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Direct benefit pension transfer

simonB2089
Posts: 5 Forumite

Hi I’m looking to transfer a defined benefit pension to dive s more flexibility.
The laws is that as funds are over £30K you must get IFA advise.
I have contacted a couple of advisers so far any they are wanting to relieve me of a sizeable portion of my pension for the privilege of giving advise.
Does anyone know of a route where advise can be given complying with Legislation And making a viable option without damaging your transfer value.
thanks
The laws is that as funds are over £30K you must get IFA advise.
I have contacted a couple of advisers so far any they are wanting to relieve me of a sizeable portion of my pension for the privilege of giving advise.
Does anyone know of a route where advise can be given complying with Legislation And making a viable option without damaging your transfer value.
thanks
0
Comments
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You need to find an IFA who is a pension transfer specialist. Fees will be high.I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0
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If you do find someone willing to do this on the cheap - run as fast as you can in the opposite direction, with the sound of alarm bells ringing loudly in your ears.
1 -
That’s the problem0
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It it's a problem for a reason, namely that in the vast majority of cases, it would not be in your best interests to transfer out of a DB scheme. There are few advisors happy to provide advice on this because they could end up liable in 10/20/30 years when they get sued by feckless retirees that have blown a 'big' pot rather than settling for a smaller, steady, guaranteed income with extras like index linking, spousal benefits etc.
So no, it won't come cheap. Presumably you are clear in your mind about why you want to do this, and it's not just that you've been offered a number that at first glance looks too good to be true...?1 -
My individual circumstances have lead me to this conclusion.
Not being a feckless retiree0 -
simonB2089 said:My individual circumstances have lead me to this conclusion.
Not being a feckless retiree
It should also be said that if your analysis of your individual circumstances ignored the adviser costs necessary as part of the process, it's entirely plausible that you may have failed to take other relevant factors into account so your conclusion may be flawed....1 -
I am paying 3% for mine (and that's not a pure DB, but a DC with a GMP underpin)1
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Sorry it’s turned into a thread that allows financial advisers to justify their costs.
I thought it was a money saving forum0 -
*fetches popcorn*6
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simonB2089 said:Does anyone know of a route where advise can be given complying with Legislation And making a viable option without damaging your transfer value.
thanks0
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