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DB transfer when IFA recommends against
Mick70
Posts: 749 Forumite
When transfer over £30k you must get IFA advice first .
Out of interest at the end of this process if the IFA report comes back and because of how answered the risk profile questionnaire etc If the report recommends not to proceed with the offer and remain with the DB.
Can you still go ahead with the transfer regardless , or is it then a non starter ?
Thank you ,
Mick
Out of interest at the end of this process if the IFA report comes back and because of how answered the risk profile questionnaire etc If the report recommends not to proceed with the offer and remain with the DB.
Can you still go ahead with the transfer regardless , or is it then a non starter ?
Thank you ,
Mick
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Comments
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Entirely up to you, provided your IFA confirms you have received advice - you don't have to follow it.
If you want to transfer to a scheme where it will only accept the transfer provided your IFA supports it, there's an easy work round. Transfer to a stakeholder pension (which must accepts all transfers in from any other registered UK pension scheme), and then on to your preferred option (stakeholders can't charge an exit fee). It will be a DC to DC transfer, so shouldn't be any issue about non-acceptance.
None of the above supports the idea that transferring is a good idea, of course!Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
thank you, wasn't sure if you could just transfer regardless0
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The advice is important to some SIPP platforms which won't accept the transfer if negative, but some will.
If you think that'll be the outcome best to do your research first.
IIRC AJ Bell will take an 'insistent client' for example and there maybe others.
Your DB scheme shouldn't need to know the advice outcome, just needs proof you've taken advice from a Pension Transfer Specialist IFA.0 -
thank you for reply0
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Might have to do this Mick!Marcon said:Entirely up to you, provided your IFA confirms you have received advice - you don't have to follow it.
If you want to transfer to a scheme where it will only accept the transfer provided your IFA supports it, there's an easy work round. Transfer to a stakeholder pension (which must accepts all transfers in from any other registered UK pension scheme), and then on to your preferred option (stakeholders can't charge an exit fee). It will be a DC to DC transfer, so shouldn't be any issue about non-acceptance.
None of the above supports the idea that transferring is a good idea, of course!0 -
Stakeholder becomes the money laundering agency of choice for DB pension transfers!!0
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Make sure you agree in the fee schedule for the advice that the IFA will sign any documents needed to confirm you have had the advice.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
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