Stakeholders pension options for insistent client

halfpenny01

Hello, 
I have read several of the threads relating to DB transfer, I’m in my early 40s and have a CETV over £30k, initial conversations with some IFAs indicate I may not receive favourable transfer advice due to my age.
I understand my deferred DB fund is only required to validate advice has been received if I do want to pursue the transfer. 

I want to make a start on exploring my options, I read in here AJ Bell were the only major SIPP provider willing to accept a negative recommendation. That may be one option
i also read I may be able to place the transfer into a stakeholder pension as they are required to accept transfers, I could then move to a SIPP. However some of the recommendations earlier this year are no longer possible.
1. Aviva can only be accessed via an intermediary, and the route recommended to Aviva via Cavendish is blocked as Cavendish has been bought by Fidelity and no longer provide pensions
2. Standard Life offers a stakeholder pension which you seem to be able to open direct, I thought I read they would not accept a DB transfer but I cannot find this reference so this could be route. Any other stakeholder options I could look at?
To be clear, I don’t have the advice yet, it may not be negative and even if it is I’m not certain I would go against it but given timing on these items is always tight I’d like to do my research. 

Any comments welcome. Thank you for taking the time to consider my query.
 

tacpot12

Move it to AJ Bell as soon as you can, then move it to a Stakeholder if you want to. I use AJ Bell and have been happy with the service, charges and choice of investments (which will beat any Stakeholder pension).
You need to spend your time finding an IFA that will advise you. This is the difficult aspect. 

xylophone

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/transfer-pension-scheme/

However, although most schemes provide the right to transfer, not every scheme has to accept an incoming transfer.

A stakeholder pension scheme is currently the only type of scheme which must accept any transfer from another registered pension scheme.

It appears that Prudential itself offers a stakeholder pension.

https://www.pruadviser.co.uk/pdf/P842.pdf

Standard Life information here

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

i would have thought that anybody contemplating the stakeholder route would open one before attempting to arrange transfer in of a DB pension?

halfpenny01

tacpot12 said:

Move it to AJ Bell as soon as you can, then move it to a Stakeholder if you want to. I use AJ Bell and have been happy with the service, charges and choice of investments (which will beat any Stakeholder pension).
You need to spend your time finding an IFA that will advise you. This is the difficult aspect. 

Thank you, I would prefer it in a SIPP so if I can get it into a SIPP I won’t move to a stakeholder, the stakeholder is a back up if I can’t directly get into a SIPP. If that is the case I’d move it from the stakeholder to the SIPP
thank you for the feedback on AJ Bell

halfpenny01

Thanks Xylophone - if a stakeholder seems a possible route I want to get it opened as soon as possible and before we got to a stage where I was asked the trustees of the DB scheme to approve the transfer 

dunstonh

1. Aviva can only be accessed via an intermediary, and the route recommended to Aviva via Cavendish is blocked as Cavendish has been bought by Fidelity and no longer provide pensions

Plus, Cavendish were an intermediary and they would have blocked it as they would have been required to sign as if they were advisers.

candie01

halfpenny01 said:

Hello, 
I have read several of the threads relating to DB transfer, I’m in my early 40s and have a CETV over £30k, initial conversations with some IFAs indicate I may not receive favourable transfer advice due to my age.
I understand my deferred DB fund is only required to validate advice has been received if I do want to pursue the transfer. 

I want to make a start on exploring my options, I read in here AJ Bell were the only major SIPP provider willing to accept a negative recommendation. That may be one option
i also read I may be able to place the transfer into a stakeholder pension as they are required to accept transfers, I could then move to a SIPP. However some of the recommendations earlier this year are no longer possible.
1. Aviva can only be accessed via an intermediary, and the route recommended to Aviva via Cavendish is blocked as Cavendish has been bought by Fidelity and no longer provide pensions
2. Standard Life offers a stakeholder pension which you seem to be able to open direct, I thought I read they would not accept a DB transfer but I cannot find this reference so this could be route. Any other stakeholder options I could look at?
To be clear, I don’t have the advice yet, it may not be negative and even if it is I’m not certain I would go against it but given timing on these items is always tight I’d like to do my research. 

Any comments welcome. Thank you for taking the time to consider my query.
 

Did you transfer?

TVAS

Transferring from DB to DC in year early 40s? Why? You have provided no reason?

Who the hell has a Stakeholder these days? Expensive charging, (1.5% p.a. first 10 years reduced to 1% thereafter) limited fund range, will require a further transfer when one wants to take benefits.

We cannot even tell if the CETV is of good value at the very least because you have not supplied the estimated pension at retirement. 

Most IFAs will say come back when you are within a year of the minimum pension age, as in your case. This will at least be 58 for someone in their forties.  

Marcon

TVAS said:

T
Who the hell has a Stakeholder these days? Expensive charging, (1.5% p.a. first 10 years reduced to 1% thereafter) limited fund range, will require a further transfer when one wants to take benefits.

 

Those who want to transfer out of a DB scheme and want a SIPP other than with AJ Bell...

dunstonh

There are not many stakeholder pensions left.  Defaqto indicates Aviva, Forester Life, Royal London and Standard Life.   However, it also says only Aviva and SL are available direct to consumer.    
Several people have mentioned Pru having a stakeholder pension but I don't believe it is open for new self-directed customers any more and Defaqto doesn't list them.

You cannot use an intermediary to buy them as the intermediary would have to sign the transfer forms and they won't (for logical reasons).   It has to be self-directed- ie. direct to the provider.

The stakeholder is a means to an end though.   i.e. transfer it to a stakeholder and then transfer it to wherever you want.

Bimbly

This post is from last October and has been revived by someone asking what happened in the end. Not a lot of point answering the original query at this stage, I would wager.