The DB pensions scheme does not care whether the recommendation is negative or positive- they just need evidence that you have been through the regulated advice process. Remember the DB scheme is keen to get future pensioners off their books and rid themselves of the potential very high cost liability.
I don’t really understand all this ‘advice’ business. Well, I understand it in terms of helping to ensure people make informed decisions but these sorts of threads seem to imply the process is actually more about ‘permission’ than advice.
Plenty of people have used IFAs to make informed decisions on whether to transfer a DB scheme, but they tend not to double-up by asking people down the pub as well. Threads on consumer forums tend to be posted by people who aren't interested in financial advice and just want someone to rubber-stamp their own decision. That may give a false impression that the system is more adversarial than it actually is.
To repeat the above two posts, DB schemes will allow a transfer without a positive recommendation and you do not need an IFA's "permission". You just need to take regulated advice.
Has anyone had dealings with a company by the name of Alexander House, who uses a network called Quilter Financial Planning? They charge 4%.
The general rule of thumb is to use an IFA. Not an FA.
A 4% fee needs to be in context of the amount. 4% of £100k on a DB transfer is not unreasonable. 4% on a £500k transfer is horrendous.
Has anyone had success in transferring their DB pension over £30k?
Plenty.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
Has anyone had success in transferring their DB pension over £30k?
Depends what you mean by 'success'. Plenty of people have done it. Whether it turns out to be 'successful' only time (or an FCA investigation) will tell.
Has anyone had success in transferring their DB pension over £30k?
Yes - report signed on Tuesday the IFA has all my signed documents and will be transferring into my SIPP. DC pensions with guaranteed rights. Value £175,000, cost 3%
Has anyone had success in transferring their DB pension over £30k?
Yes - report signed on Tuesday the IFA has all my signed documents and will be transferring into my SIPP. DC pensions with guaranteed rights. Value £175,000, cost 3%
Interesting. What were the guaranteed rights / benefits?
Has anyone had success in transferring their DB pension over £30k?
Yes - report signed on Tuesday the IFA has all my signed documents and will be transferring into my SIPP. DC pensions with guaranteed rights. Value £175,000, cost 3%
Interesting. What were the guaranteed rights / benefits?
GMP from being contracted out, worth around £5k at 65 (10 years time). However I am retiring now and moving abroad, and have other pension provisions (I would lose the tax free element if I waited to 65 because it would be taxed as income in my country I am going to)
Replies
A 4% fee needs to be in context of the amount. 4% of £100k on a DB transfer is not unreasonable. 4% on a £500k transfer is horrendous.
Plenty.
DC pensions with guaranteed rights. Value £175,000, cost 3%