Final Salary Pension transfer success

AlanP_2

I suspect there is some confusion here.

The way I read the OP they paid for advice, got advice and then transferred it to A J Bell themselves (fee free).

Scallypud

AlanP_2 said:

I suspect there is some confusion here.

The way I read the OP they paid for advice, got advice and then transferred it to A J Bell themselves (fee free).

I did pay 1K for advice but the transfer was done by myself. It went smoother than i expected.

wjr4

Scallypud said:

AlanP_2 said:

I suspect there is some confusion here.

The way I read the OP they paid for advice, got advice and then transferred it to A J Bell themselves (fee free).

I did pay 1K for advice but the transfer was done by myself. It went smoother than i expected.

So you did have fees then. 

soonretire

Scallypud said:

AlanP_2 said:

I suspect there is some confusion here.

The way I read the OP they paid for advice, got advice and then transferred it to A J Bell themselves (fee free).

I did pay 1K for advice but the transfer was done by myself. It went smoother than i expected.

Dear Scallypud please can I ask who did your advice for £1k. Thank you

JoeCrystal

soonretire said:

Dear Scallypud please can I ask who did your advice for £1k. Thank you

I was just wondering the same! Seems extraordinary low fees unless one of these more dubious IFAs wishes to make a fast buck and shut down their business within the year to avoid the levies from the Financial Services Compensation Scheme?

Scallypud, since you got the lowest fees I ever came across in this forum, please name this amazingly cheap adviser/firm? I am sure the firm would greatly appreciate more businesses?! 

Eggy1971

I am really interested to read this thread.  I want to transfer out of my DB scheme and so far I have just come across high fees and barriers to transfer.  I know there are reasons for the high fees I am not anti IFA.

Appreciate there are a multitude of reasons not to transfer but I have been quoted a transfer value which is 54 x the current value and that stacks up for me personally.  I don't want to pay between £5.5K and £8K to be told its not in my best interests and then have no way of proceeding with the transfer.

I know that the company that administrates my DB pension will allow me to transfer the pension out even if the IFA advice is not to, but i wasn't sure a new provider would accept it without the IFA's seal of approval.  So AJ Bell will?

Scallypud, I would also be really interested in to know the IFA you used if you are happy to share that information?

Also does anyone out there have any views as to whether an IFA would see a multiple of 54 as a compelling reason to transfer or would they all play it safe and say im better off keeping in the DB scheme?  Perhaps they think i am going to live to 150!

Albermarle

I think there is probably some misunderstanding . Probably Scallypud means the £1K was paid for one off advice on setting up a new investment portfolio for the transferred money , and  then actually did the transfer and investments themselves .
I presume the mandatory DB pension transfer advice which came before, was somewhat more expensive .
Maybe I am wrong though ?

Albermarle

Eggy1971 said:

I am really interested to read this thread.  I want to transfer out of my DB scheme and so far I have just come across high fees and barriers to transfer.  I know there are reasons for the high fees I am not anti IFA.

Appreciate there are a multitude of reasons not to transfer but I have been quoted a transfer value which is 54 x the current value and that stacks up for me personally.  I don't want to pay between £5.5K and £8K to be told its not in my best interests and then have no way of proceeding with the transfer.

I know that the company that administrates my DB pension will allow me to transfer the pension out even if the IFA advice is not to, but i wasn't sure a new provider would accept it without the IFA's seal of approval.  So AJ Bell will?
YES , as will the Prudential Stakeholder pension . You can even transfer out at a later date with no restrictions if you do not like them .

Scallypud, I would also be really interested in to know the IFA you used if you are happy to share that information?

Also does anyone out there have any views as to whether an IFA would see a multiple of 54 as a compelling reason to transfer or would they all play it safe and say im better off keeping in the DB scheme?  Perhaps they think i am going to live to 150!
Usually when such big multiples are mentioned , it means that the calculation has been wrongly based on the pension at leaving date , and not uprated with inflation to the present day and/or is based on a pension figure based on taking a reduced pension many years before the Normal retirement date . Both issues skew the multiple upwards.
It might not be the case here but from the many past very similar posts , it is often the case .

That is not to say you may not have a viable transfer case but 54X seems very high .

soonretire

Dear Eggy1971 I have used this forum for really helpful advice on the same topic. In the end it looks like Fidelity are working out best at £3500 plus VAT for the advice which more often than not is don't transfer. But with that certificate of taking advice, AJ bell have confirmed to me they will accept the transfer. I was worried that Fidelity's lead time to get the advice done (8-12 weeks) might be an issue because my Pension provider only hold the CETV for 3 months. I am likely to use another IFA who charges a about £500 more but wont take as long and that will ensure I get the paperwork back to BT in time. Incidentally I found other IFA's ready to do the transfer for £3.5k but it was conditional on them managing the pot for a number of years and charging a % management fee. I would rather pay more for the advice and then manage the pot myself. Hope that helps and best of luck!

Tony4625

soonretire said:

Dear Eggy1971 I have used this forum for really helpful advice on the same topic. In the end it looks like Fidelity are working out best at £3500 plus VAT for the advice which more often than not is don't transfer. But with that certificate of taking advice, AJ bell have confirmed to me they will accept the transfer. I was worried that Fidelity's lead time to get the advice done (8-12 weeks) might be an issue because my Pension provider only hold the CETV for 3 months. I am likely to use another IFA who charges a about £500 more but wont take as long and that will ensure I get the paperwork back to BT in time. Incidentally I found other IFA's ready to do the transfer for £3.5k but it was conditional on them managing the pot for a number of years and charging a % management fee. I would rather pay more for the advice and then manage the pot myself. Hope that helps and best of luck!

Can I ask if Fidelity want the £3.5 k up front before the transfer takes place or deducted from your transfer amount . I was quoted around £9k from HL vat included with an almost 100% certainty of a stay put decision (no surprise really)  advisor was very informative when we had an hours chat over the phone to be fair.