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

Pablo7474

I don’t think that argument works. Find a shop that will recommend you do smoke!! 

random129

Pablo7474 said:

I don’t think that argument works. Find a shop that will recommend you do smoke!! 

Not sure I understand your comment but maybe you misunderstood me. My argument is the law should be changed in respect of pension advice not smoking advice

Pablo7474

I understand your point. People are advised not to smoke, but shops still choose to sell them as they are allowed to do so. If you are advised against transferring your DB you are still allowed to transfer, but there doesn’t seem to be a provider (the shop) that wishes to take the business. You can’t force a shop to stock cigarettes as you can’t force a provider to accept your DB transfer. I agree it is a strange/difficult business but don’t think advisers or providers are to blame. 

random129

Pablo7474 said:

I understand your point. People are advised not to smoke, but shops still choose to sell them as they are allowed to do so. If you are advised against transferring your DB you are still allowed to transfer, but there doesn’t seem to be a provider (the shop) that wishes to take the business. You can’t force a shop to stock cigarettes as you can’t force a provider to accept your DB transfer. I agree it is a strange/difficult business but don’t think advisers or providers are to blame. 

As I understand it advisers and providers only refuse an insistent client because they fear they may be sued at a later date. If a law was passed to prevent someone taking action if they go against advice then I'm sure advisers and providers would then accept insistent clients without question. The problem would be solved,

Pablo7474

Doesn’t that come back to the reason for needing advice. If client A is advised not to transfer but does anyway, then runs out of money at age 70 as it was the wrong decision, they have given up a guaranteed income and then are further dependent on the state. Although you can transfer on a negative recommendation (technically), it does open up further problems in the future potentially. 

random129

Pablo7474 said:

Doesn’t that come back to the reason for needing advice. If client A is advised not to transfer but does anyway, then runs out of money at age 70 as it was the wrong decision, they have given up a guaranteed income and then are further dependent on the state. Although you can transfer on a negative recommendation (technically), it does open up further problems in the future potentially. 

There will be a lot of people like me who fully understand the risks and want to transfer anyway. The government allows that. If the government now thinks too many people will then be dependent on the state because of that then maybe they should block DB pension transfers altogether. That would at least stop people seeking and wasting money on advice when they have no hope of transferring. As it is a lot of the information out there is misleading and gives the impression you are free to ignore advice and transfer if you wish. That is totally wrong.

[Deleted User]

Pablo7474 said:

I understand your point. People are advised not to smoke, but shops still choose to sell them as they are allowed to do so. If you are advised against transferring your DB you are still allowed to transfer, but there doesn’t seem to be a provider (the shop) that wishes to take the business. You can’t force a shop to stock cigarettes as you can’t force a provider to accept your DB transfer. I agree it is a strange/difficult business but don’t think advisers or providers are to blame. 

Smokers cannot actually see the cigarettes they want to buy these days. They are kept behind the shopkeeper in a cabinet. But I think we can all agree that the shopper should not be obliged to pay if, in fact, the cabinet is empty.

Pablo7474

Random129 I agree with that, I think until recently you could transfer elsewhere but it seems that option has now closed. It makes me wonder what this will mean for the future of DB transfers, I would imagine less advisers will offer the service as clients won’t want to risk getting a negative recommendation with no option to move. 

Pablo7474

ZingPowZing said:

Pablo7474 said:

I understand your point. People are advised not to smoke, but shops still choose to sell them as they are allowed to do so. If you are advised against transferring your DB you are still allowed to transfer, but there doesn’t seem to be a provider (the shop) that wishes to take the business. You can’t force a shop to stock cigarettes as you can’t force a provider to accept your DB transfer. I agree it is a strange/difficult business but don’t think advisers or providers are to blame. 

Smokers cannot actually see the cigarettes they want to buy these days. They are kept behind the shopkeeper in a cabinet. But I think we can all agree that the shopper should not be obliged to pay if, in fact, the cabinet is empty.

But you are paying the adviser not the provider. I think this argument doesn’t really work and also not sure how helpful it is comparing it to other scenarios. 

Dale72

Just out of curiosity, has anyone come up with any new ways to transfer yet?