just over £30k in personal pension, started the ball rolling tsfr to SIPP - without financial advise

shaz4473

I am hoping that I have not made a silly error and perhaps someone can advise?
I am helping my mum with her pension and as she is not needing to use the pot just now we decided to move it in with a SIPP that she has with another provider.  We recently took charge of her finances as she was not happy with the financial adviser that we both had and when I spoke to the current pension provider today I got an up to date value and also removed the financial adviser details.  On printing the form with the SIPP provider it asks for financial adviser details as the value is just over £30k.  Would it be ok to put the details of the adviser I have just removed from the account????   We are more than happy for this transaction to go ahead and I don't now want to have to get a financial adviser purely to say I got advice to move the fund.
HELP!!

AlanP_2

If it is an invested / DC pension pot the you only need advice if there are safeguarded benefits and value is >£30k e.g, guaranteed annuity rates.

Which SIPP provider are you planning on using?

Have you possbly used wrong form and picked up one for a Defined Benefit transfer in error?

shaz4473

moving to AJ Bell SIPP .  Currently in personal pension plan Aegon

Dazed_and_C0nfused

Can you explain why you think £30k is relevant.

It is in some cases but more likely to be with a DB pension.  Which a personal pension isn't.

shaz4473

form says ' if you're transferring £30,000 or more from a final salary pension, enter the firm that provided you with advice'.  
I think I am panicking unnecessarily - as it is a personal pension plan that will be ok?

AlanP_2

It isn't a final salary / DB pension so yes will be OK.

Brynsam

shaz4473 said:

On printing the form with the SIPP provider it asks for financial adviser details as the value is just over £30k.  Would it be ok to put the details of the adviser I have just removed from the account????   We are more than happy for this transaction to go ahead and I don't now want to have to get a financial adviser purely to say I got advice to move the fund.
HELP!!

If this is a transfer from a scheme with something known as 'safeguarded benefits' (basically some sort of promise in terms of what you'd get from the pension scheme, as AlanP correctly points out above) it wouldn't be OK to put the details of the former adviser. They haven't given advice in respect of this transfer, which is what the question is about - and the SIPP provider would normally check direct with the adviser.

If it is a scheme with safeguarded benefits, the transfer can't proceed until your mother has received financial advice from an adviser who has the necessary 'permissions' to advise on such transfers.

shaz4473

Thank you all very much for your input here

Marcon

shaz4473 said:

form says ' if you're transferring £30,000 or more from a final salary pension, enter the firm that provided you with advice'.  
I think I am panicking unnecessarily - as it is a personal pension plan that will be ok?

Relax...the answer to the question is N/A (not applicable).

Albermarle

It looks like the only thing you have to worry about is how to invest the cash when it arrives in the AJ Bell SIPP.