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

[Deleted User]

RoadToRiches said:

Joey_Soap said:

ZingPowZing said:

What involvement did the IFA have in the process, Deleted_User?

He paid £2000 into his account.

That's what really bugs me, paying for something that is not necessary cause some regulator has to stick his nose in my business to get a transfer done when I know what is right for me.

The original IFA outsourced the work to a specialist IFA - the latter paid the former for the introduction
If I went direct it would still be the same amount
A lot of work was done by the Specialist IFA

[Deleted User]

Tammer said:

Hello, did you have to transfer to a stakeholder in the end or could you transfer directly to your intended Sipp? 

Into my intended SIPP

[Deleted User]

Deleted_User said:

ZingPowZing said:

Contact Pensionhelp directly first. 
You don’t want to waste £2000 on a referral if Pensionhelp will deal with you.

The cost was £5k direct or £3k plus the referral of £2k. Whichever way you look at it - it's still £5k.
(It's based on 3%)

Did Pensionhelp quote you £5000 direct, Deleted_User?
Their website states £3000 and they have their own pension transfer specialists. 

omelettesandeggs

Deleted_User said:

I used Pensionhelp via a local IFA who referred me to them. The fee on £180k was £5k, Pensionhelp gave £2k to the refererring IFA, I am not using either's services one going. The process is long! You need an IFA before you get the CETV otherwise you will run out of time (the CETV has a 3 month limit

Hi Deleted_User
Do you know why it takes so long? How long did it take for you?

[Deleted User]

omelettesandeggs said:

Deleted_User said:

I used Pensionhelp via a local IFA who referred me to them. The fee on £180k was £5k, Pensionhelp gave £2k to the refererring IFA, I am not using either's services one going. The process is long! You need an IFA before you get the CETV otherwise you will run out of time (the CETV has a 3 month limit

Hi Deleted_User
Do you know why it takes so long? How long did it take for you?

9 months! The second CETV took 2 1/2 months from issue to the money in my SIPP. The problem is always the slowness of the sending pension

AlanP_2

omelettesandeggs said:

Deleted_User said:

I used Pensionhelp via a local IFA who referred me to them. The fee on £180k was £5k, Pensionhelp gave £2k to the refererring IFA, I am not using either's services one going. The process is long! You need an IFA before you get the CETV otherwise you will run out of time (the CETV has a 3 month limit

Hi Deleted_User
Do you know why it takes so long? How long did it take for you?
function of 

It takes a long time, if being done properly, as (despite many threads / comments on here) it is not just a couple of hours work.

Your IFA asks the scheme for answers to questions they need so information on so that they can carry out the analysis.

The scheme admin's respond when they can fit it in around their other functions of paying existing pensioners, dealing with member queries, providing retirement quotes, death in service payouts and all the other aspects involved in running a DB scheme. You, rationally, believe that admin of your transfer request should be their priority. They, rationally, see their ongoing members as their priority.

Eventually your IFA gets a reply, and when they can fit it in around other client work they bring your file back up and look at the reply. Then they go back to the scheme for a clarification or to ask something else that one of the replies has brought to mind.

Rinse and Repeat a few times and 3-6 months has disappeared and that was pre-Covid and home working. 

To be fair it's no different in any office type role where you ask someone for information, maybe have to chase them for a response and then when you get a reply you have to go back and query something or re-phrase what you were asking - and that's when the participants work for the same organisation.

Each one of those "contacts" is paid for in the fee as is each period of time refreshing your understanding of the situation as new information comes in (it could be weeks since the IFA last looked at case) - it all adds up.

longwalks1

lewisp91 said:

AJ Bell has confirmed they will transfer in a DB pension from an Insistent Client recommended NOT to transfer without further IFA involvement. Their charging structure is a bit of a minefield on first analysis but that wouldn't be for long though.
Fidelity, Cavendish, Xafinity, HL, ii all said NO. Thank you for useful factual advice above.

Lewisp I'm in a similar boat to you (I think), trying to transfer out of a DB scheme that ends in March and struggling to find an IFA who will advise me to transfer out of it (been told by at least half of those I've spoken to its to cover themselves in case my investment drops and i sue them later on in life.  Ironically some have admitted to me, that at my age and the value offered as CETV they'd transfer out too!) 
AJ Bell will accept you as an insistent client, even if you've been advised against it.  I'm now just trying to find a reasonably priced IFA who will advise me against it, just so i can go ahead with it as an insistent client.  

longwalks1

Brynsam said:

If you're determined to transfer, then DB (who need to confirm you have received advice if your transfer is £30K+) to Prudential stakeholder, followed by stakeholder to SIPP, will do the job.

Hi Brynsam, I saw your comment regarding transferring a DB scheme into a Prudential stakeholder pension, and then into a SIPP of your choice - Why into the stakeholder pension first please?   Only asking as I'm in a similar situation to the OP

AlanP_2

britishboy said:

Brynsam said:

If you're determined to transfer, then DB (who need to confirm you have received advice if your transfer is £30K+) to Prudential stakeholder, followed by stakeholder to SIPP, will do the job.

Hi Brynsam, I saw your comment regarding transferring a DB scheme into a Prudential stakeholder pension, and then into a SIPP of your choice - Why into the stakeholder pension first please?   Only asking as I'm in a similar situation to the OP

Stakeholders HAVE to accept transfers in whatever the legitimate source. SIPP providers make a business decision on whether they engage in that service or not.

longwalks1

omelettesandeggs said:

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.

Hi omletteandeggs - I'm looking for the same, did you have any luck yet?   Once I'd told the IFA's a little about me (my age, 43) none would even offer to give the advice for their stated fee, knowing it would be to not transfer out.  Frustrating