Insistent client

Notepad_Phil

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.

You could perhaps look into taking out life insurance if you're worried about your dependants losing out in cash terms because of your dying early. It might not cover all of what a SIPP might contain but it might be a cost effective way to keep the guaranteed DB pension and still leave a sum behind if you were unfortunate and pass away early.

xylophone

 If I had it in a sipp and I died it would go to whoever I name as a beneficiary in my will.

O{ said in an earlier post
https://forums.moneysavingexpert.com/discussion/6261132/db-transfers

Hi. I'm 47, no children and no spouse. I'm have a DB pension that ended in 2015 when the common then started us with a DC pension. 

He could transfer the DC to a SIPP on retirement and draw only as much as he needs to top up his  income from DB and state pension. It would be a good idea to check his state pension forecast.

https://www.gov.uk/check-state-pension

candie01

Linton 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?

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.

They wouldn't be providing the report. They would be accepting my transfer after the report, as an insistent client..

candie01

xylophone said:

 If I had a sipp and I died it would go to whoever I name as a beneficiary in my will.

O{ said in an earlier post
https://forums.moneysavingexpert.com/discussion/6261132/db-transfers

Hi. I'm 47, no children and no spouse. I'm have a DB pension that ended in 2015 when the common then started us with a DC pension. 

He could transfer the DC to a SIPP on retirement and draw only as much as he needs to top up his  income from DB and state pension. It would be a good idea to check his state pension forecast.

https://www.gov.uk/check-state-pension

I'm a she..my pension forecast shows I need to work another three years to reach full.state pension.

Prism

What would concern me was that nobody seems to have heard of them before and they don't advertise their charges or investment options on their website. Then there is the possibility that if you decide to transfer again from them to a more popular SIPP platform then if that platform asks about the original source of funds they may refuse the transfer leaving you stuck.

Marcon

Prism said:

What would concern me was that nobody seems to have heard of them before and they don't advertise their charges or investment options on their website. Then there is the possibility that if you decide to transfer again from them to a more popular SIPP platform then if that platform asks about the original source of funds they may refuse the transfer leaving you stuck.

Wouldn't matter because it would by then be a DC to DC transfer. The 'original source of funds' doesn't come into it after the initial transfer out of the DB scheme.

Always the option to transfer to a stakeholder pension, which must accept any transfer from a UK registered pension scheme (something I've already pointed out to this poster as an option).

Prism

Marcon said:

Prism said:

What would concern me was that nobody seems to have heard of them before and they don't advertise their charges or investment options on their website. Then there is the possibility that if you decide to transfer again from them to a more popular SIPP platform then if that platform asks about the original source of funds they may refuse the transfer leaving you stuck.

Wouldn't matter because it would by then be a DC to DC transfer. The 'original source of funds' doesn't come into it after the initial transfer out of the DB scheme.

Always the option to transfer to a stakeholder pension, which must accept any transfer from a UK registered pension scheme (something I've already pointed out to this poster as an option).

I am not sure we can say that for definite though. If a pension company wants to find out about the original source of funds then they can ask on the transfer form and choose to deny the transfer if they deem there to be a risk. I would still there is a risk that after the initial DB pension transfer a number of doors may have closed. 

Marcon

Prism said:

Marcon said:

Prism said:

What would concern me was that nobody seems to have heard of them before and they don't advertise their charges or investment options on their website. Then there is the possibility that if you decide to transfer again from them to a more popular SIPP platform then if that platform asks about the original source of funds they may refuse the transfer leaving you stuck.

Wouldn't matter because it would by then be a DC to DC transfer. The 'original source of funds' doesn't come into it after the initial transfer out of the DB scheme.

Always the option to transfer to a stakeholder pension, which must accept any transfer from a UK registered pension scheme (something I've already pointed out to this poster as an option).

I am not sure we can say that for definite though. If a pension company wants to find out about the original source of funds then they can ask on the transfer form and choose to deny the transfer if they deem there to be a risk. I would still there is a risk that after the initial DB pension transfer a number of doors may have closed. 

We can say it quite definitely - read the relevant legislation if you're in doubt, or contact the FCA and ask them to confirm if you're really bothered.

Prism

Marcon said:

Prism said:

Marcon said:

Prism said:

What would concern me was that nobody seems to have heard of them before and they don't advertise their charges or investment options on their website. Then there is the possibility that if you decide to transfer again from them to a more popular SIPP platform then if that platform asks about the original source of funds they may refuse the transfer leaving you stuck.

Wouldn't matter because it would by then be a DC to DC transfer. The 'original source of funds' doesn't come into it after the initial transfer out of the DB scheme.

Always the option to transfer to a stakeholder pension, which must accept any transfer from a UK registered pension scheme (something I've already pointed out to this poster as an option).

I am not sure we can say that for definite though. If a pension company wants to find out about the original source of funds then they can ask on the transfer form and choose to deny the transfer if they deem there to be a risk. I would still there is a risk that after the initial DB pension transfer a number of doors may have closed. 

We can say it quite definitely - read the relevant legislation if you're in doubt, or contact the FCA and ask them to confirm if you're really bothered.

I'm not talking about the stakeholder option. SIPP providers can refuse any transfer if they wish. Thats what I mean by doors closing

xylophone

Always the option to transfer to a stakeholder pension, which must accept any transfer from a UK registered pension scheme (something I've already pointed out to this poster as an option).

As discussed here

https://forums.moneysavingexpert.com/discussion/comment/78375046#Comment_78375046