Insistent client

Linton

Unfortunately "Pension Specialist Group" is a name unknown to the FCA or to Google.  It is essential that any company you deal with is on the FCA register.

xylophone

xylophone asked for a link [to their website] not for their name.

Yes - I have had a look round and wonder whether it could be this (PSG)?

https://psgsipp.co.uk/our-products/psg-open/

candie01

xylophone said:

xylophone asked for a link [to their website] not for their name.

Yes - I have had a look round and wonder whether it could be this (PSG)?

https://psgsipp.co.uk/our-products/psg-open/

Yes that's them. 

Yes that's them.they are on the FCA register

kuratowski

In my mind, £7k a year (in today's money) would be a lovely top up to the full new state pension allowing you a retirement almost free of worry.  Your other, DC, pension pot can be used to support flexible early retirement, luxuries, etc, really whatever you want.  I appreciate this is likely to fall on deaf ears, but I really think you should reconsider.

You have engaged an IFA and they have advised against a transfer out of the DB scheme, then what that truly means is that a transfer is unsuitable for you and your financial circumstances.  Why are you so insistent on transferring to some organisation, that no one has even heard of, who specialise in executive pensions, and who proudly claim:

we are able to offer guidance on the ‘can and can’t’ while leaving the ‘should or shouldn’t’ to others

An attitude which is perhaps most charitably described as amoral?

candie01

kuratowski said:

In my mind, £7k a year (in today's money) would be a lovely top up to the full new state pension allowing you a retirement almost free of worry.  Your other, DC, pension pot can be used to support flexible early retirement, luxuries, etc, really whatever you want.  I appreciate this is likely to fall on deaf ears, but I really think you should reconsider.

You have engaged an IFA and they have advised against a transfer out of the DB scheme, then what that truly means is that a transfer is unsuitable for you and your financial circumstances.  Why are you so insistent on transferring to some organisation, that no one has even heard of, who specialise in executive pensions, and who proudly claim:

we are able to offer guidance on the ‘can and can’t’ while leaving the ‘should or shouldn’t’ to others

An attitude which is perhaps most charitably described as amoral?

I may die when I'm 70 or before. So wouldn't have got that much with an annual pension. I have no dependants and if I die the pension dies. If I had it in a sipp and I died it would go to whoever I name as a beneficiary in my will. 
I'm not insistent on transferring to that company. I think it sounds dodgy and was asking for opinions. Thank you for your comment. I really appreciate it. 

Linton

kuratowski said:

In my mind, £7k a year (in today's money) would be a lovely top up to the full new state pension allowing you a retirement almost free of worry.  Your other, DC, pension pot can be used to support flexible early retirement, luxuries, etc, really whatever you want.  I appreciate this is likely to fall on deaf ears, but I really think you should reconsider.

You have engaged an IFA and they have advised against a transfer out of the DB scheme, then what that truly means is that a transfer is unsuitable for you and your financial circumstances.  Why are you so insistent on transferring to some organisation, that no one has even heard of, who specialise in executive pensions, and who proudly claim:

we are able to offer guidance on the ‘can and can’t’ while leaving the ‘should or shouldn’t’ to others

An attitude which is perhaps most charitably described as amoral?

PSG SIPP is listed n the FCA register. I see no evidence that they are authorised to provide “advice”so what they say is a simple statement of fact rather than being amoral or immoral. The company would seem to be purely pension administrators.

Linton

candie01 said:

kuratowski said:

In my mind, £7k a year (in today's money) would be a lovely top up to the full new state pension allowing you a retirement almost free of worry.  Your other, DC, pension pot can be used to support flexible early retirement, luxuries, etc, really whatever you want.  I appreciate this is likely to fall on deaf ears, but I really think you should reconsider.

You have engaged an IFA and they have advised against a transfer out of the DB scheme, then what that truly means is that a transfer is unsuitable for you and your financial circumstances.  Why are you so insistent on transferring to some organisation, that no one has even heard of, who specialise in executive pensions, and who proudly claim:

we are able to offer guidance on the ‘can and can’t’ while leaving the ‘should or shouldn’t’ to others

An attitude which is perhaps most charitably described as amoral?

I may die when I'm 70 or before. So wouldn't have got that much with an annual pension. I have no dependants and if I die the pension dies. If I had it in a sipp and I died it would go to whoever I name as a beneficiary in my will. 
I'm not insistent on transferring to that company. I think it sounds dodgy and was asking for opinions. Thank you for your comment. I really appreciate it. 

Worrying about what happens if you die young is surely a secondary matter. You will be dead so not in a position to care.
The more relevant consideration is what happens if you live to a very old age. Will your pension arrangements last as long as you? A DB pension removes any concerns in this area.

TVAS

47 is the issue if you are intending to take benefits early because you have a reduced investment term in order to match the benefits provided by the ceding scheme. The question I ask my capacity as a reviewer of past DB transfer business is: Why now because you cannot take benefits until at least 55 and 57 if you attain the latter after 6/4/2028.
So my question to you is why don't you wait until you want to take benefits. Compare what the scheme will provide and make a decision at that juncture.

kuratowski

candie01 said:

I may die when I'm 70 or before. So wouldn't have got that much with an annual pension. I have no dependants and if I die the pension dies. If I had it in a sipp and I died it would go to whoever I name as a beneficiary in my will.

Linton already said this, but I'll repeat it.  Yes you may die when you're 70, but of course we hope not.  You also may live to be over 100, and that would not be much fun in case your SIPP runs out, and you have nothing but the state pension to live on for decades.

If you have no dependents, then how much your beneficiaries receive is not something to prioritise over and above your own financial security.

kuratowski

Linton said:

PSG SIPP is listed n the FCA register. I see no evidence that they are authorised to provide “advice”so what they say is a simple statement of fact rather than being amoral or immoral. The company would seem to be purely pension administrators.

You are right, obviously, and I did carefully select "amoral" rather than "immoral".  The fact is though that the "insistent client" routine is not always a defence.  Clearly here the primary responsibility lies with the IFA, not the administrator, but nevertheless there is a reputational and regulatory risk associated with facilitating these transactions, which is why none of the platforms are willing to do it.

Over the past few years in my organisation we have been bombarded with training on ethics, conduct and culture, the FCA is really pushing to change attitudes.  We don't handle pensions but if we did the above transaction has red flags all over it and would require referral to multiple committees.