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DB pension transfer - IFA fee

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  • cloud_dogcloud_dog Forumite
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    cloud_dog said:
    Charges and coverage, in my very humble opinion.
    Fair enough. As long as you are aware of their approach to asset allocation
    https://monevator.com/passive-fund-of-funds-the-rivals/
    / How do I counter being accused of being a Vanguard zealot by saying burn the active heretic!
    But seriously.
    Ummm, perhaps by simply considering what the OP is looking to do/achieve holistically rather than just respond with what may be a cheap platform option.  Just a thought.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • DiplodicusDiplodicus Forumite
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    Don’t think you need an adviser but you have to use one for the transfer, unfortunately.

    Telling the adviser that you wish to retain him afterwards may help, and telling him that you wish to take 25% upfront may also help, since it alters the critical yield calculation in your favour but, in all likelihood, fear will overcome greed and steer the adviser towards a negative recommendation. 

    In that event, and in order not to waste the fee you have to pay, best to have a clear idea of how you wish to proceed. Find a SIPP provider that you like and get confirmation that your adviser is willing to sign their  transfer-in form in the event of a negative recommendation.  Depending on their legal advice, some advisers will say that this is now mandatory - as it should be - but get it in writing. 
    The only firm that will now accept a DB pension transfer without the obligatory adviser signature on its own form is AJ Bell, to my knowledge. 
    AJ Bell could certainly accommodate your plans for your pension (you don’t need ongoing advice) but have you considered using this pension for the more adventurous side of your investments? There are definite advantages.
  • AlbermarleAlbermarle Forumite
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    A stakeholder pension is obliged to accept all transfers ASFAIK . There are still a couple around.
  • DiplodicusDiplodicus Forumite
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    Who do you mean by “stakeholder pension”?

    Where should Ossie focus?

  • 8370562883705628 Forumite
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    cloud_dog said:
    cloud_dog said:
    Charges and coverage, in my very humble opinion.
    Fair enough. As long as you are aware of their approach to asset allocation
    https://monevator.com/passive-fund-of-funds-the-rivals/
    / How do I counter being accused of being a Vanguard zealot by saying burn the active heretic!
    But seriously.
    Ummm, perhaps by simply considering what the OP is looking to do/achieve holistically rather than just respond with what may be a cheap platform option.  Just a thought.
    /
    I did, suggested  platform and funds.
  • AlbermarleAlbermarle Forumite
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    Who do you mean by “stakeholder pension”?

    Where should Ossie focus?

    Stakeholder pensions were introduced many years ago , as simplified versions of pensions with regulated charges. They have been overtaken by developments in the pension market to a large extent and only a couple of companies still offer them .
    https://www.moneyadviceservice.org.uk/en/articles/stakeholder-pensions
    This one is often recommended on the forum for inexperienced investors.
    https://www.cavendishonline.co.uk/stakeholder-pension
    AFAIK they have to accept all pension transfers as part of their remit.
    Then you can stay with them or transfer again to your provider of choice

  • DiplodicusDiplodicus Forumite
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    So Abermarle, I note that “stakeholder pensions” are not allowed exit fees. 

    And Aviva stakeholder pension will accept a DB transfer without either an adviser’s positive recommendation nor a signature on their transfer in form.

    That would be a good option for Ossie and many others . Proviso being that they moved it on quickly to a more benign environment.

    Are we sure of those facts though?
  • dunstonhdunstonh Forumite
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    And Aviva stakeholder pension will accept a DB transfer without either an adviser’s positive recommendation nor a signature on their transfer in form.

    But you have to buy it directly.  You cannot buy it through an intermediary.   Do Aviva still retail their statekeholder pension direct to consumer?

    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.
  • DiplodicusDiplodicus Forumite
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    Don’t know, dunstonh. Something to clarify before committing to an adviser’s fee.  Please post result here too.
  • DiplodicusDiplodicus Forumite
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    “But you have to buy it directly” - IFA 

    But a DB transfer above £30k has to be mediated through an adviser. What’s the bottom line here?  
    If someone with a negative recommendation can go directly to Aviva and effect a transfer, all well and good.
    If Aviva need the IFA’s signature on their transfer-in form, would you sign that, dunstonh.

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