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

omelettesandeggs

Our problem is that we can't find an IFA to advise us. We want to pay someone to do the necessary analysis but of the 20 or so we've spoken to, none will take our money and produce a report even if the verdict is not to transfer. As I understand it, the IFA has to 'sign off' the transfer between the pension company and the receiving investment company. That's how investment companies take "insistent clients" because they're not signing off anything and therefore not liable.

If anyone out there has an IFA they used to satisfy the advice criteria and who signed off a transfer against their advice I'd really appreciate some leads!

omelettesandeggs

(I can confirm AJBell still accept insistent clients btw)

NottinghamKnight

omelettesandeggs said:

Our problem is that we can't find an IFA to advise us. We want to pay someone to do the necessary analysis but of the 20 or so we've spoken to, none will take our money and produce a report even if the verdict is not to transfer. As I understand it, the IFA has to 'sign off' the transfer between the pension company and the receiving investment company. That's how investment companies take "insistent clients" because they're not signing off anything and therefore not liable.

If anyone out there has an IFA they used to satisfy the advice criteria and who signed off a transfer against their advice I'd really appreciate some leads!

That's not quite right. You pay an adviser to undertake analysis and produce a report which provides a recommendation to transfer or not. Most reports will advise to not transfer as the returns from equivalent risk investments will be less than the db pension would pay out. There is at least one provider that will take a transfer against advice but the adviser's insurers have taken fright at potential future claims and generally refused to cover reports on db transfers. Prices have risen but there have been reports that some advisers will still undertake reports but they are few and far between.   

[Deleted User]

omelettesandeggs said:

Our problem is that we can't find an IFA to advise us. We want to pay someone to do the necessary analysis but of the 20 or so we've spoken to, none will take our money and produce a report even if the verdict is not to transfer. As I understand it, the IFA has to 'sign off' the transfer between the pension company and the receiving investment company. That's how investment companies take "insistent clients" because they're not signing off anything and therefore not liable.

If anyone out there has an IFA they used to satisfy the advice criteria and who signed off a transfer against their advice I'd really appreciate some leads!

Some have used Pensionhelp and were satisfied, omelettesandeggs. They charge 3K and the default on a negative rec is transfer to A J Bell. 
That may work.
The process really stinks now.

omelettesandeggs

I know how few and far between willing advisers are, that's what i'm looking for help with - does anyone know of one?

[Deleted User]

Pensionhelp

omelettesandeggs

Thanks zingpowzing, spoke to pensionhelp and they won't talk to any direct customers under the age of 50, only via an IFA 

xylophone

As I understand it, the IFA has to 'sign off' the transfer between the pension company and the receiving investment company. 

No.

https://forums.moneysavingexpert.com/discussion/comment/76183176/#Comment_76183176

You might try here

https://adviserbook.co.uk/

You would tick "confirmed independent" and "pension transfer" when the menu comes up.

[Deleted User]

omelettesandeggs said:

Thanks zingpowzing, spoke to pensionhelp and they won't talk to any direct customers under the age of 50, only via an IFA 

Oh right, sorry to read that. 
I'll message you.

omelettesandeggs

Thanks for that. The main problem persists though - finding an IFA to receive full financial (even negative) advice from. Was hoping to hear from someone who has found such an IFA.