IFA unwilling to recommend DB transfer...

C_Mababejive

I know we consult IFAs as they are the experts but my recent conversation about a DB transfer has ended with him saying he will not recommend it. What can i do?

Albermarle

Not transfer it ?
Also there many many threads on the forum on the same subject .
https://forums.moneysavingexpert.com/discussion/6038905/who-will-accept-a-db-to-sipp-transfer-from-insistent-client/p1

JGB1955

Or... you COULD transfer it....

Dazed_and_C0nfused

C_Mababejive said:

I know we consult IFAs as they are the experts but my recent conversation about a DB transfer has ended with him saying he will not recommend it. What can i do?

What do you know that you haven't told the IFA which makes you think transferring is the better option?

C_Mababejive

Well i dont necessarily want to transfer it to a SIPP as i wouldn't be comfortable self managing what is a large chunk of money. My thoughts were to transfer it to one of the many pension investment companies eg RL, SW ,Aviva etc . Obviously it was a useful and informative conversation but i guess it boils down to a few things;
If i transfer then i have direct title to a substantial chunk of money rather than having a bit of it metered out to me annually until i die.
I also have no dependants so that element of the DB scheme is of no use to me

Despite having no direct dependant i might wish to will assets to relatives should i die before them

I'm still working but could be drawing my pension right now. I cant keep working in my current employment AND claim my DB pension. If i transferred out i could continue working and invest my pension hopefully for growth until im ready to retire.

Thrugelmir

What was the IFA's primary concerns? 

Albermarle

Well i dont necessarily want to transfer it to a SIPP as i wouldn't be comfortable self managing what is a large chunk of money. My thoughts were to transfer it to one of the many pension investment companies eg RL, SW ,Aviva etc

You have three choices 

1) Leave the DB pension alone ( RL, SW, etc will not accept an insistent client )

2) Transfer it to  Prudential or Standard Life stakeholder

3) Transfer it to A J Bell SIPP 

Dazed_and_C0nfused

Albermarle said:

Well i dont necessarily want to transfer it to a SIPP as i wouldn't be comfortable self managing what is a large chunk of money. My thoughts were to transfer it to one of the many pension investment companies eg RL, SW ,Aviva etc

You have three choices 

1) Leave the DB pension alone ( RL, SW, etc will not accept an insistent client )

2) Transfer it to  Prudential or Standard Life stakeholder

3) Transfer it to A J Bell SIPP 

Once the initial transfer from DB to say SL stakeholder has happened is it possible to then transfer from SL to RL or SW or do they track back to the original source and refuse the transfer?

C_Mababejive

Thrugelmir said:

What was the IFA's primary concerns? 

Well i have yet to receive a written report but his general view was,,,well this is all about retirement and having enough to meet your needs. Your still working and therefore still accruing benefits,,,ring me back when your planning to retire in a few years time ..

Thrugelmir

C_Mababejive said:

Thrugelmir said:

What was the IFA's primary concerns? 

Well i have yet to receive a written report but his general view was,,,well this is all about retirement and having enough to meet your needs. Your still working and therefore still accruing benefits,,,ring me back when your planning to retire in a few years time ..

You are still an active scheme member? 

C_Mababejive

Thrugelmir said:

C_Mababejive said:

Thrugelmir said:

What was the IFA's primary concerns? 

Well i have yet to receive a written report but his general view was,,,well this is all about retirement and having enough to meet your needs. Your still working and therefore still accruing benefits,,,ring me back when your planning to retire in a few years time ..

You are still an active scheme member? 

Yes...