DB transfers

Heisenberg01

To be honest reading on here before trying it made me think it was very difficult, it wasn't.

I used a company a few in my workplace had, mayb worth asking around work colleagues who they used?

candie01

Heisenberg01 said:

To be honest reading on here before trying it made me think it was very difficult, it wasn't.

I used a company a few in my workplace had, mayb worth asking around work colleagues who they used?

I have and several of them did it over the last two years in their fourties yet the same financial advisers they used will no longer take on anyone under 50. 

Tony4625

candie01 said:

Heisenberg01 said:

To be honest reading on here before trying it made me think it was very difficult, it wasn't.

I used a company a few in my workplace had, mayb worth asking around work colleagues who they used?

I have and several of them did it over the last two years in their fourties yet the same financial advisers they used will no longer take on anyone under 50. 

I’m 54 , self employed (not worked for 14 months 2 shoulder ops  , drive for a living neither really worked plus Covid) no dependents , £38k left on mortgage property worth £550~£600k ish, last CETV was £360k , wife has DB + Dc pensions , wonder if I would get a positive recommendation? Appreciate that a DB is like gold dust but I’m getting to the stage where I really could do with another option .

Malthusian

Tony4625 said:

I’m 54 , self employed (not worked for 14 months 2 shoulder ops  , drive for a living neither really worked plus Covid) no dependents , £38k left on mortgage property worth £550~£600k ish, last CETV was £360k , wife has DB + Dc pensions , wonder if I would get a positive recommendation?

Impossible to say from the little information in your post whether you are in the very small minority who would get a positive recommendation.

Appreciate that a DB is like gold dust but I’m getting to the stage where I really could do with another option .

Another option to do what? If you say what you're looking to do that the DB pension can't do, people might be able to give more info on whether it's starting the search for an adviser who will advise on DB transfers.

xylophone

I’m 54 , self employed (not worked for 14 months 2 shoulder ops  , drive for a living neither really worked plus Covid) no dependents , 

Is it worth investigating whether you might be able to access your DB pension early on grounds of ill health?

Otherwise, are you able to access your DB pension with actuarial reduction once you turn 55?

If you want to explore a transfer out then you will need the advice of a Pension Transfer Specialist.

Tick confirmed independent and pension transfer when the menu comes up

https://adviserbook.co.uk/

Have you (and your wife) obtained a State Pension Forecast?

https://www.gov.uk/check-state-pension

NotaBene12

Heisenberg01 said:

I transferred a very similar amount last year, at age 49, I gave up £9500 a year.
The transfer was relatively easy, when I read the amounts quoted on here I'm amazed, it cost me 1% initial and 0.75 ongoing plus Transact fees.( Maybe it's because I'm oop North?)

May I ask - which IFA did you use?

I'm having similar problems as the OP. I'm 47, have a DB pension from an ex employer with a CETV of 67K with a corresponding pension of 2.7K. I want to transfer to an existing SIPP (H&L). I have used SIPPs and ISAs for almost a decade and feel comfortable taking the responsibility for managing my own portfolio.

As the amount is above 30K, the pension trustee asks for a declaration from a IFA (interestingly, the form does not ask whether the recommendation is positive or not - just that advice was given) so I contacted a few IFAs and was turned down by all of them. Two said: "Come when you're 50". The rest blankly refused to take me ("We have had too many requests recently", etc.)

So I am really looking for a IFA that would take me without requiring extortionate fees.

hyubh

NotaBene12 said:

As the amount is above 30K, the pension trustee asks for a declaration from a IFA (interestingly, the form does not ask whether the recommendation is positive or not - just that advice was given)

That's the legal requirement - if a DB scheme blankly required a positive recommendation, it would be breaching members' statutory right to a CETV...

Dale72

NotaBene12 said:

May I ask - which IFA did you use?

I'm having similar problems as the OP. I'm 47, have a DB pension from an ex employer with a CETV of 67K with a corresponding pension of 2.7K. I want to transfer to an existing SIPP (H&L). I have used SIPPs and ISAs for almost a decade and feel comfortable taking the responsibility for managing my own portfolio.

As the amount is above 30K, the pension trustee asks for a declaration from a IFA (interestingly, the form does not ask whether the recommendation is positive or not - just that advice was given) so I contacted a few IFAs and was turned down by all of them. Two said: "Come when you're 50". The rest blankly refused to take me ("We have had too many requests recently", etc.)

So I am really looking for a IFA that would take me without requiring extortionate fees.

Pretty much in the same boat as me. In the end I decided to use HLs own advisors as the price they quoted (2750 to 3000) was competitive, and having an existing relationship I trust them. If they come back and say no to a transfer, then they will provide me with paperwork to show I have received advice, which I'll then take to AJ Bell to transfer my pension to. 

Prism

Dale72 said:

NotaBene12 said:

May I ask - which IFA did you use?

I'm having similar problems as the OP. I'm 47, have a DB pension from an ex employer with a CETV of 67K with a corresponding pension of 2.7K. I want to transfer to an existing SIPP (H&L). I have used SIPPs and ISAs for almost a decade and feel comfortable taking the responsibility for managing my own portfolio.

As the amount is above 30K, the pension trustee asks for a declaration from a IFA (interestingly, the form does not ask whether the recommendation is positive or not - just that advice was given) so I contacted a few IFAs and was turned down by all of them. Two said: "Come when you're 50". The rest blankly refused to take me ("We have had too many requests recently", etc.)

So I am really looking for a IFA that would take me without requiring extortionate fees.

Pretty much in the same boat as me. In the end I decided to use HLs own advisors as the price they quoted (2750 to 3000) was competitive, and having an existing relationship I trust them. If they come back and say no to a transfer, then they will provide me with paperwork to show I have received advice, which I'll then take to AJ Bell to transfer my pension to. 

As of the beginning of this month AJ Bell will no longer take your transfer I'm afraid

eskbanker

Dale72 said:
If they come back and say no to a transfer, then they will provide me with paperwork to show I have received advice, which I'll then take to AJ Bell to transfer my pension to. 

....who will say "we no longer accept DB transfers from insistent clients going against advice", as discussed extensively on this board since last week!

https://forums.moneysavingexpert.com/discussion/comment/78374140/#Comment_78374140