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

Albermarle

AlanP_2 said:

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.

There was a debate on another thread about how many providers offer stakeholders direct to the public and it seems there is only Standard Life and the Pru for sure . The status of the Aviva one is a bit unclear as it is used to be sold by an intermediary but it is not anymore.

omelettesandeggs

 britishboy said:

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

Niche will but they charge close to £6k. Think we've found someone for less than £3k will update when I get confirmation.

TBC15

Get on with it folks I hear the doors closing.

Scrudgy

Try searching for pension transfer specialists - not an IFA. When I asked my IFA to help transfer a DB pension he said no, but did recommend a transfer specialist who not only gave me the regulated advice but also recommended the transfer and completed the whole process in 3 months start to finish. 

The pension transfer specialist was only interested in a fixed fee, the pot size did not affect the charges. It was £3k for regulated advice and £2k for the transfer. You could try and save the £2k transfer fee by doing it yourself, but you would likely run out of time for the CETV validity. 

longwalks1

omelettesandeggs said:

Niche will but they charge close to £6k. Think we've found someone for less than £3k will update when I get confirmation.

Thanks omletteandeggs - i tried several IFA's local to me and all were quoting between £6k up to £9k+, pretty sure I'll be advised 'do not transfer' but AJ Bell will accept a non advised transfer.  Just got to find an IFA with a lower price (seeing as I wont be taking their advice anyway)

soonretire

Hi everyone, the thread is very informative. Please can you let me know if anyone found a decent IFA withe the best fixed fee who will give the Transfer advice . Like many others I expect to be advised NOT TO TRANSFER but I need to go through the process so I can move my Pot. At the moment I understand only AJ Bell will take it into a SIPP but then I can move it to another platform in the future to reduce platform fees. 

Albermarle

A Prudential stakeholder pension seems to be also another option to transfer to. 

CRAIGSVILLE1

Hi all,

I recently transferred my DB pension to a DC one . I used a company called moneyhoney , who are based in London.
They do everything online, and they use Pension Advice Specialist ( PAS ) to do the actual transfer. They prodomanatly use AJ Bell investcentre for most of their transfers.
My pension was valued at £900K , and I was about £8.5k to do all the transfer, which I thought was very good value compared with other quotes.
Ongoing fees are 0.25% p.a for moneyhoney, which is good, 0.2% for AJBell + extra for the fund fees. You can use their specialist funds, or can do your own, which I did.
I said to them I would be transferring to Interactive investor after a year, and they are happy to do that.
Very easy company to deal with 👍
Hope that helps someone 👍

soonretire

Hi Craigsville thanks for this information. Please can I check did you have to go through the process of them saying if the transfer was in your best interest. At the moment I am thinking about using Fidelity to get the advice for a fixed fee of £3500 plus VAT. Advice will be a NO but AJ Bell can then take it as an insistent client.

Albermarle

Ongoing fees are 0.25% p.a for moneyhoney, which is good, 0.2% for AJBell + extra for the fund fees. You can use their specialist funds, or can do your own, which I did.

What are the ongoing fees for if you seem to be making your own investment decisions?