Change of Pension Provide

Terry9999999

I have a substantial pension fund with a defined provider and wish to reinvest with a flexible provider such as Royal London. But the law required me to take expert advice but I have been quoted over £20k to include the transfer, anyone know of a reasonable financial expert in London? Seems a lot for a few hours work? 

AnotherJoe

It's not for a few hours work. It's to cover the insurance over the next 30 years should you kick up a fuss when your shares crash and you claim you were grievously misled making it a One-way bet. 
The fact it's so high shows you that the costs are high / the IFA doesn't want to be bothered doing it because of the work and hassle and liability  will charge an arm and a leg for the few that do. 

Im guessing your CETV is very high as well. £800k - £1M ?

Terry9999999

Yes around 1 million but I'm buying a new house so I required 25% of it tax free to assist the purchase. The rest when I want it. 

xylophone

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

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/

You need a Pension Transfer Specialist.

The requirement is that you obtain the specialised advice - the Trustees of the ceding scheme will require a statement from the PTS that s/he has provided it (but not whether the recommendation was positive or negative).

One of many discussions here https://forums.moneysavingexpert.com/discussion/comment/77681220#Comment_77681220

You might try https://adviserbook.co.uk/ ticking "confirmed independent"  and "pension transfer" when the menu comes up.

TBC15

2% and you found someone willing to do it, not bad.

Albermarle

Do you have the knowledge and experience to manage an investment  portfolio of £750K ( a lot of money ) ?
You must be thinking of giving up a substantial guaranteed income for life , probably inflation linked ? Maybe £30 K pa ?

dunstonh

. But the law required me to take expert advice but I have been quoted over £20k to include the transfer, 

20k seems an astonishing amount.    However, its London and city firms are known to charge more.  Especially prestige ones.

Seems a lot for a few hours work? 

Few hours?   If only.

Yes around 1 million but I'm buying a new house so I required 25% of it tax free to assist the purchase. The rest when I want it. Is it a defined benefit scheme?   - if yes, then the figure would be high. If no, then the figure would be several thousand typically unless there are safeguarded benefits.  The fact you say you need an adviser suggests as DB pension or safeguard benefits.
And why would you want to use Royal London on a pension that size?    RL are fine for smaller or average sized pension funds and people who are clueless about investing but your value can get so much better.

AnotherJoe

P.s my comments were made assuming you have a DB pension offering a final salary or similar pension for which you have been offered a transfer value (CETV) . Is that correct?

( For those cases you must get advice)