Unable to transfer my DB pension - can anyone help?

xylophone

Perhaps the only answer is to open a stakeholder. attempt to transfer in the  DB pension and mount a legal challenge if it is refused?

https://forums.moneysavingexpert.com/discussion/comment/78413909#Comment_78413909

Albermarle

Then maybe the law needs to be changed to force providers to accept transferred funds from everyone who has taken advice.

In many aspects of life ( not just pensions ) you can not force a commercial company to take your business if they do not want it . 

The law/guidance from the FCA  may well need changing , but forcing companies to take on clients is a non starter .

random129

Albermarle said:

Then maybe the law needs to be changed to force providers to accept transferred funds from everyone who has taken advice.

In many aspects of life ( not just pensions ) you can not force a commercial company to take your business if they do not want it . 

The law/guidance from the FCA  may well need changing , but forcing companies to take on clients is a non starter .

As I am beginning to understand it the only reason they refuse the business is because they risk being sued if the person transfers against advice and it all goes pear shaped. So maybe the law should be changed to prevent people from being able to sue anybody if they go against the advice they are given. That would solve the problem. 

random129

xylophone said:

Perhaps the only answer is to open a stakeholder. attempt to transfer in the  DB pension and mount a legal challenge if it is refused?

https://forums.moneysavingexpert.com/discussion/comment/78413909#Comment_78413909

An interesting thread. Thanks for posting. I'll look into that. One major problem could be mounting a legal challenge with no money for legal fees.

[Deleted User]

random129 said:

But I must say even if I had the money unless there was a guarantee to transfer I wouldn't pay for advice. I know what I want to do.  Why would anyone pay £5,000 for advice if they are not guaranteed anything in return? 

Completely agree. 
The whole process has become a farce. 
In reality is the process is so exorbitantly expensive that people should only pay a financial adviser for DB pension transfer advice IF they are certain they wish to transfer. For the financial adviser then to be able effectively to stall the transfer is simply unfair.

Pablo7474

Just a point that is meant to be helpful rather than challenging, but by saying you have debts you need to pay off and can only afford advice if a transfer is recommended could suggest there are issues managing money and actually the certainty of income in retirement could be best for you. Are there other options rather than transferring out? Down size? Work longer etc? 

Keep_pedalling

random129 said:

Albermarle said:

Then maybe the law needs to be changed to force providers to accept transferred funds from everyone who has taken advice.

In many aspects of life ( not just pensions ) you can not force a commercial company to take your business if they do not want it . 

The law/guidance from the FCA  may well need changing , but forcing companies to take on clients is a non starter .

As I am beginning to understand it the only reason they refuse the business is because they risk being sued if the person transfers against advice and it all goes pear shaped. So maybe the law should be changed to prevent people from being able to sue anybody if they go against the advice they are given. That would solve the problem. 

And potential create another, where an advisor would advise against, with an off the record nudge and a wink to the client, suggest they to go ahead as an insistent client. 

As far as DB pensions are concerned, either people should be left to make what could be a terrible mistake with no comeback on anyone else, or we simply go back to basics and to use therm as originally designed with no option to transfer out.

random129

Pablo7474 said:

Just a point that is meant to be helpful rather than challenging, but by saying you have debts you need to pay off and can only afford advice if a transfer is recommended could suggest there are issues managing money and actually the certainty of income in retirement could be best for you. Are there other options rather than transferring out? Down size? Work longer etc? 

I have explored every possible solution and transferring my pension is by far the best solution for me. No point in trying to down size as there are no cheaper homes on the market. I could release equity but that would not be sufficient to cover what I need. I cannot work due to ill health and doubt I will live long enough to benefit from the pension for life a DB pension offers. I am widowed with no dependent children so if I don't transfer and die tomorrow my pension will die with me and my financial affairs will be in a mess for my relatives to sort out. I want to get everything in order, clear my debts and have extra money to spare as a result each month which I can use to buy alternative treatments that help my symptoms. I cannot understand why I cannot do that.

xylophone

if I don't transfer and die tomorrow my pension will die with me and my financial affairs will be in a mess for my relatives to sort out. 

Would the sale of your property not cover the debts?

Pablo7474

random129 said:

Pablo7474 said:

Just a point that is meant to be helpful rather than challenging, but by saying you have debts you need to pay off and can only afford advice if a transfer is recommended could suggest there are issues managing money and actually the certainty of income in retirement could be best for you. Are there other options rather than transferring out? Down size? Work longer etc? 

I have explored every possible solution and transferring my pension is by far the best solution for me. No point in trying to down size as there are no cheaper homes on the market. I could release equity but that would not be sufficient to cover what I need. I cannot work due to ill health and doubt I will live long enough to benefit from the pension for life a DB pension offers. I am widowed with no dependent children so if I don't transfer and die tomorrow my pension will die with me and my financial affairs will be in a mess for my relatives to sort out. I want to get everything in order, clear my debts and have extra money to spare as a result each month which I can use to buy alternative treatments that help my symptoms. I cannot understand why I cannot do that.

I think an adviser will ask you are you likely to die tomorrow? They can consider how long you are likely to live but are your medical conditions you mention likely to shorten your life expectancy so significantly? If so, perhaps you should speak to your DB scheme and see what options they offer in such circumstances. It seems from your answers that an adviser although can see a transfer may work, there are other options you could consider which would leave your guaranteed income in place. Maybe you should complain to your previous adviser as they didn’t provide report and say you want them to assess your latest value for free. I would tell them you need £X lump sum to clear debts rather than just stating you want 25% then tell them the income you need and how you would meet this through guaranteed sources including state pension and using part of fund for annuity? Good luck!