Please help, cannot collect pension pot without form signing!!!

OldBeanz

You are not likely to complain but can and can sue. That's the whole gist of the information you are being given. The IFA needs to do more than run through the options. Whether people believe tha law is an !!! or that pension freedom does not exist, that's the law.That's why it is so difficult to find an IFA who will rubber stamp and sign your form.
Perhaps your daughter could create a plan for the IFA showing tha you will have sufficient index linked pensions to ensure you both or the survivor will still have a comfortable life style without this pension.
My wife had a small DB pension (prior to the present arrangements) and the company were reluctant to allow a transfer. She showed she had sufficient funds from other DB pensions and in the event of her death I would continue to have sufficient funds. The pension went to fill the gap caused by the increase in pension ages.The Government rules at that time gave pension freedoms to those with a guaranteed income of £20k pa. A proven figure of circa £25k index linked for a survivor would perhaps give an IFA more confidence. That would perhaps be a better starting point for the process.

AnotherJoe

OP, why not use an adviser who will sign as long as they manage your fund?
If so, do that, then once the funds are released from RL to them , tell the adviser you no longer wish to use their services and cash it all in.
Yes you will need to pay their fee for the transfer but since you are seemingly content to pay a big whack of tax for doing it in one go, think of it as just another tax.

[Deleted User]

urshieb wrote: »

Firstly we are NOT likely to complain about an adviser who TICKS the 3 boxes (YES the 3 tick boxes regardless of who believes this or not, I will scan it and post it if need be) that confirms we have taken advice. I resent this suggestion, the current blame and claim climate drives us crazy.
Furthermore, they are NOT signing to say that they advise us to take the whole amount, disagree with us taking it or anything, simply that they have run through options.
Of the 4 options we want the one that states my husband can take the whole amount. We are highly intelligent people, I claimed my NHS pension when I was 55yrs old, the lump sum is invested. My husband has other pensions to collect when he retires at 66yrs.

You're right to be angry imo
The bald fact is that IFAs refuse to acknowledge the work they are paid for; finesse it how you will.

Malthusian

urshieb wrote: »

Firstly we are NOT likely to complain about an adviser who TICKS the 3 boxes (YES the 3 tick boxes regardless of who believes this or not, I will scan it and post it if need be) that confirms we have taken advice.

You haven't taken advice so naturally they are not going to lie by ticking the box.

Advice is full fact-finding followed by a formal recommendation to take a particular course of action, which you then pay for. If any of these things have not yet happened they haven't given advice.

Yes you are likely to complain. Essentially you want the IFA to tick the box to say they have given advice, and accept all the liability that comes with giving advice, without paying for that advice or the security that comes with it. People who want stuff for free are a high complaint risk.

Furthermore, they are NOT signing to say that they advise us to take the whole amount, disagree with us taking it or anything, simply that they have run through options.

Running through the options is not advice. Advice is a specific personalised recommendation. That requires full fact finding followed by that formal recommendation in writing, which you then pay for and get your box ticked.

ZingPowZing wrote: »

Alternatively - as this forum is populated with Financial Advisers - the op should maybe just ask which of you is willing to admit your trade with a signature on the relevant form.

In terms of regular contributors, this forum is mostly populated with DIY investors. (Plus a few advised investors, plus a handful of IFAs.)

But mostly DIY investors who know what they are talking about. People who don't know what they are talking about either improve their understanding, or flounce after they get tired of being told they are wrong.

Consequently most of the regular contributors grasp the definition of regulated advice, and what the OP needs to obtain and pay for before an adviser will tick the box.

coyrls

urshieb wrote: »

I claimed my NHS pension when I was 55yrs old, the lump sum is invested.

Please can you explain what you mean by this?

atush

ZingPowZing wrote: »

"Pension freedom" is skewing away from its principles.
People are forced to take advice from IFAs.
Loads of people are getting the wrong advice because the first concern of an IFA, as in this case, is to cover his own sorry behind.
As has been stated, there is no point in complaining because the IFA is doing "nothing wrong."
High time the process was under review.

You are skewed due to your poor planning and choices

SonOf

Firstly we are NOT likely to complain about an adviser who TICKS the 3 boxes (YES the 3 tick boxes regardless of who believes this or not, I will scan it and post it if need be) that confirms we have taken advice. I resent this suggestion, the current blame and claim climate drives us crazy.

You may say that now. you may be correct. You may also be the type that cannot resist the £££ when the cold calls telling you that you can earn tens or hundreds of thousands by complaining. Nobody knows what type of person you are. And its largely irrelevant if you are or you are not because there are plenty out there that cannot resist compensation chasing.

Furthermore, they are NOT signing to say that they advise us to take the whole amount, disagree with us taking it or anything, simply that they have run through options.

Its a lot more than just running through the options. It has to be regulated advice. It cannot be guidance.

Of the 4 options we want the one that states my husband can take the whole amount. We are highly intelligent people, I claimed my NHS pension when I was 55yrs old, the lump sum is invested. My husband has other pensions to collect when he retires at 66yrs.

I'm sorry but that this alone gives me cause to question your intelligence. Yes, there are scenarios where that may work out best but there certain things there do lead to questions which could result in you being seen to have done the wrong thing.

You're right to be angry imo
The bald fact is that IFAs refuse to acknowledge the work they are paid for; finesse it how you will.

Again, your scenario saw you disagree with a service provided by an FA and it resulted in you finding an IFA that did what you want. Yet you are critical of IFAs and not the FA. Despite you going to the FOS about the FA and losing. And noting that not one contributor in this section agreed with you.

POPPYOSCAR

OP I feel your pain.

A sledgehammer to crack a nut comes to mind.

[Deleted User]

Malthusian wrote: »

You haven't taken advice so naturally they are not going to lie by ticking the box.

Yes you are likely to complain. Essentially you want the IFA to tick the box to say they have given advice, and accept all the liability that comes with giving advice, without paying for that advice or the security that comes with it. People who want stuff for free are a high complaint risk.
Consequently most of the regular contributors grasp the definition of regulated advice, and what the OP needs to obtain and pay for before an adviser will tick the box.

I don't think urshieb could have made herself clearer in the original post. They don't want free advice, they want a financial adviser to acknowledge that he has provided financial advice on the form necessary to transfer a pension.

However, Son Of stated last week: "Advisers are required to sign a declaration on the application form of a provider.. This was clarified by the pensions regulator around a year ago. Prior to that, advisers could refuse."
If Son Of is correct in this assertion, urshieb's troubles are solved: they can compel the adviser to sign the three tick boxes (after buying the advice, naturally).
Admittedly, Son Of cannot provide a link to this requirement, and I have yet to see it confirmed on any official site, so it would be useful to the OP if other of the FA brethren can provide evidence that this is indeed the case.

SonOf

ZingPowZing wrote: »

I don't think urshieb could have made herself clearer in the original post. They don't want free advice, they want a financial adviser to acknowledge that he has provided financial advice on the form necessary to transfer a pension.

However, Son Of stated last week: "Advisers are required to sign a declaration on the application form of a provider.. This was clarified by the pensions regulator around a year ago. Prior to that, advisers could refuse."
If Son Of is correct in this assertion, urshieb's troubles are solved: they can compel the adviser to sign the three tick boxes (after buying the advice, naturally).
Admittedly, Son Of cannot provide a link to this requirement, and I have yet to see it confirmed on any official site, so it would be useful to the OP if other of the FA brethren can provide evidence that this is indeed the case.

The key thing is that should sign to say that they have given regulated advice. They are not required to sign if the provider is asking them to take on the liability. Some of the providers you approached (using your list) would only accept business if it was processed through the agency of the adviser firm and the firm accepted liability for doing so. I suspect that is where yours fell down as the providers in question wanted more than the HL were willing to provide (and HL were quite right to reject that).

I cannot provide the detail with an online link as it was legal opinion and provided commercially to adviser firms that pay for that compliance service. It followed what was spoken on Moneybox by the Pension Advisory Service who said advisers should sign the forms even if the advice is negative. And the firm that refused changed their position following that and gave a goodwill gesture for refusing to do so.