Defined Benefit / Final Salary Pension

QrizB

candie01 said:

My transfer value dropped 30k in six months

... from £350k to £327k, according to your posts.

But at the same time your predicted pension rose 20% from £7k pa to £8.5k pa.

Dale72

QrizB said:

candie01 said:

My transfer value dropped 30k in six months

... from £350k to £327k, according to your posts.

But at the same time your predicted pension rose 20% from £7k pa to £8.5k pa.

I wasn't aware predicted pension was linked to CETV.

dunstonh

Who would I direct a complaint to? When I first spoke to an IFA they said they wouldn't recommend a transfer as they thought transfer values would continue to rise, so I left it. When I came back to it the transfer value had fallen £5500. Let me guess, I don't have a case right?

If you received regulated advice then you can complain about any aspect of that advice.   I suspect it is highly unlikely you have regulated advice that says that.    So, no, you don't have a case.  Although if the adviser gave that as a reason without any caveats in a written report to you then you may have a case.
I personally think CETVs are more likely to fall as gilt yields increase.   However, they are not the only influences.  So, nobody can predict.

jamesd

Standard Life says phone them to open their stakeholder pension. I just did that and they told me that they would accept a transfer against advice from a defined benefit scheme provided an adviser was doing it. They were explicit that it didn't matter what the advice was, just that an adviser did the transfer.

Dale72

dunstonh said:

Who would I direct a complaint to? When I first spoke to an IFA they said they wouldn't recommend a transfer as they thought transfer values would continue to rise, so I left it. When I came back to it the transfer value had fallen £5500. Let me guess, I don't have a case right?

If you received regulated advice then you can complain about any aspect of that advice.   I suspect it is highly unlikely you have regulated advice that says that.    So, no, you don't have a case.  Although if the adviser gave that as a reason without any caveats in a written report to you then you may have a case.
I personally think CETVs are more likely to fall as gilt yields increase.   However, they are not the only influences.  So, nobody can predict.

Of course it wasn't regulated advice. It was the reason he gave as to why it wasn't even worth my while paying for full advice, because there was no way he would recommend a transfer. So that unregulated advice cost me. Very smart these IFAs, also very cowardly when it comes to acting in the best interest of a client.

Prism

jamesd said:

Standard Life says phone them to open their stakeholder pension. I just did that and they told me that they would accept a transfer against advice from a defined benefit scheme provided an adviser was doing it. They were explicit that it didn't matter what the advice was, just that an adviser did the transfer.

That is likely to be the problem. Finding an IFA who is qualified/willing to do DB transfers who is also happy to assist a transfer against their own advice. Not sure what is in it for them over the long term.

Dale72

Prism said:

That is likely to be the problem. Finding an IFA who is qualified/willing to do DB transfers who is also happy to assist a transfer against their own advice. Not sure what is in it for them over the long term.

Why do they not just think about the very large fee for little work in the short term, and not worry about the long term. 

Prism

Dale72 said:

Prism said:

That is likely to be the problem. Finding an IFA who is qualified/willing to do DB transfers who is also happy to assist a transfer against their own advice. Not sure what is in it for them over the long term.

Why do they not just think about the very large fee for little work in the short term, and not worry about the long term. 

I'm not sure it is a little bit of work. They need to do a complete suitability report for the new insistent client platform which is likely different from the previous report and then perform the transfer. They are then liable for that work for the lifetime of that client.

Dale72

Prism said:

 

I'm not sure it is a little bit of work. They need to do a complete suitability report for the new insistent client platform which is likely different from the previous report and then perform the transfer. They are then liable for that work for the lifetime of that client.

Maybe I was being a little harsh, but the dead giveaway for me was that the majority of IFAs I spoke to seemed genuinely sorry that things had changed so much that they were no longer able to help me.

dunstonh

jamesd said:

Standard Life says phone them to open their stakeholder pension. I just did that and they told me that they would accept a transfer against advice from a defined benefit scheme provided an adviser was doing it. They were explicit that it didn't matter what the advice was, just that an adviser did the transfer.

Thank you for the clarification.  In which case, that rules out Standard Life as an option.