-client-sipp-transfer/

This case is from 2011.

Prism

ZingPowZing said:

xylophone said:

finding the pension providers who are willing.

They've all been doing their own research?
https://www.ftadviser.com/pensions/2020/12/14/adviser-to-refund-fee-over-insistent-client-sipp-transfer/

This case is from 2011.

Well the transfer was 2011. It doesn't say when the case was from but the article is from December 2020. So several years after the advisor helped transfer an insistent client, and after that client lost their money, they got taken to court. Thats the risk so its no wonder advisors are avoiding this.