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

[Deleted User]

Thrugelmir wrote: »

Recently some sizable players have withdrawn from the market. Has yours subsequently?

Hargreaves Lansdown and DB pensions? No, their relationship is complex. They withdrew four years ago but then they saw what they missing out on and dived back in - or half back, as in they will assay a prospect's viability to transfer a DB pension, then advise against it, because they accrue the same fee in either case.

[Deleted User]

It comes back to this: a financial adviser can simultaneously charge for advice and refuse to acknowledge that they provide advice.
Look forward to ever longer apologies for the situation in the financial advice industry.

Blackavar

I absolutely empathise and sympathise with you. I’m in a vaguely similar situation in that I want to take the big tax free sum allowed by my section 32 pension (now just a cash fund) to top up me and my wifes S&S Isa’s, some into SIPP and the remainder into living expenses – no SP until next year. My pension company insist that I have to provide ‘positive’ sign off from a FA in order to achieve this. I have met with a few FA’s and all of them will not sign this off without taking control of all of my other pension pots which I don’t want. I agree with you that you should be able to make your own decision and be able to tick a box that you have met with FA which should exonerate Pension Company from any blame (which is what this is all about). I’m now in the Financial Ombudsman stage but realise this will take a long time. It’s very frustrating.

xylophone

You (and the OP)asked an 'investment adviser' ie an FA. NOT an IFA with transfer specialist qualifications. Which you both needed.

Zing wished to transfer a DB pension so needed a Pension Transfer Specialist.

Urshieb's husband has a GAR- see below

https://adviserbusinessreview.com/compliance-insight-fcas-pension-transfers-rules-changes/

There is a requirement that individuals must receive advice when transferring safeguarded benefits unless the value of the benefit is less than £30,000;

• Pension plans with Guaranteed Annuity Rates (GARs) fall under the safeguarded benefits;

• There is no requirement for an adviser to hold a relevant qualification to provide advice on transfers where the only safeguarded benefit is GARs, however;

• Firms that give advice, where the only safeguarded benefit is GARs, are required to hold a pension transfer permission;

• If a firm does not hold this permission they must apply for a variation of permission;•

• If a client needs to receive ‘independent’ advice, in this context, independent means independent of the employer, or trustees / manager of the scheme;

Sonof referred to urshieb's needing

a general practitioner IFA with pension transfer specialist permissions (either in full or the limited GAR permissions)

.

[Deleted User]

Sorry to say, Blackavar, the FO will most likely just confirm the status quo.

Which is a joke. The general public don't need financial advisers, or at least the paint-by-numbers financial advice they churn out; they only need a route to take control of their financial future.

Financial advisers are put in the way, then piously declare themselves better placed to assay your
interest.

[Deleted User]

I have met with a few FA’s and all of them will not sign this off without taking control of all of my other pension pots which I don’t want.

How do Financial Advisers reconcile Blackavar's experience with the principle of Independent Advice- if that signifies fair and disinterested advice?

steampowered

urshieb wrote: »

Of the 4 options we want the one that states my husband can take the whole amount.

This does worry me a bit.

The only thing you have said in your posts is that you would prefer to have money now.

You haven't said whether you have considered the tax consequences or impact to the value of your investment, or loss of guaranteed rates.

I'm no expert on all of this but am aware that giving up guaranteed pension benefits is for many (most?) people an extraordinarily bad financial decision which is why the regulation makes it so difficult to do. It is a bit more complicated than "money now" or "money later", the £ you get now vs. the £ you would otherwise get in future does matter !

I mean I could be wrong and it could be that you do genuinely understand what you are doing, there is not enough information online to judge, but to be honest I'm not getting that vibe, it may be that the IFAs you have approached feel the same way.

[Deleted User]

For goodness' sake, steampower, they know what they want to do! They are probably more intelligent than any adviser they are obliged to hire. What they want to do is exercise their freedom to decide, as enshrined in the pension freedom act.

mgdavid

ZingPowZing wrote: »

....... They are probably more intelligent than any adviser they are obliged to hire.........

How do you make this leap of deduction? If it's symptomatic of your general attitude and approach to logical thinking and understanding then I think you're wasting everybody's time including your own.
Good luck!

[Deleted User]

No, mgdavid, I was just providing some balance counter to the assumption that the client doesn't know what is best for him until a financial adviser informs him.

I think I read somewhere
" we are intelligent people and know exactly what we are doing"

Good luck yourself!