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

HappyHarry

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.

Indeed. There is no long stop available on complaints in this area, and many advisers will be wary of complaints that could be submitted 10 to 30 years hence.

[Deleted User]

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. 

kuratowski

I thought he lost his money, got only £1000 for the advice failings.

HappyHarry

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. 

Agreed. The client got their fee back anyway, even if they lost their pension. I don't think either the client or adviser come out of this looking good.

Any adviser transacting on business they have advised against can not really be said to be putting their client's interests first.

NotaBene12

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.

Albermarle

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.

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.

Have you tried Minerva ? ( just a stab in the dark really )

jamesd

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

Having read that story, no source, journalist or other content in it makes the assertion that the freedoms were aimed primarily at those who have DC pensions and a significant portion covered the freedoms for DB pensions.

You seem to think that it does contain that, or were you intending to make that assertion in your own name?

NotaBene12

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.

May I ask who is your IFA? This outcome would suit me.

dunstonh

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.

May I ask who is your IFA? This outcome would suit me.

That outcome is mandatory on all advisers where the advice is not to recommend the transfer.  

xylophone

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