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Pension transfer / consolidation.



Comments
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Just choose a new provider and ask the new one to request the transfer - you don't need advice for a bog standard DC pension.
unless there is some restriction about transferring crystallised funds?I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.1 -
Dex58 said:So much for pension freedoms. Am I missing something?
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Thrugelmir said:Dex58 said:So much for pension freedoms. Am I missing something?0
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Dex58 said:Thrugelmir said:Dex58 said:So much for pension freedoms. Am I missing something?1
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It isn't to do with the fact that your funds are crystallised, or that Aviva don't want your money, it is just that Aviva are not set up to deal with you directly.Aviva's business model is to deal with advisers and not directly with retail clients.There are other providers whose business model is to deal directly with retail clients and not with advisers.
It should be straightforward to find a new provider who will deal with you directly, and who will assist with transferring your Aviva pension to their product.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.1 -
OP is looking for a new pension provider; I had a quick look at some of them.Vanguard do not accept transfers in of pensions in capped drawdown at all.Fidelity say that if you want to transfer in a pension that you're already withdrawing from, then they can't accept online applications, instead you have to call their in-house advisers.iWeb have a particular form to complete when transferring a pension already in drawdown. It has a particular box to tick if you wish to convert from capped drawdown to flexi-access drawdown, which is very encouraging. However, their website warns of delays processing transfers at the moment, due to "unprecedented demand", so you would need to be patient. It would probably take less than 5 years though.AJ Bell say that you can transfer pensions you've already started withdrawing from, the transfer form has boxes to fill out for this case, and they also have a capped drawdown to flexi-access drawdown conversion form on their website.So you do have access to at least one fixed fee and one % based fee provider. You need to have a look at the fees structure (because you have to take into account type of assets you intend to hold, how often you would trade, and the associated trading fees) and you also have to consider how much you value the user experience of a more modern website vs an old one (iWeb).1
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don’t have a problem with that, but they also advised that I couldn’t transfer the pension (even to another Aviva product) without taking / paying for advice from a financial advisor. This is a DC pension of £90k with no particular guarantees or penalties. This just doesn’t seem right?it isn't right in terms of legislation but it is right in terms of the Aviva product range.Am I missing something?Yes. The retail market is set up with providers either choosing to retail direct to public or retail via an intermediary. A small number do both. When you speak to a provider that only deals via intermediaries, then you need to use an intermediary. If you speak to a provider that deals direct to client then you don't. Aviva have an additional requirement over other platforms that they insist that the transaction must be advised.& why are their competitors so keen to accept my crystallised fund while Aviva just put up obstacles?You will find the same requirements at providers that retail via intermediaries.Isn’t this their bread & butter? Also, aren’t they under some obligation to provide correct information?They have provided the correct information.
There is also the possibility that you have safeguarded benefits on the pension. You haven't said there isn't any.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
If you speak to a provider that deals direct to client then you don't. Aviva have an additional requirement over other platforms that they insist that the transaction must be advised.
I thought in the past Aviva would deal direct with clients , it must have changed at some point ?
Also I thought if you had been a retail client in the past ( like the OP) you could continue like that, even for an internal transfer , and only new clients had to be advised ?
Maybe they have changed their business model more than once over the years.
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I thought in the past Aviva would deal direct with clients , it must have changed at some point ?
They are funnelling all their modern individual business through their platform now rather than the life & pensions side. The platform is advice only. Even advisers/intermediaries cannot put it through as non-advised (unlike other platforms).
It is still possible to do some things on the old L&P side of the company on a non-advised basis. But they dont offer a drawdown product on that side. Although a few of their plans have limited drawdown functionality (typically UFPLS or drawing the TFC only).
Also I thought if you had been a retail client in the past ( like the OP) you could continue like that, even for an internal transfer , and only new clients had to be advised ?If it requires the purchase of a new product then it's new business from a regulatory point of view. Plus, Aviva platform is technically a different provider to Aviva L&P. You even have to use Origo to transfer it.
However, Aviva do offer special deals via the adviser when moving old L&P pensions to the platform. But it is not a suitable solution for a transactional client (who doesn't want to use the adviser again) or a DIY investor.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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