What is a sipp trust?

TVAS

A DB transfer for a 49 year old when benefits can only be taken at 55 would fail on the why now because you only have a investment term of 6 years to match benefits of the previous scheme and if there is a downturn one does not have time to recover if one wants to take benefits at 55. The general consensus is to transfer when one wants to take benefits not transfer BEFORE and take on the investment risk, the annuity risk and the charges risk when one does not need to when all of that risk can be borne by the ceding scheme.  
You have not told us why you want to transfer so we cannot understand the reason for you being an insistent customer.

jamesd

TVAS said:

 you only have a investment term of 6 years to match benefits of the previous scheme and if there is a downturn one does not have time to recover if one wants to take benefits at 55. 

The normal result for private sector transfers is an increase of fifty percent or more and an increase in spousal pension to 100% of the higher figure.

Drawdown is for life as the planning horizon and a 55 year old has ample time to recover assuming any sensible amount of cash and bonds. Assuming say 40% with returns matching inflation and drawing at no more than 4% it's at least a decade before equities would need to be touched during an equity downturn. More like twice that once dividends are allowed for. Eventually it's possible that something worse than the historic record might cause a cut and one place to cut to could be the original DB payment level.

Of course that's the world of safe withdrawal rates, not the FCA world of we want to stop you so we pretend that you'll buy an annuity.

jamesd

candie01 said: he said "yes I've heard if the stakeholder option, however that's using a loophole.and not something my company would get involved with"

Even though he's trying to use a loophole to use a stepping stone to aj bell. 

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.

If you call to check yourself just don't give a plan number when asked by the automated system and you'll be connected to a human you can ask.

Given that a  well known firm clearly doesn't regard it as a loophole and has said that they will take an insistent client transfer against advice I suggest that you discuss this further with the IFA with a view to transferring to this willing Stakeholder receiving scheme.

If they still refuse you can ask SL why they won't do it without an adviser if you like or you can use the Virgin or another Stakeholder. You've met the legal requirement to obtain regulated advice and the IFA will presumably say so, so beyond that you can get on with it yourself if you want to and they dislike your preferred method.

xylophone

or you can use the Virgin or another Stakeholder. 

See
https://forums.moneysavingexpert.com/discussion/comment/78390718/#Comment_78390718

jamesd

The bit you didn't write here for some reason is that Virgin are preparing another pension product and not currently taking new customers.

So one of the other Stakeholder providers or a non-Stakeholder that's willing.

xylophone

other Stakeholder providers

 I wonder how many there are now when compared with the number shown in the link in my post linked above.

candie01

JoeCrystal said:Just out of interest, have you got in touch with the pension solutions group directly to ask if they are willing to accept the DB pension transfer on an insistent client basis?

No but I will do that today!