DB pension transfer - IFA thought yes But his boss says NO - Stuck.

Durhamborn

Mick70 said:

xylophone said:

Has the firm you approached told you that it will not take you on as a client as its "triage" indicates that it would advise against transfer and therefore will not advise you at all?

They took me on as a client (charge £3.5k) to give advice and that advice is No from the manager . 

£3.5k will include the report.You need a copy and then get them to sign the forms you need saying you have taken advice and their stamp.Then transfer to AJ Bell.If not find one who will do contingent charging as they are much more likely to say no,but then allow you to transfer as an insistent client.Remember,ill health,inheritance tax planning  and no spouse for anyone who hasnt ticks the right boxes.You need to act quick though,those cretins at the FCA have a report out in March on DB pensions and likely they will ban contingent charging,or curtail it heavily.

Andrew31

Out of interest, what income did you tell the IFA you needed in retirement.  

Mick70

Andrew31 said:

Out of interest, what income did you tell the IFA you needed in retirement.  

for a couple I had down as 
Essential (no hols / social) -  £24.5k
Desired  -  £46k 

Andrew31

and what about your other assets?  Income from employment until you retire?
1.7mi obv seems appealing, but the fact that your basic living costs can be easily met by the scheme, what do you think is the benefit of transferring is ?

cfw1994

SonOf said:

Mick70 said:

xylophone said:

 Was this the 'triage' part or the full advice report? 

I still can't make this out.  I asked

 Has the firm you approached told you that it will not take you on as a client as its "triage" indicates that it would advise against transfer and therefore will not advise you at all?

  Is the firm providing a suitability report?

The OP has said

They took me on as a client (charge £3.5k) to give advice and that advice is No from the manager . Have had no report or anything just email off the IFA (as I was chasing it up) apologising that his boss had said No.

Has he only paid for triage?

I have never received any report . I have paid (or will be) an agreed £ 3.5k and was told if goes ahead then the fee would be 0.75% of pot and the £3.5k refunded .  That is all I know .  

So, you should be getting a report stating why they think it is not suitable to transfer.   The adviser firm is also required to confirm that you have received regulated advice.    

This sounds clear and obvious, otherwise what on earth did you think you were paying for!?
Get them to send it to you.

Mick70 said:

Andrew31 said:

Out of interest, what income did you tell the IFA you needed in retirement.  

for a couple I had down as 
Essential (no hols / social) -  £24.5k
Desired  -  £46k 

Hmmm.   I would personally have put my desired as above but not-that-much-over the DB amount.  Perhaps not so high as 46k.   Enough to play the game that shows you need more than the DB scheme was offering (26.7k, right?), but not so much that they think it is unattainable or (more importantly!), risky.   35k, for example.

Mick70

Andrew31 said:

and what about your other assets?  Income from employment until you retire?
1.7mi obv seems appealing, but the fact that your basic living costs can be easily met by the scheme, what do you think is the benefit of transferring is ?

benefit is so that we can have a desired pensionable income, rather than just essential one .
Also, importantly with spouse having no pension provision the DC seemed to solve this issue for us , whereas now I will need to save a lot of money each month to put away for her and it wont be easy 

Mick70

cfw1994 said:

SonOf said:

Mick70 said:

xylophone said:

 Was this the 'triage' part or the full advice report? 

I still can't make this out.  I asked

 Has the firm you approached told you that it will not take you on as a client as its "triage" indicates that it would advise against transfer and therefore will not advise you at all?

  Is the firm providing a suitability report?

The OP has said

They took me on as a client (charge £3.5k) to give advice and that advice is No from the manager . Have had no report or anything just email off the IFA (as I was chasing it up) apologising that his boss had said No.

Has he only paid for triage?

I have never received any report . I have paid (or will be) an agreed £ 3.5k and was told if goes ahead then the fee would be 0.75% of pot and the £3.5k refunded .  That is all I know .  

So, you should be getting a report stating why they think it is not suitable to transfer.   The adviser firm is also required to confirm that you have received regulated advice.    

This sounds clear and obvious, otherwise what on earth did you think you were paying for!?
Get them to send it to you.

Mick70 said:

Andrew31 said:

Out of interest, what income did you tell the IFA you needed in retirement.  

for a couple I had down as 
Essential (no hols / social) -  £24.5k
Desired  -  £46k 

Hmmm.   I would personally have put my desired as above but not-that-much-over the DB amount.  Perhaps not so high as 46k.   Enough to play the game that shows you need more than the DB scheme was offering (26.7k, right?), but not so much that they think it is unattainable or (more importantly!), risky.   35k, for example.

I was simply being honest , when asked for essential pension and desired pension for both of us , I did spreadsheets and essential came out at 24-25 ,  desired came out at 46. 

xylophone

whereas now I will need to save a lot of money each month 

Once you have the report and statement that you have received regulated advice, you can still consider transfer?

https://forums.moneysavingexpert.com/discussion/6061266/db-transfer-when-ifa-recommends-against#latest

If you decide to take the DB pension instead, you will have both the pension income and your normal salary - this should permit gifts to your wife to enable her to contribute to a pension?

When you retire from work you will have a DB pension and a DC pension and a state pension.

Your wife will have a DC pension and state pension - that should keep you going?

cfw1994

Mick70 said:

cfw1994 said:

SonOf said:

Mick70 said:

xylophone said:

 Was this the 'triage' part or the full advice report? 

I still can't make this out.  I asked

 Has the firm you approached told you that it will not take you on as a client as its "triage" indicates that it would advise against transfer and therefore will not advise you at all?

  Is the firm providing a suitability report?

The OP has said

They took me on as a client (charge £3.5k) to give advice and that advice is No from the manager . Have had no report or anything just email off the IFA (as I was chasing it up) apologising that his boss had said No.

Has he only paid for triage?

I have never received any report . I have paid (or will be) an agreed £ 3.5k and was told if goes ahead then the fee would be 0.75% of pot and the £3.5k refunded .  That is all I know .  

So, you should be getting a report stating why they think it is not suitable to transfer.   The adviser firm is also required to confirm that you have received regulated advice.    

This sounds clear and obvious, otherwise what on earth did you think you were paying for!?
Get them to send it to you.

Mick70 said:

Andrew31 said:

Out of interest, what income did you tell the IFA you needed in retirement.  

for a couple I had down as 
Essential (no hols / social) -  £24.5k
Desired  -  £46k 

Hmmm.   I would personally have put my desired as above but not-that-much-over the DB amount.  Perhaps not so high as 46k.   Enough to play the game that shows you need more than the DB scheme was offering (26.7k, right?), but not so much that they think it is unattainable or (more importantly!), risky.   35k, for example.

I was simply being honest , when asked for essential pension and desired pension for both of us , I did spreadsheets and essential came out at 24-25 ,  desired came out at 46. 

re-read my reply, & it sounded a bit harsh (sorry) - the first bit is key (as SonOf put it) - you need to get that report that you have taken advice.   Good luck!

Mick70

xylophone said:

whereas now I will need to save a lot of money each month 

Once you have the report and statement that you have received regulated advice, you can still consider transfer?

https://forums.moneysavingexpert.com/discussion/6061266/db-transfer-when-ifa-recommends-against#latest

If you decide to take the DB pension instead, you will have both the pension income and your normal salary - this should permit gifts to your wife to enable her to contribute to a pension?

When you retire from work you will have a DB pension and a DC pension and a state pension.

Your wife will have a DC pension and state pension - that should keep you going?

Yes we will be ok if I can stay in work another 8-9 years and get a dc pot built up, I don’t dispute this . Evenso the dc £1.7 would have built up further over those years and still remains the better option , IMO