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

soonretire

Craigsville please also check the costs to transfer from AJ Bell to II. There seems to be a cost per stock plus SIPP transfer fee from what I can see. 

NottinghamKnight

soonretire said:

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.

Would Fidelity be able/ allowed to provide independent financial advice in that respect?

CRAIGSVILLE1

soonretire said:

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.

Yep, 
They said the PAS would probably say it would be a no , like most advice,  and it was, but moneyhoney use AJBell who take on insistant clients, so was all ok.
 

CRAIGSVILLE1

Albermarle said:

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

In the end, I could have gone elsewhere myself, but moneyhoney really helped me to begin with, as I am under 50 yr old, and no IFA in Scotland would touch me. They spent a lot of time and effort with me, and were very grateful when I said I would give them 1yr fee, and at 0.25% , I thought it was worth it. They will be transferring it to interactive investor for me later.

CRAIGSVILLE1

soonretire said:

Craigsville please also check the costs to transfer from AJ Bell to II. There seems to be a cost per stock plus SIPP transfer fee from what I can see. 

New, better fees from 1Jan 👍

The full list of changes being introduced from 1 January includes:

Pension drawdown charges removed  

• Currently there is a charge of £25 + VAT for one off tax-free lump sum or income drawdown payments
• Currently there is a charge of £100 + VAT for regular drawdown payments or lump sums  

Sipp exit fees scrapped 

• Currently there is a charge of £75 + VAT to transfer a Sipp to another provider, either as cash or in-specie

In-specie transfer fee reduced  

• Currently there is a charge of £25 to transfer each holding in-specie (without it being sold) to another platform. This is being reduced to £9.95 in line with its charge for buying and selling shares online

soonretire

NottinghamKnight said:

soonretire said:

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.

Would Fidelity be able/ allowed to provide independent financial advice in that respect?

Fidelity are a restricted adviser which means they can Advise and if its positive, they can arrange the transfer but only to their own platform. If its negative they cant do the Transfer. But even a negative result with them gives you the certificate you have had advice which means you can go elsewhere like AJ Bell. Two more things to note:
1. from AJ Bell you can then move to Fidelity afterwards
2. if its positive advice the transfer costs £3500 (no VAT). if its negative they add VAT

Albermarle

soonretire said:

NottinghamKnight said:

soonretire said:

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.

Would Fidelity be able/ allowed to provide independent financial advice in that respect?

Fidelity are a restricted adviser which means they can Advise and if its positive, they can arrange the transfer but only to their own platform. If its negative they cant do the Transfer. But even a negative result with them gives you the certificate you have had advice which means you can go elsewhere like AJ Bell. Two more things to note:
1. from AJ Bell you can then move to Fidelity afterwards
2. if its positive advice the transfer costs £3500 (no VAT). if its negative they add VAT

It surprises me that Fidelity's advice service for DB transfers is not mentioned more often . £3.5K on a large sum seems competitive compared to some of the other figures you see on here.

NottinghamKnight

soonretire said:

NottinghamKnight said:

soonretire said:

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.

Would Fidelity be able/ allowed to provide independent financial advice in that respect?

Fidelity are a restricted adviser which means they can Advise and if its positive, they can arrange the transfer but only to their own platform. If its negative they cant do the Transfer. But even a negative result with them gives you the certificate you have had advice which means you can go elsewhere like AJ Bell. Two more things to note:
1. from AJ Bell you can then move to Fidelity afterwards
2. if its positive advice the transfer costs £3500 (no VAT). if its negative they add VAT

I don't think your interpretation is correct, a frequent poster on these boards attempted a similar thing with HL and that didn't work out for them, can't see you being able to move to AJ Bell with a negative result from Fidelity (the key is 'independent') but you are welcome to try and let us know how you get on.

Albermarle

Maybe as long as the Fidelity FA is a qualified Pension Transfer Specialist then it will be OK ?
If it was me I would make sure in advance with Fidelity how the various scenarios could work out.

NottinghamKnight

Albermarle said:

Maybe as long as the Fidelity FA is a qualified Pension Transfer Specialist then it will be OK ?
If it was me I would make sure in advance with Fidelity how the various scenarios could work out.

Sounds very similar to ZPZ experience to me, also Fidelity aren't IFAs which I think would cause problems with the acceptance into AJ Bell but I'm not certain my interpretation is correct.