DB pension transfer

bowlhead99

Thrugelmir said: 

Life is to short. 

In this case, 'to' is too short.

... I'll get me coat

AnotherJoe

ZingPowZing said:

Why would they know? I don't, and I have provided recommendations not to transfer.
If the adviser has given advice not to transfer, then they won't assist an insistent client any further than signing the confirmation. What the client does after that is up to them.
So, let me get this straight,
a) the first principle of the pension act is the freedom of the consumer to take charge of his pension.
b) for DB pensions, the FCA impose the services of an adviser into the process.
c) the adviser doesn't even know, or seemingly care, if he makes a negative recommendation, whether it is possible for the consumer to proceed,

If a client who I advised to retain their DB pension asked me who they could transfer to as an insistent client, I would not tell them even if I knew, as I would worry that I could then be implicated in a complaint.
The absolute state of this process now.

Yep. And for all that you can thank the FCA and their previous rulings scaring advisers and firms away.

As Ive said before  if its so easy and so risk free for advisers to take this on, why arent they falling over themselves to do it?

Andrew31

Watch ZingPowZing said:

Ok, having re-read the thread, a few quick points:

Thrugelmir - In consideration of the original poster, I named A J Bell, because no financial adviser would or could. I'm happy to revert to the subject of finding a way through the morass that passes for DB pension transfer process now. If Benny has a problem with me, rather than the poster who introduced a red herring, then he can let us know.
Dairy Queen -  I don't claim to be impartial but neither are you; and I don't mean that in a narrow political sense; rather,  you follow a certain prescription in your financial affairs and you like reassurance that your path is correct, that adhering to the tenets of conventional wisdom (until conventional wisdom changes) make you deserving of success and so help to label different views "negative" "against a reader's interest" etc etc..
It goes without saying that I don't consider SonOf to be impartial, nor do I expect him to be; I expect those in financial services to protect their vested interest on this forum and fight their corner. But SonOfs bogus supposed even-handedness stands for a wider fiction: that financial advisers, put in the position of gatekeepers, will fail to act in their own interest. Therefore..
Another Joe - I don't buy the idea that financial advisers are innocent in this mess and it is all the fault of a convenient scapegoat. I think the industry is right to be paranoid about future claims and there will be a huge liability down the line, but it won't come from people like me; it is those who have been led by the hand to silos like True Potential - where ongoing adviser and management fees will eat away their pension pots from inside long before term - that is the demographic of most risk and danger. Lastly..
Andrew31 - The convention is Hear, Hear. Drawing attention to the message. "Here here," would be to draw attention to yourself, but not in a good way. It just makes you look a bit silly.

Watch out, the Grammar Police are here or is it hear.     Drawing attention to myself and looking a bit silly, is probably better than the attention seeking "look at me look at me, HL screwed me over and I'm not bitter, i just write about it every opportunity I get",   

You lost, get over it!!  

AnotherJoe

"I think the industry is right to be paranoid about future claims and there will be a huge liability down the line, but it won't come from people like me "

 First,they don't know that.
 Second, neither does their insurer who doesn't sort cases into "people who won't complain and people who will". They just look at the total cost of the sum transferred.
 Third, twenty years down the line when you've screwed up your investments and you are in dire financial straits and there's a whole industry looking to recompense "people like you" and you can rationalise it's as it's only money from the insurance co, it turns out people like you do complain.

 Please answer this simple question , if people like you won't complain and the adviser knows that and the insurer knows that, why won't any old adviser do it for a few quid ? Why is it almost impossible to find one who'll do it for thousands of pounds ?

Thrugelmir

AnotherJoe said:

 Please answer this simple question , if people like you won't complain and the adviser knows that and the insurer knows that, why won't any old adviser do it for a few quid ? Why is it almost impossible to find one who'll do it for thousands of pounds ?

PPI has cost the banks their entire profits in the boom years pre 2008. No one is willing to take a chance that history won't repeat itself. In this increasingly litigious world.  Nor are stock markets aren't going to remain buoyant indefinately. When the stampede for the exits starts. There'll be squeals of anguish.