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Who will accept a DB to SIPP transfer from "insistent client"
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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/I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.0 -
The client got his money back (ten years later) after their Financial Adviser facilitated the transfer of two existing pension plans into an overseas property development.
The readership may have wider sympathies than those of the financial-adviser-apologist-squad.0 -
I thought he lost his money, got only £1000 for the advice failings.1
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Agreed. ZingPowZing said:The client got his money back (ten years later) after their Financial Adviser facilitated the transfer of two existing pension plans into an overseas property development.
The readership may have wider sympathies than those of the financial-adviser-apologist-squad.
Any adviser transacting on business they have advised against can not really be said to be putting their client's interests first.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.2 -
LisaJen said:The report I had was just a list of reasons not to transfer given the very generous £12.7k for life and very patronising, missing inheritance tax planning, the future ability to downsize our property and opining on my health. Luckily it wasn't expensive but neither was it good advice however its given me the option of a insistent transfer so I will accept that.I'm in the same situation - can you, pls, share who did the report for you? I simply can't get an IFA to issue a report.1
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Gordy01 said: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.1 -
xylophone said: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
You seem to think that it does contain that, or were you intending to make that assertion in your own name?0 -
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.
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NotaBene12 said: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 am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2
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You seem to think that it does contain that, or were you intending to make that assertion in your own name?
It seems to me that it very much accords with the position set out in government/parliamentary publications referenced here
https://forums.moneysavingexpert.com/discussion/comment/78391950/#Comment_78391950
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