Db pension transfer advice/suitability report.

bdorrell

After paying for a db pension transfer suitability report - I found the report very disappointing. The FCA gives guild lines on what data to collect but says very little how it should be analysed. Does anyone know if the FCA gives case examples where a transfer from a db pension to a sipp/drawdown pension would be advised. I have been offered a CETV of 33x, it's not my main pension but surplus, I have no wife or dependants, I want to possibly pass it on on my death without IHT, I want a flexible pension - BUT I was advised NOT to transfer. So I am looking for examples, case studies, by the FCA or similar where transfer is advised. Can anyone help.

wjr4

Who will you pass it to when you die? 

wjr4

& what exactly were you expecting in the report that wasn’t there?

Marcon

bdorrell said:

After paying for a db pension transfer suitability report - I found the report very disappointing. The FCA gives guild lines on what data to collect but says very little how it should be analysed. Does anyone know if the FCA gives case examples where a transfer from a db pension to a sipp/drawdown pension would be advised. I have been offered a CETV of 33x, it's not my main pension but surplus, I have no wife or dependants, I want to possibly pass it on on my death without IHT, I want a flexible pension - BUT I was advised NOT to transfer. So I am looking for examples, case studies, by the FCA or similar where transfer is advised. Can anyone help.

The FCA doesn't publish the sort of thing you hope to find - just general guidelines on what 'good advice looks like', which I presume you've read: https://www.fca.org.uk/consumers/pension-transfer/advice-what-expect

dunstonh

The FCA gives guild lines on what data to collect but says very little how it should be analysed.

The purpose of the suitability report is not to show all the workings behind the scenes but to explain the reasons why and key issues.    That may involve some workings and analysis appearing but most of it will not be there.

If you take a typical 30-page report, then the file supporting it behind the scenes will often go into hundreds or thousands of pages.

Does anyone know if the FCA gives case examples where a transfer from a db pension to a sipp/drawdown pension would be advised.

No.  Its not what they would do.

I have been offered a CETV of 33x, it's not my main pension but surplus, I have no wife or dependants, I want to possibly pass it on on my death without IHT,

With no spouse of dependents why would you want to put your own retirement at risk to pass it on?

I want a flexible pension

"I want" is not justification for a recommendation.    What is your justification?

So I am looking for examples, case studies, by the FCA or similar where transfer is advised. Can anyone help. 

You are not going to find it.

JohnWinder

dunstonh said:

If you take a typical 30-page report, then the file supporting it behind the scenes will often go into hundreds or thousands of pages.

thousands of pages of what?

dunstonh

JohnWinder said:

dunstonh said:

If you take a typical 30-page report, then the file supporting it behind the scenes will often go into hundreds or thousands of pages.

thousands of pages of what?

documentation

Prism

JohnWinder said:

dunstonh said:

If you take a typical 30-page report, then the file supporting it behind the scenes will often go into hundreds or thousands of pages.

thousands of pages of what?

This post gives a hint of the amount of work that goes into it.

Who will accept a DB to SIPP transfer from "insistent client" - Page 24 — MoneySavingExpert Forum

Pablo7474

bdorrell said:

After paying for a db pension transfer suitability report - I found the report very disappointing. The FCA gives guild lines on what data to collect but says very little how it should be analysed. Does anyone know if the FCA gives case examples where a transfer from a db pension to a sipp/drawdown pension would be advised. I have been offered a CETV of 33x, it's not my main pension but surplus, I have no wife or dependants, I want to possibly pass it on on my death without IHT, I want a flexible pension - BUT I was advised NOT to transfer. So I am looking for examples, case studies, by the FCA or similar where transfer is advised. Can anyone help.

Why do you think it should have been a recommendation to transfer? Do you NEED to transfer to meet your retirement objectives? The pension was not set up for it to provide a flexible pension so why do you need it to be so? You say you want to leave for dependants but also have none? There needs to be a reason to transfer, not just a want. 

bdorrell

Pablo7474 said:

bdorrell said:

After paying for a db pension transfer suitability report - I found the report very disappointing. The FCA gives guild lines on what data to collect but says very little how it should be analysed. Does anyone know if the FCA gives case examples where a transfer from a db pension to a sipp/drawdown pension would be advised. I have been offered a CETV of 33x, it's not my main pension but surplus, I have no wife or dependants, I want to possibly pass it on on my death without IHT, I want a flexible pension - BUT I was advised NOT to transfer. So I am looking for examples, case studies, by the FCA or similar where transfer is advised. Can anyone help.

Why do you think it should have been a recommendation to transfer? Do you NEED to transfer to meet your retirement objectives? The pension was not set up for it to provide a flexible pension so why do you need it to be so? You say you want to leave for dependants but also have none? There needs to be a reason to transfer, not just a want. 

I said leave to family/extended family not dependants. What do you mean be NEED, a need for what? I want to transfer as a DB is not BEST for me as I explained. The FCA says that the recommendation should meet my objectives - which is why I expected a recommendation to transfer. I cannot use many of the DB benefits so I don't want to pay for them. 

wjr4 said:

& what exactly were you expecting in the report that wasn’t there?

I had no expectations - I am just trying to find what analysis guide lines advisors follow.

Scallypud

I also got a negative report but i was able to transfer to AJBell . I'm not sure if AJBell are still accepting negative reports but worth a try if you want to proceed.