I want to take CETV but firm is running down the time waiting for call back to move things along

RoadToRiches

GunJack said:

Forgive me if this comes across as blunt, but it sounds like you're planning on transferring out and then dying with still a substantial amount of money/assets left over with no-one to leave it to....would the guaranteed income for life (however long) not be better?? 

No, I have had time to consider the pros and cons of taking the CETV. as I can choose who gets the remaining lump sum that is left. I obviously don't plan on dying and the ideal will be to check out with a zero balance, but as the end date is a unknown, for anyone, we can just hope for the best but plan for the worst.

Besides I'd rather make a charitable donation than leave the pot to some pension fund at the end of the day, there are also some friends and family I'd like to leave something to as well if there is anything left.  Which reminds me to do a will now.

Marcon

RoadToRiches said:

Marcon said:

If the advice is not to transfer, do you have a stakeholder pension scheme ready and waiting to accept the transfer now that the last major SIPP provider (AJ Bell) no longer accepts transfers from a DB scheme without a positive recommendation?

Why are you so worried that the CETV will drop? It might increase!

I fully expect given my circumstances that the advice will be in my favour to accept the CETV. I’ve already weighed up the pros and cons of the transfer. 

You might have, but you aren't the person whose PI cover will be at risk...the chances of a positive recommendation are slim, but best of luck.

RoadToRiches

Marcon said:

You might have, but you aren't the person whose PI cover will be at risk...the chances of a positive recommendation are slim, but best of luck.

And what happens to that PI cover if I die and my estate finds out they lost out on a lump sum and they ended up with nothing cause the IFA did not agree with me that this deal stacks up well to do the CETV?  Or I end up with a pension that fails to provide for my retirement?  I get what you are saying and they are caught either way. Remaining in a DB scheme is not always the best choice, and I believe here I have a valid argument for leaving it.

Malthusian

RoadToRiches said:

Marcon said:

You might have, but you aren't the person whose PI cover will be at risk...the chances of a positive recommendation are slim, but best of luck.

And what happens to that PI cover if I die and my estate finds out they lost out on a lump sum and they ended up with nothing cause the IFA did not agree with me that this deal stacks up well to do the CETV?  Or I end up with a pension that fails to provide for my retirement? 

Those are very real concerns, which is why so few advisers will advise on DB pensions at all. Of course that does not include the one your employer has lined up.

I get what you are saying and they are caught either way.

Not if they decline to advise you at all and don't take any money off you. But presumably your employer wouldn't have lined up that particular advice firm if they tended to do that.

If they do give you a recommendation then you can transfer out of the scheme whether the advice is positive or negative.

Marcon

Malthusian said:

RoadToRiches said:

Marcon said:

You might have, but you aren't the person whose PI cover will be at risk...the chances of a positive recommendation are slim, but best of luck.

And what happens to that PI cover if I die and my estate finds out they lost out on a lump sum and they ended up with nothing cause the IFA did not agree with me that this deal stacks up well to do the CETV?  Or I end up with a pension that fails to provide for my retirement?  

The IFA doesn't have to 'agree with you' - they have to do their job in line with FCA requirements (and yes, I do understand the frustration, and yes, I can well understand why some think the FCA has over-egged the pudding!). 'But my client thought it was a good idea' won't cut it when the review of transfer mis-selling comes along shortly...

You (or more accurately your estate) wouldn't have a case, because you could still choose to transfer out whatever the advice says if you are so sure it's the right thing for you.

Malthusian said:

If they do give you a recommendation then you can transfer out of the scheme whether the advice is positive or negative.

Absolutely - but OP will need to line up a stakeholder scheme to take the transfer, before thinking about moving it on to a SIPP of their choosing, if the advice is negative, which is highly likely.

RoadToRiches

Marcon said:

Absolutely - but OP will need to line up a stakeholder scheme to take the transfer, before thinking about moving it on to a SIPP of their choosing, if the advice is negative, which is highly likely.

Why do I have to use a intermediate scheme? I understand I can just go straight to interactive investor SIPP

if you mean going down the insistence client route, then it’s a option with AJ Bell I hear. 

kuratowski

AJ Bell are no longer accepting inbound DB transfers without a positive recommendation.

Tony4625

RoadToRiches said:

Marcon said:

Absolutely - but OP will need to line up a stakeholder scheme to take the transfer, before thinking about moving it on to a SIPP of their choosing, if the advice is negative, which is highly likely.

Why do I have to use a intermediate scheme? I understand I can just go straight to interactive investor SIPP

if you mean going down the insistence client route, then it’s a option with AJ Bell I hear. 

As of yesterday they will accept transfers with a positive recommendation ‘Had it confirmed today .

dunstonh

Why do I have to use a intermediate scheme? I understand I can just go straight to interactive investor SIPP

If the advice is not to transfer and you still want to do it, then this makes you an insistent client acting against advice.   II will not take insistent clients.   And nor will AJ Bell as of this week. 

The only known plans that will take a DB transfer from an insistent client acting against advice are stakeholder pensions.  However, most of those were only available via intermediaries. So, you can eliminate them.  That leaves you with a possible handful of providers.   Standard Life potentially (but untested and its unclear if their offering is direct to client or via an internal salesforce - the latter would not work) and Forresters.

RoadToRiches

dunstonh said:

Why do I have to use a intermediate scheme? I understand I can just go straight to interactive investor SIPP

If the advice is not to transfer and you still want to do it, then this makes you an insistent client acting against advice.   II will not take insistent clients.   And nor will AJ Bell as of this week. 

The only known plans that will take a DB transfer from an insistent client acting against advice are stakeholder pensions.  However, most of those were only available via intermediaries. So, you can eliminate them.  That leaves you with a possible handful of providers.   Standard Life potentially (but untested and its unclear if their offering is direct to client or via an internal salesforce - the latter would not work) and Forresters.

Cheers, it is Standard Life that they moved us all into as our work based pension when they closed this DB scheme to us, so I will check them out if advice came back against the transfer. Interested what would you charge for this?