Searching for unicorn, IFA to tfr DB

mazworld15

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to. So one blue hoof one pink hoof certain colour of glitter lol. Found 2 so far 

Dox

If you've already found 2, why do you need another one? FCA register is the place to search - look for an IFA with DB transfer permissions.

mazworld15

Was thinking about the charges, a lot obvs with what's happening, indemnity ins etc but yes i suppose that's one way of looking at it , ty

dunstonh

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

mazworld15

dunstonh said:

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

I know! Being very careful, when I did mine 2 years ago I didn't think to ask what would happen if the advice was no, to me and friends who are IFAs it was obviously yes. He signed in the end after I suggested putting on it that "it was totally against advice given , no responsibility etc" totally worthless. So 4 of the IFAs who can give the advice have said if the advice is not to , they will NOT sign to say they've given advice because in the future it coulkd be said they helped/facilitated the transfer??

dunstonh

mazworld15 said:

dunstonh said:

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

I know! Being very careful, when I did mine 2 years ago I didn't think to ask what would happen if the advice was no, to me and friends who are IFAs it was obviously yes. He signed in the end after I suggested putting on it that "it was totally against advice given , no responsibility etc" totally worthless. So 4 of the IFAs who can give the advice have said if the advice is not to , they will NOT sign to say they've given advice because in the future it coulkd be said they helped/facilitated the transfer??

The FCA changed the rules earlier this year and mandated that advisers must confirm regulated advice was given. They cannot refuse.  2 years ago they could.     The only issue to be wary of there is if your chosen provider also tries to get the adviser to take on liability for the purchase of the pension as well.  Some do.  The adviser should be refusing to sign those if they have not recommended that provider as part of the advice process.

mazworld15

dunstonh said:

mazworld15 said:

dunstonh said:

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

I know! Being very careful, when I did mine 2 years ago I didn't think to ask what would happen if the advice was no, to me and friends who are IFAs it was obviously yes. He signed in the end after I suggested putting on it that "it was totally against advice given , no responsibility etc" totally worthless. So 4 of the IFAs who can give the advice have said if the advice is not to , they will NOT sign to say they've given advice because in the future it coulkd be said they helped/facilitated the transfer??

The FCA changed the rules earlier this year and mandated that advisers must confirm regulated advice was given. They cannot refuse.  2 years ago they could.     The only issue to be wary of there is if your chosen provider also tries to get the adviser to take on liability for the purchase of the pension as well.  Some do.  The adviser should be refusing to sign those if they have not recommended that provider as part of the advice process.

Thanks I didn't know that, I understand we are required to take advice and of course we have to pay for it-no problem. This is hubby's, just want it in an AJBell SIPP like mine asap and we can get on, thanks for help.

Albermarle

mazworld15 said:

dunstonh said:

mazworld15 said:

dunstonh said:

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

I know! Being very careful, when I did mine 2 years ago I didn't think to ask what would happen if the advice was no, to me and friends who are IFAs it was obviously yes. He signed in the end after I suggested putting on it that "it was totally against advice given , no responsibility etc" totally worthless. So 4 of the IFAs who can give the advice have said if the advice is not to , they will NOT sign to say they've given advice because in the future it coulkd be said they helped/facilitated the transfer??

The FCA changed the rules earlier this year and mandated that advisers must confirm regulated advice was given. They cannot refuse.  2 years ago they could.     The only issue to be wary of there is if your chosen provider also tries to get the adviser to take on liability for the purchase of the pension as well.  Some do.  The adviser should be refusing to sign those if they have not recommended that provider as part of the advice process.

Thanks I didn't know that, I understand we are required to take advice and of course we have to pay for it-no problem. This is hubby's, just want it in an AJBell SIPP like mine asap and we can get on, thanks for help.

So both husband and wide have DB pensions, guaranteed income for life , inflation linked etc .
Then you transfer both to be at the whims of the market. Hmmm....
Without obviously knowing all the background it would seem sensible to keep at least one for guaranteed income ?

AlanP_2

Albermarle said:

mazworld15 said:

dunstonh said:

mazworld15 said:

dunstonh said:

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

I know! Being very careful, when I did mine 2 years ago I didn't think to ask what would happen if the advice was no, to me and friends who are IFAs it was obviously yes. He signed in the end after I suggested putting on it that "it was totally against advice given , no responsibility etc" totally worthless. So 4 of the IFAs who can give the advice have said if the advice is not to , they will NOT sign to say they've given advice because in the future it coulkd be said they helped/facilitated the transfer??

The FCA changed the rules earlier this year and mandated that advisers must confirm regulated advice was given. They cannot refuse.  2 years ago they could.     The only issue to be wary of there is if your chosen provider also tries to get the adviser to take on liability for the purchase of the pension as well.  Some do.  The adviser should be refusing to sign those if they have not recommended that provider as part of the advice process.

Thanks I didn't know that, I understand we are required to take advice and of course we have to pay for it-no problem. This is hubby's, just want it in an AJBell SIPP like mine asap and we can get on, thanks for help.

So both husband and wide have DB pensions, guaranteed income for life , inflation linked etc .
Then you transfer both to be at the whims of the market. Hmmm....
Without obviously knowing all the background it would seem sensible to keep at least one for guaranteed income ?

The grass is always greener, and birds in the hand are worthless spring to mind.

As you say though without full context it looks adventurous to say the least but in terms of overall pension / financial situation it may be entirely sensible.

mazworld15

AlanP_2 said:

Albermarle said:

mazworld15 said:

dunstonh said:

mazworld15 said:

dunstonh said:

Hi all, on I would say day 14 of the search for a unicorn! IFA who will sign pension trustees form to say advice given even if advice is not to.

All IFAs that do pension transfers are required to sign the form if they have provided you with regulated advice.   So, it should be very easy to find one as you just need to know if they hold pension transfer permissions or not.  About 1 in 10 do.

I know! Being very careful, when I did mine 2 years ago I didn't think to ask what would happen if the advice was no, to me and friends who are IFAs it was obviously yes. He signed in the end after I suggested putting on it that "it was totally against advice given , no responsibility etc" totally worthless. So 4 of the IFAs who can give the advice have said if the advice is not to , they will NOT sign to say they've given advice because in the future it coulkd be said they helped/facilitated the transfer??

The FCA changed the rules earlier this year and mandated that advisers must confirm regulated advice was given. They cannot refuse.  2 years ago they could.     The only issue to be wary of there is if your chosen provider also tries to get the adviser to take on liability for the purchase of the pension as well.  Some do.  The adviser should be refusing to sign those if they have not recommended that provider as part of the advice process.

Thanks I didn't know that, I understand we are required to take advice and of course we have to pay for it-no problem. This is hubby's, just want it in an AJBell SIPP like mine asap and we can get on, thanks for help.

So both husband and wide have DB pensions, guaranteed income for life , inflation linked etc .
Then you transfer both to be at the whims of the market. Hmmm....
Without obviously knowing all the background it would seem sensible to keep at least one for guaranteed income ?

The grass is always greener, and birds in the hand are worthless spring to mind.

As you say though without full context it looks adventurous to say the least but in terms of overall pension / financial situation it may be entirely sensible.

Lots of pointers, poor health, poor death benefits, would need to live another 35 years to get near the transfer value, plus there's clawback, as soon as we start to receive gov pension the monthly pension would be reduced by the amount of the state pension

xylophone

plus there's clawback, as soon as we start to receive gov pension the monthly pension would be reduced by the amount of the state pension

The full amount? Are you certain of this? It is not necessarily the case. I'd suggest you check your latest scheme booklet or ask the administrator.