30k out of pocket

MallyGirl

ste00 said:

, you say I am required to pay 3-5k what would I get for this service , I have paid nothing like that , and anybody reading this,,, if I recommend someone I get £100 cash back , sounds like more rip of merchants ,,,,,,, 

Advice from a pension transfer specialist costs somewhere in the region of £3 - 5k based on what people have mentioned on here. You get advice - you don't have to take it but if you insist on transferring, against advice to stay, put then the options of who will accept the transfer seem to be just AJ Bell.
To be honest it doesn't matter what you get for the service - you cannot transfer above £30k out of a DB pension without it.

ste00

3-5k for advice what a complicate and utter rip off , no company can guarantee returns ,,,,, if at 55 you need telling what you should be doing with your money something wrong , my OP was about being out of pocket 30k no other choice , 

Dox

ste00 said:

3-5k for advice what a complicate and utter rip off , no company can guarantee returns ,,,,, if at 55 you need telling what you should be doing with your money something wrong , my OP was about being out of pocket 30k no other choice , 

But your DB pension DOES guarantee what you get...which is precisely why most transfers out of DB scheme aren't in the interests of the individual concerned, especially where they don't have a clue what they are doing.

You really talking a load of rubbish, but that's your entitlement. Just remember you are undermining your own security in old age by ignoring everything, including some incredibly patient, detailed and accurate answers.

MallyGirl

the £3-5k advice fee has nothing to do with guaranteeing returns. It is purely to satisfy the legal requirement that you get advice when transferring more than £30k from a DB pension.
What you do with the money once you get it out is a whole different ballgame.

https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme

If you’re able to transfer out of your defined benefit scheme and this involves cash equivalent transfer value of £30,000 or over, you’ll be required to get regulated financial advice first.

The Trustees of the scheme can’t transfer any value of £30,000 or over unless this has been signed off by a regulated financial adviser with the required specialisms.

ste00

This is what I have done but been charged nothing like that , was this due the the pensions act 2004 

MallyGirl

no idea - I don't work in the industry.
Good news that you got it done for less - £3-5k is what is quoted on DB transfer threads here usually.
btw there is a referrals thread on MSE - no offering to refer people, for reward or not, is allowed anywhere else on the forum.

ste00

Thanks for the advice , will have a look at the 2004 pensions act see what white paper it was passed on ,and see if there are any notes on pricing , as 3-5K for advice is outrages , I am really glad I know what to do now , 

kangoora

As a matter of interest what is the name of this so-called 'cheap' transfer firm? I'd be more concerned about how some company can *supposedly* undercut everyone elses prices by a large margin.

ste00

Sorry Mallygirl has posted that I can not recommend anybody on this thread ! , if you would like to reply to my OP on how I can get some justice out of the Pension protection fund ,feel free to comment , 

Dox

ste00 said:

This is what I have done but been charged nothing like that , was this due the the pensions act 2004 

No. It was a requirement introduced following the introduction of 'flexible access' to defined contribution pensions in April 2015. 

https://www.fca.org.uk/consumers/pension-transfer/advice-what-expect