DB transfer of less than 30k

14seesaw

I have an old DB pension with a CETV of just less than 24k which I am considering transfering to Pension Bee along with 3 smaller workplace schemes with a total value of 3k.
The trustees of the DB pension, despite the value being less than 30k, want me to provide evidence of "Transfer advice would be a statement from an FCA authorised advisor confirming that you have obtained appropriate independent advice".
My question is can they simply refuse to my transfer request if I don't provide a statement from an FCA authorised advisor and how much would or should the cost be?

Diplodicus

No, just commission hustling. 

Disregard and good luck.

xylophone

https://www.thepensionsregulator.gov.uk/en/document-library/regulatory-guidance/db-to-dc-transfers-and-conversions

Types of benefit and the advice requirement: 'flexible' and 'safeguarded' benefits

6. A transfer or conversion of ‘safeguarded benefits’[2] to acquire ‘flexible benefits’[3] is subject to the requirement that the member must obtain appropriate independent advice. This requirement applies to transfers made under the legislation and the scheme rules. The exception to this is that, where the member’s cash equivalent transfer value (before any reduction) of his or her safeguarded benefits in the scheme is £30,000 or less, the member is not required to obtain advice for the purposes of making a transfer (the ‘£30,000 exemption’).

https://www.ftadviser.com/pensions/2018/03/07/pension-schemes-demand-advice-on-transfers-under-30k-limit/#:~:text=Under%20the%20rules%20introduced%20with,benefits%20and%20a%20guaranteed%20income.

dunstonh

Have you checked that pensionbee will accept a DB transfer?

Marcon

14seesaw said:

I have an old DB pension with a CETV of just less than 24k which I am considering transfering to Pension Bee along with 3 smaller workplace schemes with a total value of 3k.
The trustees of the DB pension, despite the value being less than 30k, want me to provide evidence of "Transfer advice would be a statement from an FCA authorised advisor confirming that you have obtained appropriate independent advice".
My question is can they simply refuse to my transfer request if I don't provide a statement from an FCA authorised advisor and how much would or should the cost be?

If you have a statutory right to transfer (and unless you are within a year of reaching the DB scheme's normal retirement age, you almost certainly do), the trustees can't start setting their own requirements where the CETV is under £30K. Sounds like a standard letter which wasn't checked properly before sending it to you.

Ask them to refer you to the legislation which requires you to show you have received advice before the transfer can proceed. 

Marcon

Diplodicus said:

No, just commission hustling. 

Disregard and good luck.

Nothing to do with commission - DB schemes wouldn't receive any just because a member takes advice.

Albermarle

Diplodicus said:

No, just commission hustling. 

Disregard and good luck.

Nonsense comment . Most likely the DB scheme are just mistaken/sent out the wrong letter . 

Diplodicus

Stand corrected. They probably sent out the wrong letter.

Disregard and good luck. 

dunstonh

Albermarle said:

Diplodicus said:

No, just commission hustling. 

Disregard and good luck.

Nonsense comment .  

Remember that Diplodicus is the latest login for a banned poster.    So, it makes sense.