DB transfers

Albermarle

Dale72 said:

Dale72 said:

Albermarle said:

Probably there would not have been a positive recommendation even before the regulations tightened up as the actual CETV offer is not very good anyway .

I was told by a few IFAs that it was a decent offer. Does anyone actually know what they are talking about in financial services or are they all just guessing?

What is a good offer by the way? I think mine is currently x42, it was higher when I got my first quote so I agree its getting poorer by the minute, but still not bad.

You said that the CETV was £67K and the pension was £2.7K . This gives a multiple of 25 which is relatively poor.
As JamesD said it depends on whether you look at the pension projected at 65, or a reduced pension on offer today if you take it earlier than the normal retirement age.  You have not provided this info so I could only comment on the figures provided.
If you use a reduced pension figure for taking it earlier,  then the multiple could well be higher and that is maybe where the x 42 is coming from.
Someone who was generally against DB transfers as being too risky would probably use the X25 figure , whilst someone more bullish about the benefits of DB transfers would probably use the X 42 figure.
Probably the real figure lies somewhere inbetween and you have a reasonable case for a transfer but the mechanics of it are tricky as you can see from all the threads on this forum.

Albermarle

ZingPowZing said:

I'll take that as a No from Albermarrle. who - though not strictly a representative of the financial services industry -  is always eager to provide a justification for their practises on this board.

Is that because you offer your support hopefully as collateral for free advice from valued professionals, Albermarle?

So the truth is out . You are in fact an internet conspiracy theorist 

Dale72

Albermarle said:

You said that the CETV was £67K and the pension was £2.7K . This gives a multiple of 25 which is relatively poor.
As JamesD said it depends on whether you look at the pension projected at 65, or a reduced pension on offer today if you take it earlier than the normal retirement age.  You have not provided this info so I could only comment on the figures provided.
If you use a reduced pension figure for taking it earlier,  then the multiple could well be higher and that is maybe where the x 42 is coming from.
Someone who was generally against DB transfers as being too risky would probably use the X25 figure , whilst someone more bullish about the benefits of DB transfers would probably use the X 42 figure.
Probably the real figure lies somewhere inbetween and you have a reasonable case for a transfer but the mechanics of it are tricky as you can see from all the threads on this forum.

No that wasn't me. Off the top of my head the figure for mine at 62 (14yrs) was either £30pw or a lump sum of £7000 and £23 pw.

Albermarle

Dale72 said:

Albermarle said:

You said that the CETV was £67K and the pension was £2.7K . This gives a multiple of 25 which is relatively poor.
As JamesD said it depends on whether you look at the pension projected at 65, or a reduced pension on offer today if you take it earlier than the normal retirement age.  You have not provided this info so I could only comment on the figures provided.
If you use a reduced pension figure for taking it earlier,  then the multiple could well be higher and that is maybe where the x 42 is coming from.
Someone who was generally against DB transfers as being too risky would probably use the X25 figure , whilst someone more bullish about the benefits of DB transfers would probably use the X 42 figure.
Probably the real figure lies somewhere inbetween and you have a reasonable case for a transfer but the mechanics of it are tricky as you can see from all the threads on this forum.

No that wasn't me. Off the top of my head the figure for mine at 62 (14yrs) was either £30pw or a lump sum of £7000 and £23 pw.

Sorry , there has been more than one poster asking similar questions in the same thread .

candie01

jamesd said:

A few days ago Standard Life told me that they will accept insistent client transfers into their Stakeholder Pension against advice. They require that an adviser must do the transfer.

When reading these discussions try to remember that some participants can be philosophically opposed to transfers being allowed and trying to paint the darkest picture possible, not help people to exercise their rights.

Have you found an advisor who will do it?

jamesd

candie01 said:

jamesd said:

A few days ago Standard Life told me that they will accept insistent client transfers into their Stakeholder Pension against advice. They require that an adviser must do the transfer.

When reading these discussions try to remember that some participants can be philosophically opposed to transfers being allowed and trying to paint the darkest picture possible, not help people to exercise their rights.

Have you found an advisor who will do it?

I haven't and won't look because I have no need. Yours is willing to make an insistent client transfer and I checked with SL because they are a highly reputable name whose willingness should overcome the assertion that Stakeholders are a loophole.

In the event that the adviser still refuses I suggest that you:
1. Proceed with the transaction suggested, SSAS around AJ Bell, then transfer from there to AJ Bell alone
2. Complain seeking redress in the amount of the extra costs incurred in using the SSAS approach instead of the entirely legitimate SL Stakeholder one

The extra costs should be minor compared to what you've already spent and that gets it done for you with the complaint taking care of the extra cost aspect.

If AJ Bell objects at the transfer to them you could use another provider instead of them.

Dale72

dunstonh said:

I'm increasingly starting to believe that the so called "pension freedom" is a myth. At least when it comes to DB transfers.

Pension freedoms were brought into for DC pensions and had nothing to do with DB pensions.

I've also complained to AJ Bell (For what good it will do) as they told me in May that they would still accept it.

You would have more success persuading Apple to sell Android phones in their shops.

Transfer complete. Thanks to AJ Bell transfer team for holding the door open, it seems the Apple store does sell the occasional Android! I notice ZingPowZing has disappeared. Probably fallen foul of the financial service mafia that infest these boards, who think they know everything, but as my case (above) proves, actually know very little.

Pablo7474

Congratulations! I hope it ends up being the right decision for you 😬

Albermarle

I notice ZingPowZing has disappeared. Probably fallen foul of the financial service mafia that infest these boards, who think they know everything, but as my case (above) proves, actually know very little.

Although reading some posters on the numerous threads on this issue , I think ZPZ may have reinvented himself in various new guises !

Dale72

I had noticed one or two more dissenting voices to the usual view. Good for them!