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

dunstonh

You dont need to be an IFA to sign the transfer forms.  FAs can too.
As long as they have PTS permissions then its fine.

soonretire

Thanks everyone. I am going to make some calls next week to Fidelity and AJ Bell and double check. I have seen posts on the Citywire forum to say this process works ie. using Fidelity to show I have taken advice and then transfer to AJ Bell. This is what Fidelity say about fees, their status and the process:
www.fidelity.co.uk/fidelity-retirement-service/#frs-fees
www.fidelity.co.uk/approaching-retirement/transferring-final-salary-pensions
From what I can see Fidelity wont sign a form, they will give me a certificate and that is what AJ bell want to see. But I will confirm to be 100% sure!

soonretire

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.

This was posted last year on this same thread.

Albermarle

soonretire said:

Thanks everyone. I am going to make some calls next week to Fidelity and AJ Bell and double check. I have seen posts on the Citywire forum to say this process works ie. using Fidelity to show I have taken advice and then transfer to AJ Bell. This is what Fidelity say about fees, their status and the process:
www.fidelity.co.uk/fidelity-retirement-service/#frs-fees
www.fidelity.co.uk/approaching-retirement/transferring-final-salary-pensions
From what I can see Fidelity wont sign a form, they will give me a certificate and that is what AJ bell want to see. But I will confirm to be 100% sure!

The DB scheme you are transferring from will also need to have the right piece of paper before they will release the money .
Again a negative recommendation is not an issue as long as you can prove you have had the correct advice. The DB schemes are less fussy than the receiving schemes about negative recommendations, as they are keen for transfers to go ahead and to to get the liability off their books .

soonretire

Albermarle said:

soonretire said:

Thanks everyone. I am going to make some calls next week to Fidelity and AJ Bell and double check. I have seen posts on the Citywire forum to say this process works ie. using Fidelity to show I have taken advice and then transfer to AJ Bell. This is what Fidelity say about fees, their status and the process:
www.fidelity.co.uk/fidelity-retirement-service/#frs-fees
www.fidelity.co.uk/approaching-retirement/transferring-final-salary-pensions
From what I can see Fidelity wont sign a form, they will give me a certificate and that is what AJ bell want to see. But I will confirm to be 100% sure!

The DB scheme you are transferring from will also need to have the right piece of paper before they will release the money .
Again a negative recommendation is not an issue as long as you can prove you have had the correct advice. The DB schemes are less fussy than the receiving schemes about negative recommendations, as they are keen for transfers to go ahead and to to get the liability off their books .

Thank you for the feedback. My CETV from BT Pensions is dated 8 Jan 2021 and is valid for 3 months. I still need to get the Fidelity advice / certificate. Do you know if this is enough time to get the transfer over to AJ Bell please? I have read some reviews they are a bit slow.

[Deleted User]

NottinghamKnight said:

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. 

No, it’s not.

Should work out fine, soonretire, but do check to be sure before you embark.

Good luck.

soonretire

Hi everyone just to update you on what I have researched:
1. Fidelity will do the advice but lead time to deliver this is 8-12 weeks by which time the CETV validity for transfer runs out
2. AJ Bell will take transfer regardless of outcome of advice, Fidelity will accept the pot if the advice is positive
3. I am pressing ahead with Fidelity for advice so I can proceed either way. If I run out of time I will pay BT Pensions for another quote

[Deleted User]

soonretire said:

Hi everyone just to update you on what I have researched:
1. Fidelity will do the advice but lead time to deliver this is 8-12 weeks by which time the CETV validity for transfer runs out
2. AJ Bell will take transfer regardless of outcome of advice, Fidelity will accept the pot if the advice is positive
3. I am pressing ahead with Fidelity for advice so I can proceed either way. If I run out of time I will pay BT Pensions for another quote

You don't need a crystal ball to see that Fidelity are going to provide a negative recommendation, regardless of the merits of a transfer, because it is safer for them to collect on the fee without the liability of a potential future claim.

As  long as you are clear in your mind that you will transfer, and can enact the steps to make that happen (because Fidelity will not assist) then fine - that's about as good as it gets with the process now.

Passing up the opportunity of a transfer is potentially a far bigger deal.

Edit:  The above is based on the assumption that someone (ie your employer) is paying the fee if you're not. Of course, if the adviser is volunteering free advice, the liklihood of the recommendation would be reversed because the adviser would then only profit from a transfer. Worth clarifying  with Fidelity before you start the process.

[Deleted User]

Thanks a lot for this thread guys - my dad is currently trapped in a DB scheme with pretty terrible annuity options and we've been looking to transfer out, but ever since the IFAs got cracked down on, half of them have stopped advising on this at all and the other half more or less state upfront that they're advising against it in 100% of cases. Clearly, this has nothing to do with the fact that they now get their full fee with zero liability if they advise against transferring. It looks like we're going to have to go the route of the insistent client. 

Cheers!

coyrls

[Deleted User] said:

Thanks a lot for this thread guys - my dad is currently trapped in a DB scheme with pretty terrible annuity options and we've been looking to transfer out, but ever since the IFAs got cracked down on, half of them have stopped advising on this at all and the other half more or less state upfront that they're advising against it in 100% of cases. Clearly, this has nothing to do with the fact that they now get their full fee with zero liability if they advise against transferring. It looks like we're going to have to go the route of the insistent client. 

Cheers!

There are no annuity options with a DB pension.  If he has been offered annuity options, he has a DC pension.