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

Dale72

I'm conscious that wee've had 5 pages of this thread in as many days without any actual progress being made.

Perhaps one of the frustrated DB transferrers in this thread would like to try what @Malthusian suggests? Stump up £20 (you could even have a whip-round if you're all brassic) and open a stakeholder pension?

The worst outcome is that you're out of pocket by £20, at least until you reach 55.

Mocking poverty? Your not Jacob Rees Mogg are you?

JoeCrystal

Dale72 said:

JoeCrystal said:

I don't have a problem with that as long they forfeit all compensations and their right to sue or make complaints. Unfortunately, the government and the regulators think otherwise, and so far, they are bending over backwards to help these poor greedy people. Like bailing out London Capital & Finance bondholders who deserved to lose everything since they 'didn't' realise that they may lose money even though the small prints made that crystal clear. Or bailing out the stupid people who transferred their funds to "pension liberation" schemes.

Besides, if you really want to transfer your DB pension, you need to convince your MP to change the law and ask the regulators to make the transfers easier. So get the ball rolling then.

and if they forfeit their right to sue or make complaints then who decides if they've been badly advised?

I am referring to these who still wish to transfer on an insistent client basis.

Malthusian

JoeCrystal said:

Dale72 said:

JoeCrystal said:

I don't have a problem with that as long they forfeit all compensations and their right to sue or make complaints. Unfortunately, the government and the regulators think otherwise, and so far, they are bending over backwards to help these poor greedy people. Like bailing out London Capital & Finance bondholders who deserved to lose everything since they 'didn't' realise that they may lose money even though the small prints made that crystal clear. Or bailing out the stupid people who transferred their funds to "pension liberation" schemes.

Besides, if you really want to transfer your DB pension, you need to convince your MP to change the law and ask the regulators to make the transfers easier. So get the ball rolling then.

and if they forfeit their right to sue or make complaints then who decides if they've been badly advised?

I am referring to these who still wish to transfer on an insistent client basis.

But as the 2018 Ombudsman case makes clear, insistent clients can be badly advised same as everyone else.

JoeCrystal

Malthusian said:

JoeCrystal said:

Dale72 said:

JoeCrystal said:

I don't have a problem with that as long they forfeit all compensations and their right to sue or make complaints. Unfortunately, the government and the regulators think otherwise, and so far, they are bending over backwards to help these poor greedy people. Like bailing out London Capital & Finance bondholders who deserved to lose everything since they 'didn't' realise that they may lose money even though the small prints made that crystal clear. Or bailing out the stupid people who transferred their funds to "pension liberation" schemes.

Besides, if you really want to transfer your DB pension, you need to convince your MP to change the law and ask the regulators to make the transfers easier. So get the ball rolling then.

and if they forfeit their right to sue or make complaints then who decides if they've been badly advised?

I am referring to these who still wish to transfer on an insistent client basis.

But as the 2018 Ombudsman case makes clear, insistent clients can be badly advised same as everyone else.

Yeah. The whole thing is a mess for all sides really. I am still waiting for all the fireworks related to these transfers eventually. Should be fun to watch! 🙂

QrizB

Dale72 said:

I'm conscious that wee've had 5 pages of this thread in as many days without any actual progress being made.

Perhaps one of the frustrated DB transferrers in this thread would like to try what @Malthusian suggests? Stump up £20 (you could even have a whip-round if you're all brassic) and open a stakeholder pension?

The worst outcome is that you're out of pocket by £20, at least until you reach 55.

Mocking poverty? Your not Jacob Rees Mogg are you?

No mocking in my post. Some people really are that broke, and it might be one of the reasons why they want to transfer.

[Deleted User]

Malthusian said:

JoeCrystal said:

Dale72 said:

JoeCrystal said:

I don't have a problem with that as long they forfeit all compensations and their right to sue or make complaints. Unfortunately, the government and the regulators think otherwise, and so far, they are bending over backwards to help these poor greedy people. Like bailing out London Capital & Finance bondholders who deserved to lose everything since they 'didn't' realise that they may lose money even though the small prints made that crystal clear. Or bailing out the stupid people who transferred their funds to "pension liberation" schemes.

Besides, if you really want to transfer your DB pension, you need to convince your MP to change the law and ask the regulators to make the transfers easier. So get the ball rolling then.

and if they forfeit their right to sue or make complaints then who decides if they've been badly advised?

I am referring to these who still wish to transfer on an insistent client basis.

But as the 2018 Ombudsman case makes clear, insistent clients can be badly advised same as everyone else.

This transfer was conducted pre 2014.

Dale72

QrizB said:

No mocking in my post. Some people really are that broke, and it might be one of the reasons why they want to transfer.

So what your saying is, their financial situation may be the reason why they want to change their pension arrangements to suit their financial situation. Just think about that for a minute.

Malthusian

Dale72 said:

QrizB said:

No mocking in my post. Some people really are that broke, and it might be one of the reasons why they want to transfer.

So what your saying is, their financial situation may be the reason why they want to change their pension arrangements to suit their financial situation. Just think about that for a minute.

This is getting altogether too meta. I didn't see any hint of mocking poverty in Qriz's post. If they're mocking anything it's the trope of people saying "I want to do something extremely high risk that I think will make me hundreds of thousands better off but I don't want to pay the few thousand quid it costs to do it, it's a disgrace".

Skint people who think that cashing in their DB pension will solve their financial problems are the classic example of people who think they should transfer but almost certainly shouldn't, because:

• pensions are protected from bankruptcy
• they probably don't have anything else to provide for their retirement
  
• the usual outcome of a skint person getting a large windfall is that they spend it and end up exactly where they started, only minus their valuable pension to provide some much-needed security in their late middle age onwards.

Generally I am in favour of people being able to cash in their DB pension if they insist on it (and want it badly enough to jump through the hoops). However I'm also against banks helping themselves to free money from people's DB pensions.

Dale72

Stump up £20 (you could even have a whip-round if you're all brassic) and open a stakeholder pension?

Not mocking? That tells me everything I need to know, without reading the rest of your drivel.

Malthusian

They may be mocking but they're not mocking poverty, Mr Charming. If someone's trying to transfer a pension worth more than £30,000 (very likely considerably more) and has already paid an advice fee of thousands of pounds out of their own pocket then the word "poverty" doesn't apply. (If they haven't then the conundrum of how to transfer out of a DB pension against advice is irrelevant as they haven't got that far yet.)

There may be a misconception here - the point of paying £20 gross into a stakeholder pension is that it allows you to open a stakeholder pension without alerting the pension provider that it's to transfer in a DB pension (allowing them to refuse your business before the "must accept a transfer from any registered pension scheme" legislation kicks in), at the smallest possible cost to your own wallet. It's not a comment on how little they can afford to put into a pension fund.