Defined Benefit / Final Salary Pension

candie01

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Can you tell me who they are please?

RoadToRiches

Albermarle said:

Normally the pension provider only needs proof that you have received the relevant advice. Even if it is negative they will still let the transfer go ahead ( most are keen for people to transfer out ) .

However with a negative recommendation many providers will not accept the transfer, but a few will.

What are the checks one should do on any platform that accepts DB transfers from insistent clients acting against advice please?  I know the number of providers accepting these clients is dwindling, just don't want to fall for any scam platforms.  Idea would be to use them as a stepping stone to get into II

xylophone

Can you tell me who they are please?

Surely your problem is not in "finding an adviser who does DB transfers" - that is to say, has the necessary qualifications/permissions - but rather in finding one willing to do business with you in your current circumstances?

[Deleted User]

Albermarle said:

Mistral001 said:

Silvertabby said:

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Note that some DB schemes don't allow transfers out once you are within 12 months of your scheme normal retirement date - which could still be 65.

I have been told by the pension provider that I can still transfer out.  However, they insist on me getting a financial advisor and whatever the financial advisor proposes is approved by them before they let me transfer it.  

Normally the pension provider only needs proof that you have received the relevant advice. Even if it is negative they will still let the transfer go ahead ( most are keen for people to transfer out ) .
However with a negative recommendation many providers will not accept the transfer, but a few will.

Who are these few, Albermarle?

Dazed_and_C0nfused

ZingPowZing said:

Albermarle said:

Mistral001 said:

Silvertabby said:

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Note that some DB schemes don't allow transfers out once you are within 12 months of your scheme normal retirement date - which could still be 65.

I have been told by the pension provider that I can still transfer out.  However, they insist on me getting a financial advisor and whatever the financial advisor proposes is approved by them before they let me transfer it.  

Normally the pension provider only needs proof that you have received the relevant advice. Even if it is negative they will still let the transfer go ahead ( most are keen for people to transfer out ) .
However with a negative recommendation many providers will not accept the transfer, but a few will.

Who are these few, Albermarle?

Aren't they everyone who still offers a stakeholder pension?

[Deleted User]

Transferring a DB pension to a stakeholder pension is a dreadful option imo. 

It will be interesting to hear what practical solutions this board’s Financial Advisers are now suggesting for their insistent clients, since AJ Bell pulled out of the market. 

eskbanker

ZingPowZing said:

Transferring a DB pension to a stakeholder pension is a dreadful option imo. 

It will be interesting to hear what practical solutions this board’s Financial Advisers are now suggesting for their insistent clients, since AJ Bell pulled out of the market. 

Surely the stakeholder pension is typically recommended* as a temporary staging post, with the dual benefits of (a) being mandated to accept DB transfers and (b) then opening up the entire market of all other companies for a subsequent transfer without having to be concerned with obtaining advice?  Maybe not a particularly elegant solution but an effective one....

* edit for clarity: 'recommended' in the sense of mentioned generically as a decent option on this forum, not formally advised by a (I)FA!

HappyHarry

ZingPowZing said:

Transferring a DB pension to a stakeholder pension is a dreadful option imo. 

It will be interesting to hear what practical solutions this board’s Financial Advisers are now suggesting for their insistent clients, since AJ Bell pulled out of the market. 

This one will not deal with an insistent client going against advice. 

Prism

I am still not sure that the DB to stakeholder to SIPP process is guaranteed to work, at least not in a suitable timeframe. Lets take Youinvest which has just blocked insistent level transfers from DB pensions, I assume for a need to reduce risk. They don't have to accept transfers from other stakeholder and SIPP pension schemes (they say they accept 'most') so they could restrict transfers from certain stakeholder pensions should they want to - again if they feel there is a risk. If in a few months time there is a large set of transfer requests coming in from the Standard Life stakeholder I think the big SIPP providers will have a decision to make.

RoadToRiches

Prism said:

I am still not sure that the DB to stakeholder to SIPP process is guaranteed to work, at least not in a suitable timeframe. Lets take Youinvest which has just blocked insistent level transfers from DB pensions, I assume for a need to reduce risk. They don't have to accept transfers from other stakeholder and SIPP pension schemes (they say they accept 'most') so they could restrict transfers from certain stakeholder pensions should they want to - again if they feel there is a risk. If in a few months time there is a large set of transfer requests coming in from the Standard Life stakeholder I think the big SIPP providers will have a decision to make.

Standard life wont take insistant clients acting against advice, my stakeholder pension is with them,  asked them on Friday about the same. Said that I would need a positive outcome from a IFA for them to accept the DB transfer.