Pension Transfer DB to DC

Mrblueskye

After trying a few advisers and reading up a bit, I think the only way I can get my pension transferred from DB to a SIPP will be as an insistent client. I am satisfied that it is the correct decision but an IFA wont recommend it for reasons which I understand.

Does anyone have experience with this transferring as an 'insistent client'? Does anyone know of any financial advisers prepared to take the insistent client route and roughly what it may cost?

I know of SIPP providers willing to take the transfer, although I'm not 100% sure if I will have difficulty with my current DB provider allowing the transfer if I am an 'insistent client'.

Any advice would be appreciated. Thanks.

JoeCrystal

Will your IFA even would sign the paperwork providing you had financial advice first?

SonOf

I know of SIPP providers willing to take the transfer, although I'm not 100% sure if I will have difficulty with my current DB provider allowing the transfer if I am an 'insistent client'.

The DB scheme just needs to know that you have had regulated advice. The outcome is not important for them.

The receiving DC scheme may only accept positive recommendations to transfer. Although there are some that dont care as long as advice was given.

If you are asking for this pension to go into investments of your own choice with your own SIPP provider then you are making it harder for yourself. If you let the adviser recommend provider and investments, it is easier to get it through. You can always transfer it again (with no adviser needed) once it is in the new SIPP. That takes the liability away from the IFA for future investment decisions you make as you moved the provider and the IFA cannot be responsible for that.

Malthusian

No adviser should "take the insistent client route" as if they think something's against your interest they shouldn't help you hang yourself (in their view).

However if you can find an IFA willing to give advice on DB transfers, they should be willing to sign the declaration that they have given advice. What you do with that declaration is in theory not their problem (if they aren't helping you implement it).

A full fact find and formal recommendation will be needed before an adviser will sign to say you have received advice. The cost is likely to be several thousand pounds.

You need to ring round advisers and ask them if they will advise on transferring a DB pension and sign the declaration that they have done so.

You have a statutory right to transfer out of your DB scheme (assuming it's not unfunded, you aren't 1 year from retirement age, etc etc) and once you have the legally-required declaration that you have taken advice, the DB scheme cannot stop you. Unless you are blatantly demanding they transfer your money to a scam, and even then their powers are limited.

Mrblueskye

If I got this paid pension advice from an IFA for thousands of pounds, could the adviser then refuse to do the written declaration at that stage?

Albermarle

If I got this paid pension advice from an IFA for thousands of pounds, could the adviser then refuse to do the written declaration at that stage?

They should not refuse but there has been some debate along these lines on other threads.
The only way to be sure is to ask them in advance that they would be happy to do it .

Malthusian

Mrblueskye wrote: »

If I got this paid pension advice from an IFA for thousands of pounds, could the adviser then refuse to do the written declaration at that stage?

No. Not once they've taken thousands of pounds off you. Refusing to advise is fine; giving advice, taking money for it and refusing to sign the declaration is not. But as Albemarle says you should ask in advance, because you don't want to spend months or years going through the Ombudsman trying to force them.

Mick70

Out of interest what are the DC and DB amounts , to compare ? And what age can access either ?

xylophone

After trying a few advisers and reading up a bit, I think the only way I can get my pension transferred from DB to a SIPP will be as an insistent client. I am satisfied that it is the correct decision but an IFA wont recommend it for reasons which I understand.

https://forums.moneysavingexpert.com/discussion/6032686/dont-use-hargreaves-lansdown&page=7