Anyone dealt with this company?

Happymonday

We have been recommended by a local IFA a company called Pensionhelp to carry out a finance review and then potentially assist with a DB transfer.  They are a specialist company that do this.  This is for a small-ish pension with a transfer value of £230k which is a 53x multiplier on the forecasted annual value when I hit 60 in just under 2 years time.  This is a small part of my overall planned pension arrangements that includes a larger DB pension that I intend to keep, a company pension plan, reasonable savings and two properties that I own.  This company charge £3k for the review that comes off the transfer costs of 1.8% should they recommend a transfer. I am interested to know if anyone has dealt with this company and their experiences?

Albermarle

 with a transfer value of £230k which is a 53x multiplier on the forecasted annual value when I hit 60 in just under 2 years time. 

The multiplier seems almost unbelievably high ! Is the annual income figure you used the one given to you when you left the employer ? Does it maybe need adjusting for inflation in the meantime ?

Happymonday

It is the forecasted annual payment provided by the Pension administrators and the transfer value: £4180 and £223,000 respectively at the end of August this year.  One of the IFA's that I spoke to this week told me that the highest that he had seen was x89 a few months ago.  I also did the transfer value a year ago and at that point it was x34.

Brynsam

Happymonday said:

It is the forecasted annual payment provided by the Pension administrators and the transfer value: £4180 and £223,000 respectively at the end of August this year.  One of the IFA's that I spoke to this week told me that the highest that he had seen was x89 a few months ago.  I also did the transfer value a year ago and at that point it was x34.

If your transfer value was issued in August, remember it is only valid for the 'guarantee period' of 3 months. If you're thinking of transferring, you need to get on with it - anyone trying to advise is already up against the clock, given the huge amount of work they need to carry out. The scheme might be willing to let you have another free CETV quote, but are not obliged to do so more than once in any 12 month period (or may charge for a second quote) - and the revised quote may be lower.

Happymonday

Thanks - yes I am aware of this. Its another £250 if I miss the end of November.

spg1

Hi
Yes, I've recently used Pensionhelp (in Manchester) for the transfer of two smallish DB schemes (dealt with Richard Bamforth there) and found them good to deal with.  There was a problem with one of the schemes where the deadline for the quoted transfer deadline was missed (this was not Pensionhelp's fault but due to delays at the scheme administrator).  The re-calculated CETV was annoyingly several thousand pounds lower than the original one. However, after I complained to Rothesay Life (who managed the scheme in question) they reinstated the original CETV which I thought was pretty decent of them. 
Hope that helps

Happymonday

Thanks @spg1 this is really helpful.  

[Deleted User]

Yes I have used them, and excellent they were as well. Same as @spg1 I missed a deadline due to the other companies dragging their heels. I used Tim from Pensionhelp. Pensionhelp will also pay the referral fee from the local IFA. 

[Deleted User]

spg1 and Deleted_User: Assuming you followed Pensionhelp's recommendations; would you mind saying where your pensions are now?

spg1

ZingPowZing said:

spg1 and Deleted_User: Assuming you followed Pensionhelp's recommendations; would you mind saying where your pensions are now?

I transferred the cash from my transfers into my SIPP (was with AJ Bell when the transfers took place, but since moved to ii). 

[Deleted User]

spg1 said:

ZingPowZing said:

spg1 and Deleted_User: Assuming you followed Pensionhelp's recommendations; would you mind saying where your pensions are now?

I transferred the cash from my transfers into my SIPP (was with AJ Bell when the transfers took place, but since moved to ii). 

Sounds good, spg1.

Thank you for the information.