Find IFA to transfer DB cash equivelant tfr to a SIPP

mazworld15

Hi all, hoping someone will know an IFA firm who will advise re pension tfr for DH. I did mine 2 years ago to a SIPP but the IFA didn't charge if the recommendation was not to do it, didn't really pay much attention to this, used to be an adviser, it was pretty obvious in my circumstances it would be yes, pay 3% on we go, only the advice was not to! IFA wouldn't sign the form (he did in the end) all I needed was that to say I had advice.
I know not many will take the chance looks like it might be the next PPI but just want to get it done asap, many thanks for any comments

JoeCrystal

Shop around. Starting with https://adviserbook.co.uk/ and select Pension transfers and confirmed Independent. The Financial Conduct Authority has banned the use of contingent charging in defined benefit (DB) transfer advice since the FCA believes it may cause a conflict of interest.
Why so surprised? He would explain his reasons behind the recommendation nevermind you think it is pretty 'obvious'.

mazworld15

JoeCrystal said:

Shop around. Starting with https://adviserbook.co.uk/ and select Pension transfers and confirmed Independent. The Financial Conduct Authority has banned the use of contingent charging in defined benefit (DB) transfer advice since the FCA believes it may cause a conflict of interest.
Why so surprised? He would explain his reasons behind the recommendation nevermind you think it is pretty 'obvious'.

Thanks, appreciate the link, he actually didn't explain his reasons very well, lots of standard paragraphs, I think he was maybe with hindsight doing it as a favour to my good friend an IFA but without the franchise, no intention of putting his neck on the line.

mazworld15

https://www.myfinalsalarypension.com/faqs

This looks too good to be true but will ring them., prob have to let them invest it

p00hsticks

mazworld15 said:

https://www.myfinalsalarypension.com/faqs

This looks too good to be true but will ring them., prob have to let them invest it

IMHO, any 'wealth management' company is usually to be avoided .....

JoeCrystal

mazworld15 said:

https://www.myfinalsalarypension.com/faqs

This looks too good to be true but will ring them., prob have to let them invest it

They are not IFAs. If you read through the answers, they are restricted in that they can only recommend their investment funds.

Albermarle

This subject is very common on this forum . The problem of finding an IFA to do DB transfers is getting very tricky as they are under huge pressure from the FCA (Financial conduct authority) to only recommend transfer in a small minority of special cases.
The FCA believes that in 9 out of 10 cases a DB transfer is not in the long term best interest of the pension holder.

Marcon

mazworld15 said:

Hi all, hoping someone will know an IFA firm who will advise re pension tfr for DH. I did mine 2 years ago to a SIPP but the IFA didn't charge if the recommendation was not to do it, didn't really pay much attention to this, used to be an adviser, it was pretty obvious in my circumstances it would be yes, pay 3% on we go, only the advice was not to! IFA wouldn't sign the form (he did in the end) all I needed was that to say I had advice.
I know not many will take the chance looks like it might be the next PPI but just want to get it done asap, many thanks for any comments

So you aren't actually looking for advice, just a tick in the box to say your husband has received advice, because you've already made the decision?

Joey_Soap

Albermarle said:

This subject is very common on this forum . The problem of finding an IFA to do DB transfers is getting very tricky as they are under huge pressure from the FCA (Financial conduct authority) to only recommend transfer in a small minority of special cases.
The FCA believes that in 9 out of 10 cases a DB transfer is not in the long term best interest of the pension holder.

My impression would be on that, the FCA are right. Ihad to persuade Mrs S not go ahead a few years back. Now she has the then deferred DB pension in payment, she's very glad she didn't transfer out.

mazworld15

Marcon said:

mazworld15 said:

Hi all, hoping someone will know an IFA firm who will advise re pension tfr for DH. I did mine 2 years ago to a SIPP but the IFA didn't charge if the recommendation was not to do it, didn't really pay much attention to this, used to be an adviser, it was pretty obvious in my circumstances it would be yes, pay 3% on we go, only the advice was not to! IFA wouldn't sign the form (he did in the end) all I needed was that to say I had advice.
I know not many will take the chance looks like it might be the next PPI but just want to get it done asap, many thanks for any comments

So you aren't actually looking for advice, just a tick in the box to say your husband has received advice, because you've already made the decision?

Yes, I realise how it sounds but there are really sound reasons why we need to fo it

Brynsam

mazworld15 said:

Marcon said:

mazworld15 said:

Hi all, hoping someone will know an IFA firm who will advise re pension tfr for DH. I did mine 2 years ago to a SIPP but the IFA didn't charge if the recommendation was not to do it, didn't really pay much attention to this, used to be an adviser, it was pretty obvious in my circumstances it would be yes, pay 3% on we go, only the advice was not to! IFA wouldn't sign the form (he did in the end) all I needed was that to say I had advice.
I know not many will take the chance looks like it might be the next PPI but just want to get it done asap, many thanks for any comments

So you aren't actually looking for advice, just a tick in the box to say your husband has received advice, because you've already made the decision?

Yes, I realise how it sounds but there are really sound reasons why we need to fo it

Be careful you don't tell the IFA you've already made your decision before they do anything. They will be even less inclined to accept the business.