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

stardust23

Pablo7474 said:

Just out of interest, why do you want to transfer out and invest in gold? 

Inflation is going up fast; taxes are now going up; fiat currency debasing; money printing off the charts and unworkable national debt in most countries. The system is swimming in debt and will collapse.  It is just a matter of when.  I want preserve any wealth I have because 'fiat currency' will be worthless.

2nd_time_buyer

stardust23 said:

Pablo7474 said:

Just out of interest, why do you want to transfer out and invest in gold? 

Inflation is going up fast; taxes are now going up; fiat currency debasing; money printing off the charts and unworkable national debt in most countries. The system is swimming in debt and will collapse.  It is just a matter of when.  I want preserve any wealth I have because 'fiat currency' will be worthless.

All true... but investing your pension in a single asset class with very little fundamental value is quite ballsey.

Malthusian

Marcon said:

Not if their application form (and it's recent - dated 06/21) is anything to go by: https://connect.avivab2b.co.uk/adviserPublicProductDocuments/SP01006?productCode=2006

The end of that form says "If you and your financial adviser agree that our Stakeholder Pension is right for you, here are the next steps in applying... Your financial adviser should provide you with a Key Features document..." and so forth. Certainly sounds intermediary-only to me.

In my book that means we can definitively cross Aviva off the list of providers offering new stakeholder pensions direct-to-consumer, leaving only one. (I had Aviva on the list due to a consumer-facing webpage, but it's not uncommon for providers to have consumer-facing webpages to give them information about products that their intermediary may be selling them.)

xylophone said:

Have you done any research at all?

Well tbf to Stardust, their objective is to cash in their DB pension and invest it all in shiny metal, without paying a penny more in advice fees than they have to. By the same token they should not want to spend any more time on research than they have to (time = money). Nonetheless they will have to a) pay a fee for advice and b) carry out research commensurate with the risk they are taking. Due to Government rules and the need to identify one of the few providers willing to help them do what they want respectively.

Malthusian

stardust23 said:

Pablo7474 said:

Just out of interest, why do you want to transfer out and invest in gold? 

Inflation is going up fast; taxes are now going up; fiat currency debasing; money printing off the charts and unworkable national debt in most countries. The system is swimming in debt and will collapse.  It is just a matter of when.  I want preserve any wealth I have because 'fiat currency' will be worthless.

Ignoring the fact that inflation is low, taxes are about the same as they have been for decades, and our massive debt is perfectly workable which is why countries are still willing to lend money to our Government almost for free: none of that explains why you want to invest in shiny metal and not other real assets with a yield.

QrizB

2nd_time_buyer said:

stardust23 said:

Pablo7474 said:

Just out of interest, why do you want to transfer out and invest in gold? 

Inflation is going up fast; taxes are now going up; fiat currency debasing; money printing off the charts and unworkable national debt in most countries. The system is swimming in debt and will collapse.  It is just a matter of when.  I want preserve any wealth I have because 'fiat currency' will be worthless.

All true... but investing your pension in a single asset class with very little fundamental value is quite ballsey.

Agreed. Please keep us updated on how this turns out for you.

Diplodicus

Given the options that lately appeared to be open for insistent clients  - setting up a decoy stakeholder pension account, attempting to ram in the proceeds of a DB pension, appealing to the Ombudsman - RoadToRiches transfer to PensionBee comes as something of a godsend for those who need to defend the legitimacy of the transfer advice process.

stardust23

Diplodicus said:

"Where the transfer originates from a defined benefit scheme and is the result of an enhanced transfers exercise, Aviva must be the default product provider and advice to transfer must have been given by the default adviser appointed for the exercise. If this is not the case, Aviva is unable to accept the transfer."

But doesn't this "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." mean that they won't accept insistent clients!?

Or does their Stakeholder Pension not require regulated advice?

Diplodicus

stardust23 said:

Diplodicus said:

"Where the transfer originates from a defined benefit scheme and is the result of an enhanced transfers exercise, Aviva must be the default product provider and advice to transfer must have been given by the default adviser appointed for the exercise. If this is not the case, Aviva is unable to accept the transfer."

But doesn't this ... mean that they won't accept insistent clients!? Yes. Aviva would be frightened of a later compensation claim from an insistent client, so will decline the business.

Advisers are also frightened and generally won't sign provider forms. PensionBee will accept a transfer without an adviser's signature. You still have to buy the advice.    

In your case, the adviser will certainly recommend you keep the DB pension but the final determination is yours. Is there anything I can say to deter you?

dunstonh

Advisers are also frightened and generally won't sign provider forms. PensionBee will accept a transfer without an adviser's signature. You still have to buy the advice.    

Advisers are required to sign the provider form as long as the provider isn't asking for the adviser to carry the liability for the choice of provider (which some do).  
As I understand it, Pensionbee will still need the adviser to sign to say that they have given regulated financial advice.  

Yes. Aviva would be frightened of a later compensation claim from an insistent client, so will decline the business.

Aviva accept insisent client basis.  That is not the issue here.

RoadToRiches

PensionBee will want to see that you have taken full regulated financial advice.  They don't care what the decision is, your responsible for your own actions at the end of the day.  They will want to see the IFAs report though.  And your DB pension scheme would most likely require confirmation from the IFA you have taken advice too.