Pension Help Please

Monsterstereyebrows

I have a small Final salary pension (presently £1550 PA) I am considering seeing if its worth transfering to a private pension as I have just received a transfer value. Can I approach a couple of FAs and get them to write to my pension company for details or can only one FA write so I can compare advice? Or can I request pension details and give it to each of them?

Also what might I expect to pay in fees to FA to transfer the pension, the quote from my pension was its value is £78,000 .

Thank you

dunstonh

 Can I approach a couple of FAs and get them to write to my pension company for details or can only one FA write so I can compare advice?

With most administrators, the first request in a year is free.  They charge for the rest.

Or can I request pension details and give it to each of them?

You may get the value but the IFA or FA will write to ask for more.  Plus, as soon as you get that CETV, the clock is ticking.

Also what might I expect to pay in fees to FA to transfer the pension, the quote from my pension was its value is £78,000 .

£3k to £5k typically.

xylophone

And you will need not just any FA but a Pension Transfer Specialist.
https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/

Monsterstereyebrows

dunstonh said:

 Can I approach a couple of FAs and get them to write to my pension company for details or can only one FA write so I can compare advice?

With most administrators, the first request in a year is free.  They charge for the rest.

Or can I request pension details and give it to each of them?

You may get the value but the IFA or FA will write to ask for more.  Plus, as soon as you get that CETV, the clock is ticking.

Also what might I expect to pay in fees to FA to transfer the pension, the quote from my pension was its value is £78,000 .

£3k to £5k typically.

If you dont have £3000-£5000 I guess you cannot move the pension?

Mutton_Geoff

Monsterstereyebrows said:
If you dont have £3000-£5000 I guess you cannot move the pension?

The fee will be taken from the fund when you transfer it. The experts will be along in a moment to ask you to very carefully consider the DB long term benefits and whether they are inflation linked etc.

patricia24 said:

Hi, Could you help please I had a pension with Trust House Forte when I first started work may years ago how do I claim my pension from them I have no paperwork numbers etc, just wondered if you could help 
Thank you
Regards Allan

Please can you start your own thread?

dunstonh

If you dont have £3000-£5000 I guess you cannot move the pension?

The fee can be taken from the pension if the advice is good to transfer.  However, if the advice is that you should not transfer then you would need to pay it directly.  Contingent charging has been banned (that was when you only paid if you transferred).

[Deleted User]

Make sure you have reasons that will benefit you for transferring, this may help your case. eg you are retiring early and need the tax free cash now (in my case it was moving to a foreign country), you are an experienced investor, you have designed a portfolio for the pot etc.

Marcon

Deleted_User said:

Make sure you have reasons that will benefit you for transferring, this may help your case. eg you are retiring early and need the tax free cash now (in my case it was moving to a foreign country), you are an experienced investor, you have designed a portfolio for the pot etc.

But be prepared for counter arguments/requirements:

• you can normally take tax free cash from a DB pension
• explain what investment experience you have, with concrete examples (IFAs will have heard this claim any number of times)
• what portfolio did you have in mind? (could well act against the argument to transfer).

Albermarle

The fee can be taken from the pension if the advice is good to transfer.  However, if the advice is that you should not transfer then you would need to pay it directly.

The most likely outcome is that you will be advised not to transfer . The IFA's involved are under a lot of pressure from the FCA, and their own indemnity insurers to only recommend transfer in certain clear cut scenarios.

If you are advised not to transfer then you still actually can transfer but a lot of pension providers will not accept the transfer from a so called 'insistent client' . Everybody is scared that many years down the line some clients will try and sue after their transferred  pension pot has run out , as happened after various issues in the past.

you are an experienced investor, you have designed a portfolio for the pot etc. 

Even better if you suggest the IFA looks after the transferred pot .