DB Pension Transfer Statutory Advice.

Gig1968

I have just had a DB  CETV of £122k and I'm about to start the journey of finding an IFA. Sounds like fun.

Albermarle

Gig1968 said:

I have just had a DB  CETV of £122k and I'm about to start the journey of finding an IFA. Sounds like fun.

There are hundreds of threads on this subject on the forum . Use the search box if you are interested.

Turpinr

Gig1968 said:

I have just had a DB  CETV of £122k and I'm about to start the journey of finding an IFA. Sounds like fun.

Good luck 👍

[Deleted User]

I started a protected rights transfer last month (DC with a GMP).
I have my CETV, the IFA I approached farmed out the job to a specialist I am not sure whether I should name them but they are in Manchester.
The specialist will charge 3% and their default SIPP provider is AJ Bell, for which you need to sign a LOA - which I will rescind once the transfer had happened.
I had an initial telephone interview with the specialists, then a further call with a technical expert who is now in contact with the trustees to arrange the transfer. 
If the answer is a no (which it won't be) then they will still arrange transfer as an insistent client.
I have had nothing but professionalism at all stages with the firms.

Malthusian

Deleted_User said:

If the answer is a no (which it won't be) then they will still arrange transfer as an insistent client.

That is a red flag as advisers should not be arranging a transfer which they think is a bad idea. The consensus across the industry and the regulator is that they would be liable no matter what disclaimers the client signs. 

If by "arrange transfer" they mean they will sign the document confirming they have given advice, while leaving you to arrange the transfer yourself in every single other respect, that is fine.

What underlying investments are they recommending you transfer your pension into?

I started a protected rights transfer last month (DC with a GMP).

To be pedantic, they are safeguarded rights. Protected rights were something different, namely a pension fund arising from National Insurance rebates. There used to be restrictions on how they could be annuitised but these were abolished in 2012.

Colin_1234

Gig1968 said:

I have just had a DB  CETV of £122k and I'm about to start the journey of finding an IFA. Sounds like fun.

Good luck. Please let me know if you are successful in finding an IFA that can help. The stupid thing is that my pension provider does not care if the IFA does not recommend transferring it, they will still proceed with the transfer if that is what I decide to do. 

Thrugelmir

Colin_1234 said:

Gig1968 said:

I have just had a DB  CETV of £122k and I'm about to start the journey of finding an IFA. Sounds like fun.

Good luck. Please let me know if you are successful in finding an IFA that can help. The stupid thing is that my pension provider does not care if the IFA does not recommend transferring it, they will still proceed with the transfer if that is what I decide to do. 

Your pension provider is not providing you with any advice. Their view has no bearing. 

Albermarle

Colin_1234 said:

Gig1968 said:

I have just had a DB  CETV of £122k and I'm about to start the journey of finding an IFA. Sounds like fun.

Good luck. Please let me know if you are successful in finding an IFA that can help. The stupid thing is that my pension provider does not care if the IFA does not recommend transferring it, they will still proceed with the transfer if that is what I decide to do. 

Normally the DB provider can't wait to get you off their books , so they can get rid of  the liability of paying an inflation linked pension for up to 35 years . Hence the apparently generous CETV offers that are around.

Roygroyg

Back in September I got a CETV of over 40 times and scheme rules changed to allow partial transfers so thought I had a chance of being able to do a 50% transfer and have a mix of fixed income and investment return and income. I had previously got a local IFA to review a transfer 2-3 years earlier when at just under 30 times and was recommended no (full transfer was only option).

Tried many routes to get a current review but most local IFAs not interested (local or national ran for the hills if you mentioned managing your own investments even with having done so for over 20 years with equivalent sized ISA and SIPP combined portfolios). I switched tack and accepted only chance was to transfer to a platform managed by the IFA and seemed to get closer with one of the larger national transfer providers but in the end thought I was too young (just under 50). An IFA there had a quick look at but they do not give any view and could not even say whether they had considered a partial transfer or a full transfer as they fear making any response might open them up to later litigation.

There was one IFA who was potentially willing to look at but wanted up front fees for the work and they were quite steep compared to previous quotes that would only have been charged for a successful transfer. I can see why from their perspective as no matter how high the transfer value the official advise seems to always point back to no but given I would have had to pay out of own post tax savings rather than the pre-tax pension it made the difference even higher. I would also then have to transfer with them and pay their ongoing fees as well.

Good luck finding anyone out there who will still do a transfer and let us know if you do!

Gig1968

I know that innogy who hold my deferred pension now what me off the books as it is a good offer, I will take it tomorrow if I can find an ifa. I wil! start my looking tomorrow. The pack they have sent me just requires a consent form me with my signature and the IFA signature and company's details. I'm happy to pay over his fee and sign a legal document that I will never she him if that's possible . All I want to do is transfer it. So I can take a lump sum when I'm 55 .