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PlanToRetire wrote: »
Thank you. I have a further meeting with the Advisor next week and am going to ask – if you recommend not to transfer, and I then decide to go ahead, will you advise my Final Salary Scheme that you have given me all the info (and I have decided to go against this). I will also phone the Scheme helpline and ask them if this is sufficient.
p00hsticks wrote: »
As far as I'm aware, it's not the Final salary scheme you need to inform/persuade - it's whatever scheme you intend to move into.
You need to be asking the advisor firstly to confirm that s/he is a Pension Transfer Specialist, and then, assuming s/he says yes - if you recommend not to transfer, will you still sign the necessary paperwork to confirm that you have given advice that I can then use to transfer out.
Dazed_and_confused wrote: »
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.
MallyGirl wrote: »
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.
Alanp wrote: »
The legal position is that you have to satisfy the trustees of the FS/DB scheme that you have received advice, from a qualified person, as you are giving up a safeguarded benefit.
Whether that advice is Go or Stay is of no concern to them.
The requirement that some receiving providers have in place that they only accept positive transfers is not a legal requirement but is their operational decision.
Theoretically you could ask a SIPP provider to transfer your benefits from the XYZ Ltd DB Scheme and the point at which "has advice been taken" question will be answered is when XYZ Ltd Db Scheme Admin receive the transfer request as they are the ones on the hook not the SIPP provider.
ZingPowZing wrote: »
Bad timing, I posted almost at the same time as AlanP. Most SIPP providers' transfer-in forms
require the signature of a financial adviser (simply to the fact that advice has been provided) and will not accept a transfer without it. Again, it's self-protection.
cfw1994 wrote: »
OP, when having that initial conversation with an IFA, I *suspect* you may be wise to allow them to believe they would manage your pot forever after. Do check on costs/fees to move out later if you wanted to, but if the IFA expects to them be managing your wealth, I would imagine they would be more inclined to want you as a customer
Of course I could be wrong.....but......
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