Db pension transfer advice/suitability report.

Diplodicus

People engaging in the advice process would want to know if the Stakeholder Pension route is workable, as a way forward from a recommendation not to transfer. 

Call them old fashioned but they probably imagine the professional taking their shilling would know.


https://www.getyarn.io/yarn-clip/f563fb1e-13f5-4f59-a5f3-8ae7dff7e553

xylophone

Name one.

See my post of 18 June.

https://forums.moneysavingexpert.com/discussion/comment/78413769/#Comment_78413769

Diplodicus

xylophone said:

Name one.

See my post of 18 June.

https://forums.moneysavingexpert.com/discussion/comment/78413769/#Comment_78413769

No bells so far.

xylophone

No bells so far.

Aviva and SL were the  stakeholder providers previously cited in earlier posts ( and also here

https://www.koody.co/pensions/stakeholder-pension 

- Aviva is not available direct - apparently SL is available direct via a phone call but appears to be putting blocks in the way of transfers in - as for Prudential .... a bit of a mystery.

Diplodicus

So, nobody can say whether the transfer of a DB pension to a stakeholder pension -without the permission of a financial adviser - is practicable.

dunstonh

xylophone said:

No bells so far.

Aviva and SL were the  stakeholder providers previously cited in earlier posts ( and also here

https://www.koody.co/pensions/stakeholder-pension 

- Aviva is not available direct - apparently SL is available direct via a phone call but appears to be putting blocks in the way of transfers in - as for Prudential .... a bit of a mystery.

Prudential's stakeholder is closed for new business.

Malthusian

Diplodicus said:

So, nobody can say whether the transfer of a DB pension to a stakeholder pension -without the permission of a financial adviser - is practicable.

Not without someone calling with the specific aim of opening one with a nominal contribution.

In the absence of somebody trying and failing and being told "sorry, the website's out of date" both times, when companies advertise a product it generally means that product is available. If there's a Victoria sponge in the local baker's window and someone tells me that nobody sells Victoria sponges I would require a more convincing reason to believe them than "I couldn't be bothered to buy one".

Diplodicus

It may be that the industry counsels a better course than it allows.

What matters to the potential client is not the "concept" of a way forward but how the way is navigable. Or not. Elsewhere on the forum, insistent client/DB transfer to stakeholder pension is described as a "rumour." It may no longer be a viable option.