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Possible Transfer Value and Advice

65 replies 2.8K views
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  • AlbermarleAlbermarle Forumite
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    If you go ahead with the current advisor, then check in advance that if it is a negative recommendation they will be still happy to sign a declaration that you have been through the correct process.
    As long as they do this , then as said above , you can still transfer out of the DB scheme , without the need for any further advice or fees. In the jargon you will be known as an 'insistent client'

    Although it seems you have made your mind up , might be worth looking at this .

    https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/five-good-reasons-good-with-your-money-guide-2018-edition.pdf
  • edited 15 January at 11:02AM
    PlanToRetirePlanToRetire Forumite
    17 posts
    edited 15 January at 11:02AM
    I suspect all it will take is a significant market crash, nothing out of the ordinary, just similar to those seen in the past and we will move into "PPI" territory.
    At which point people like the op (no offence intended) will start to plead they were misled. Hopefully there will be sufficient audit trail nowadays to show they were going against the professional advice to stay put.

    None taken! As I’ve said, I want advice but I don’t want to be bound by it so would like to have the freedom to make my own choice if applicable, without any comeback to the Advisor obviously. I t would be my decision.

    Thanks for the info.

    I think I will still speak to an IFA, just to get another perspective, I don’t think the work guy is really a fit for what I want.
  • Albermarle wrote: »
    If you go ahead with the current advisor, then check in advance that if it is a negative recommendation they will be still happy to sign a declaration that you have been through the correct process.
    As long as they do this , then as said above , you can still transfer out of the DB scheme , without the need for any further advice or fees. In the jargon you will be known as an 'insistent client'

    Although it seems you have made your mind up , might be worth looking at this .

    Thank you. I haven't made up my mind. I just don't want to box myself in.

    I will take on board all guidance, as I said I do think the recommendation will be a cautious one, which is understandable.
  • MallyGirlMallyGirl Forumite, Board Guide
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    sounds sensible. you just need to find an IFA who is a pensions transfer specialist and, during your free consult, ask whether they will still sign the advice report even if the advice is not to transfer. You need a report - not necessarily a positive report - and then you can transfer to AJ Bell as an insistent client. Once with AJ Bell you can, at a later date, transfer elsewhere if they are not the best fit - you will be out of the restriction by then.
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
  • jimi_manjimi_man Forumite
    280 posts
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    Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used, other than they fit the criteria for completing the work and therefore just go for the cheapest possible.

    Makes me think that there is a market opening for such a person, who will always give negative recommendations and can charge much less than other people. It doesn't seem that there would be any liability involved as it's a negative recommendation, but the criteria for taking advice has been fulfilled!
  • jimi_man wrote: »
    Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used, other than they fit the criteria for completing the work and therefore just go for the cheapest possible.

    Makes me think that there is a market opening for such a person, who will always give negative recommendations and can charge much less than other people. It doesn't seem that there would be any liability involved as it's a negative recommendation, but the criteria for taking advice has been fulfilled!

    I agree - if you decide to set up such a company I am happy to be your first customer - for a small fee obvs!
  • MallyGirlMallyGirl Forumite, Board Guide
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    The problem is the cost of the insurance I believe. I am pretty sure there have been cases of negative recommendation, insistent client transfer, it all goes pear-shaped and the client still successfully claimed against the advisor who told not to transfer.
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
  • AlbermarleAlbermarle Forumite
    2.9K posts
    1,000 Posts First Anniversary
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    I think I will still speak to an IFA, just to get another perspective, I don’t think the work guy is really a fit for what I want.
    Just be aware that finding the right type of IFA , with the right qualifications , who is willing to do the work can be difficult . So might be easier to stick with the work one . As already said.
    Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used,
  • AlbermarleAlbermarle Forumite
    2.9K posts
    1,000 Posts First Anniversary
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    The problem is the cost of the insurance I believe. I am pretty sure there have been cases of negative recommendation, insistent client transfer, it all goes pear-shaped and the client still successfully claimed against the advisor who told not to transfer.
    Which is also why most mainstream pension/SIPP providers will not accept a transfer from an insistent client .
  • shortseller09shortseller09 Forumite
    14 posts
    10 Posts
    MoneySaving Newbie
    Be careful as some advisers will not sign off on the transfer if the advice is negative, and also some ceding schemes require a positive recommendation.
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