Unable to transfer my DB pension - can anyone help?

JoeCrystal

hyubh said:

Interested on what you think of this (genuinely)...

https://www.financial-ombudsman.org.uk/files/306001/DRN-2456197-v2.pdf

What a fascinating read! Thanks for linking to it!

Marcon

hyubh said:

ZingPowZing said:

 transferred a DB pension against advice and it has risen from £300k to£550k inside thirty months. 

I'm sure that proves something, but I'm not sure what - that 'ordinary Joe and Jo' should gamble on almost doubling their money in two and half years...?

Interested on what you think of this (genuinely)...
https://www.financial-ombudsman.org.uk/files/306001/DRN-2456197-v2.pdf

I think what it doesn't prove is that basing your view of pension freedoms on a sample of one isn't likely to give a reliable outcome, especially in view of the link you've given!

xylophone

I glanced through the obits in our  DB scheme's latest newsletter - out of 28 late pensioners, 21 were age over 90 at date of death - one of  them had reached 101.

This pension  (excess over GMP where appropriate) is fully RPI index linked.

I wonder how wise it would have been for any of them to have transferred out......

[Deleted User]

hyubh said:

ZingPowZing said:

 transferred a DB pension against advice and it has risen from £300k to£550k inside thirty months. 

I'm sure that proves something, but I'm not sure what - that 'ordinary Joe and Jo' should gamble on almost doubling their money in two and half years...?

Interested on what you think of this (genuinely)...
https://www.financial-ombudsman.org.uk/files/306001/DRN-2456197-v2.pdf

Thankyou for the link, hyubh.

I genuinely think that the financial adviser acted in their own interest rather than their client's. As did mine. It seems glaringly obvious that this guy should have stayed in the scheme. He came to the adviser as a supplicant. It's not likely that some financial advisers will advise in their own interest, it's inevitable, in my opinion. And I can't blame advisers for this, it's human nature.
It's the system that is broken.

Dale72

Marcon said:

Look again at what I said. I merely pointed out that the current situation has arisen as a direct consequence of the introduction of flexible access - which is entirely accurate. What stoked up interest in transferring from DB schemes was the ability to access the cash, which in many cases was of an order beyond people's wildest dreams. If the previous scenario still existed (transfer from a DB scheme to a DC scheme and you then (usually) could take tax free cash, but had to buy an annuity with the rest), the DB transfer market would have continued on a fairly untroubled path. We've seen some huge hikes in CETVs in recent years courtesy of market conditions, but that isn't what has been the underlying driver.

My interest is protecting people from scammers. I have a quaint old fashioned notion that a member's pension money should be in their pension scheme/pot until such time as it moves to a new home in the member's bank account/is passed on by way of inheritance. I'd much prefer it not to go walkabout in unregulated waters.

Except your not, are you. When pulled up on something, your merely stating this fact or that, but left unchecked, you show the same attitude as your other cohorts on here, which is that a person, usually a poor person (in your eyes) isn't to be trusted with their own cash, lest they spend it on something you wouldn't approve of, like enjoyment.