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DB Pension Transfer Statutory Advice.

4 Posts

I have recently become 55 and wish to cash in 2 small pensions that I have but as they won't allow me to cash them in in full I first have to Transfer them to another pension which I am going to do with Pension Bee then withdraw in full over the next two tax years.
One of them and possibly both of them have a transfer value over 30,000 so I am required to take advice that I don't want or need, I'm a big boy capable of making adult decisions.
What is the cheapest and fastest way of getting advice? I don't care about the quality of the advice as I have no intention of following it and Pension Bee will accept the transfer with negative or positive advice.
One of them and possibly both of them have a transfer value over 30,000 so I am required to take advice that I don't want or need, I'm a big boy capable of making adult decisions.
What is the cheapest and fastest way of getting advice? I don't care about the quality of the advice as I have no intention of following it and Pension Bee will accept the transfer with negative or positive advice.
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Replies
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf
https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/
It won't be cheap or quick.
https://adviserbook.co.uk/ Tick "confirmed independent" and "pension transfer" when the menu comes up.
IFA's with the relevant qualifications are not that numerous and now the FCA has clamped down hard on defined benefit transfers ( due to lots of past problems ) many of these IFA's have walked away from the area altogether. They are worried that they will get sued in future for the advice given if it all turns out wrong.
If you go to an IFA with the approach mentioned above, then they will almost certainly say they don't want you as a client and you will be snookered I am afraid.
If you want cheapest then why not let the IFA transfer it? If you state you are cost focused, they will have cheaper options than pensionbee.
Phone them up and ask them if they do defined benefit transfers? and if they will do it if you choose the provider rather than the IFA (many wont) or if you pick the invesmtents rather than the IFA (many wont).
Fast is more important to me than cheap tbh
You are not an attractive proposition for an IFA , so make sure you've definitely got one lined up ready to go before you get an up to date CETV quote - always assuming your schemes are currently issuing such quotes (at present many aren't). Also be aware that is going to cost you a fair slug of two quite modest transfer values.
Anyway I found a IFA and he quoted around £4000 to do the paperwork to transfer
Seemed all very complicated and I couldn't be bothered in the end to transfer it