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

Marcon

Malthusian said:

ZingPowZing said:

 And if they don't know, what chance has the ordinary "punter"? 

If the ordinary punter wants to transact an extremely high risk transaction that they have been advised against, onus is on them to do their research. If they can't be bothered it's a free country.

I've never said it was easy to transfer a DB pension against advice, I just said you don't need a positive recommendation to transfer, which is still true.

Hey, even if the stakeholder route is closed down, you could still open your own SSAS, one where you are the sole decision-maker as to whether the scheme accepts DB transfers or not.

Not up to speed with the latest responsibilities laid at the door of DB trustees in terms of transfers to a SSAS, then...

mazworld15

Serious question if anybody knows, I've already done this 2 years ago to AJ Bell SIPP, hubby hoping to do it soon, should he open a couple of stakeholders, Standard Life and Aviva maybe?

[Deleted User]

Not sure myself, mazworld15, but Malthusian is definite that he can. 

JoeCrystal

  Mazworld15, please let us know if your husband manages to open a couple of stakeholder pension schemes!

Btw guys, interestingly enough, I got in touch with my employer HR today about the old stakeholder pension provision they used to offer 12 years ago in the age when the employer has to offer. I cheekily asked them if I can still open Group Stakeholder Pension Scheme with Standard Life. Amazingly enough, the response was that they can resend me the forms from Standard Life if I still want to! Apparently, the company still got very few employees still making their contributions to Group Stakeholder Pension Scheme even today on top of auto-enrolment pension contributions.

xylophone

should he open a couple of stakeholders, Standard Life and Aviva maybe?

I found this (Aviva Stakeholder Pension Application).

https://connect.avivab2b.co.uk/adviserPublicProductDocuments/SP01006?productCode=2006

Aviva cannot accept transfers from the following:

• 
  

• ●  Any type of scheme which provides any form of guaranteed or defined benefit, unless:

• –  you are leaving/have left your employer’s occupational pension scheme with less than two years qualifying service, and do not have the option of retained benefits, or

• –  The transfer value is less than £30,000.00 or

• –  you have received regulated financial advice.

• Where the transfer requires regulated financial advice to be taken but the transfer is on an insistent or abridged basis. We can only accept insistent or abridged advice cases where regulated advice is not required. 

As for SL 

https://forums.moneysavingexpert.com/discussion/comment/78410423/#Comment_78410423

https://forums.moneysavingexpert.com/discussion/comment/77684453/#Comment_77684453

• Given the above, where does "must accept" stand?

I wonder  what happened to Pru's own stakeholder?

HappyHarry

There has been a lot of posts agreeing that a stakeholder pension must accept a transfer. I think the legislation has already been referred to, but I cannot find it. 

Would anyone be able to point me towards the legislation that says it must. 

Thanks in advance.

HH

Marcon

HappyHarry said:

There has been a lot of posts agreeing that a stakeholder pension must accept a transfer. I think the legislation has already been referred to, but I cannot find it. 

Would anyone be able to point me towards the legislation that says it must. 

Thanks in advance.

HH

Welfare Reform & Pensions Act 1999, Section 1, seventh condition. 

HappyHarry

Marcon said:

HappyHarry said:

There has been a lot of posts agreeing that a stakeholder pension must accept a transfer. I think the legislation has already been referred to, but I cannot find it. 

Would anyone be able to point me towards the legislation that says it must. 

Thanks in advance.

HH

Welfare Reform & Pensions Act 1999, Section 1, seventh condition. 

Thanks Marcon. That looks abundantly clear and does not appear to have been amended since. 

A complaint to any stakeholder plan refusing such a transfer would be most interesting.

However, as mentioned earlier, this might well lead to providers closing their stakeholder pensions.

xylophone

Also reference here

https://www.legislation.gov.uk/uksi/2000/1403/made

The Stakeholder Pension Schemes Regulations 2000

(6) For the purposes of these Regulations and section 1(8) and (9) (which provide that stakeholder pension schemes must have tax-exemption or tax-approval and must not refuse to accept transfer payments except in so far as necessary to ensure that the scheme has such exemption or approval) “tax-exemption” and “tax-approval” mean tax-exemption and tax-approval under Chapter IV of Part XIV of the Income and Corporation Taxes Act.

HappyHarry

Thanks xylophone.

All pretty clear.

Will be interesting to see if any providers are challenged on this.