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Direct benefit pension transfer

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

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Comments

  • wjr4
    wjr4 Posts: 1,317 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
  • Silvertabby
    Silvertabby Posts: 10,316 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    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.

  • That’s the problem
  • ratechaser
    ratechaser Posts: 1,674 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
     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...?
  • My individual circumstances have lead me to this conclusion.
    Not being a feckless retiree
  • eskbanker
    eskbanker Posts: 37,990 Forumite
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    My individual circumstances have lead me to this conclusion.
    Not being a feckless retiree
    Nobody was accusing you of being a feckless retiree but the point was that advisers have to insure against potential liabilities regardless of whether you feel you might seek redress at a later stage.

    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....
  • I am paying 3% for mine (and that's not a pure DB, but a DC with a GMP underpin)
  • Sorry it’s turned into a thread that allows financial advisers to justify their costs.
    I thought it was a money saving forum
  • JoeCrystal
    JoeCrystal Posts: 3,382 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 16 June 2020 at 3:36PM
    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

    There is a way without damaging your transfer value, insist on paying for fees without using the money from the transfer value. It would cost more since the money you paid for are already taxed so it would cost at least 20% more compared to using the transfer value. You did ask. ;)
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