Possible Transfer Value and Advice

Pension_Geek

cfw1994 wrote: »

Any evidence? I cannot see how any reasonable legal system would find in favour of such a plaintiff, given that scenario!

https://www.ftadviser.com/sipp/2018/09/14/ombudsman-finds-in-favour-of-insistent-client/

JoeCrystal

Pension_Geek wrote: »

https://www.ftadviser.com/sipp/2018/09/14/ombudsman-finds-in-favour-of-insistent-client/

And we still haven't gone through the crash yet. I am expecting to see the posts from the people who transferred out of their DB pension schemes and could not stomach the losses they see in their pension pot and ask if they can complain to the advisers about it.

[Deleted User]

JoeCrystal wrote: »

And we still haven't gone through the crash yet. I am expecting to see the posts from the people who transferred out of their DB pension schemes and could not stomach the losses they see in their pension pot and ask if they can complain to the advisers about it.

Whereas the group of people who followed advice and missed out on the bull run of the last few years will, in the main, never be conscious of the opportunity missed; and those who are have no recourse.

[Deleted User]

PlanToRetire wrote: »

Thanks, I sussed that out pretty quick from my meeting yesterday, so was going to give that impression regardless. Always helps to grease the wheels!

How did your meeting go, PlanToRetire?

Your adviser didn't suggest that your circumstances made the case for a positive recommendation
"marginal", by any chance?

cfw1994

Pension_Geek wrote: »

https://www.ftadviser.com/sipp/2018/09/14/ombudsman-finds-in-favour-of-insistent-client/

Interesting, thanks.

Not entirely clear how "the client now has illiquid investments and is unable to take benefits from his pension, but the investments cannot be sold or exchanged for a cash sum without incurring a substantial financial loss"
Pre-dated the pensions freedoms changes.....& the company was unable to contest the findings.

A curious clash between the regulator and the ombudsman.
I am astonished the Ombudsman made their decision reading that. Although clearly we cannot see all the detail there.

It's a rubbish grey area within "pensions freedom" eh!

JoeCrystal

ZingPowZing wrote: »

Whereas the group of people who followed advice and missed out on the bull run of the last few years will, in the main, never be conscious of the opportunity missed; and those who are have no recourse.

Well, we will have to wait and see. It is still much too early to see how it will go, but I am one of these people who valued the idea of a DB pension scheme despite never having one. Indeed, if I am going to find a job, finding a job with a DB pension scheme is my main goal! It is really that valuable.

Pension_Geek

JoeCrystal wrote: »

Well, we will have to wait and see. It is still much too early to see how it will go, but I am one of these people who valued the idea of a DB pension scheme despite never having one. Indeed, if I am going to find a job, finding a job with a DB pension scheme is my main goal! It is really that valuable.

I would seriously consider moving from private to public sector and taking a reduction in pay to join a DB scheme, once I have finished all my exams.

Thrugelmir

PlanToRetire wrote: »

However my main issue is that my husband is 9 years older, so if I go after him there will be nothing

By taking the pension early. You'll be suffering an early withdrawl penalty of ~ 5% pa. Factoring in future rises in inflation this makes a considerable difference to the pension that you will ultimately receive.

Does the DB pension rise with CPIU or RPI?

PlanToRetire

Thrugelmir wrote: »

By taking the pension early. You'll be suffering an early withdrawl penalty of ~ 5% pa. Factoring in future rises in inflation this makes a considerable difference to the pension that you will ultimately receive.

Does the DB pension rise with CPIU or RPI?

RPI.

55 is the dream, it may be anytime up to 60.

Thrugelmir

PlanToRetire wrote: »

RPI.

55 is the dream, it may be anytime up to 60.

25% plus compounded RPI is a sizable difference in a guaranteed annual start for your pension.