Final Salary Pension Transfer

rich744

RoadToRiches said:

Pablo7474 said:

But still won’t name them apparently 🤣

I will not name them here until it’s landed, even then I am reluctant 

why? Cause I feel pressure from this forum forced the closure of AJ Bell. It would not be fair to anyone who really wants to transfer against advice

Interesting perspective!

Ibrahim5

I think it sort of makes sense. It reminds me of my wife. She was desperate to buy a concert ticket. They were all sold out but they said that if anyone cancels then a ticket would be available on the website. So every few minutes my wife checked. Suddenly it said tickets available. "I will have to tell my sister", says my wife. While she was on the phone her sister bought the ticket which meant they were all sold out again and my wife still couldn't go. So her sister went and my wife didn't. It always cracks me up. So stupid! So yes. Do the transfer before telling everyone else.

JoeCrystal

RoadToRiches said:

Pablo7474 said:

But still won’t name them apparently 🤣

I will not name them here until it’s landed, even then I am reluctant 

why? Cause I feel pressure from this forum forced the closure of AJ Bell. It would not be fair to anyone who really wants to transfer against advice

I don't believe that the pressure from this forum forces the closure of AJ Bell since such a tiny number of people have ever come to this forum. It is then much more likely that AJ Bell is the only primary provider to accept the DB pension transfers is a piece of common knowledge. It would be fascinating to see the provider's names and whatever it was a standard personal pension / SIPP account rather than those involving another type of pension scheme such as stakeholder pension schemes or even more exotic ones.

arty688

Hello,

I thought it was about time I took my head out of the sand and look at my pensions and come up with some sort of plan..

So working on retiring at 60 and being dead by 80 I started getting the info together . and had a what I thought was a pleasant surprise as I had a DB pension which I thought would be worth about £1k per year turn out to be worth about £2.5k even better than that the estimated transfer value was £120k. To me its a no brainer to transfer it into one of my other pension pots.

However it turns out its not that easy and not even my decision.as by the sounds of it a negative report scuppers any real chance of a transfer I'm ok with having to have advise in fact I think its a good idea but surely you should be also free to ignore the report at your own risk as it is your money isn't it?

I don't fancy paying a IFA a few grand to tell me I can't transfer it even if I want to. Is there anywhere you can get a rough idea if you are likely to get a negative report? 

Does the IFA have to assume you are an idiot that will buy a Ferrari or does what you intend to do with the transfer enter in to the reports final assessment?

Sorry if these are stupid questions.

Cheers

dunstonh

So working on retiring at 60 and being dead by 80 I started getting the info together 

Key things to take from that is retiring 6/7 years before state pension age and expecting to live shorter than average life expectancy.       Any reason in particular that you feel you will be dead significantly earlier than average?

 and had a what I thought was a pleasant surprise as I had a DB pension which I thought would be worth about £1k per year turn out to be worth about £2.5k even better than that the estimated transfer value was £120k. To me its a no brainer to transfer it into one of my other pension pots.

Why do you feel it is a no brainer?   What is the lump sum payable along with the income (you haven't mentioned the PCLS). When was the income figure last updated?   Is there a bridging pension paid with it?

However it turns out its not that easy and not even my decision.as by the sounds of it a negative report scuppers any real chance of a transfer I'm ok with having to have advise in fact I think its a good idea but surely you should be also free to ignore the report at your own risk as it is your money isn't it?

It's not your money.  At least not at the moment.
And yes the rules do mean you can ignore the advice and transfer anyway.   The problem is finding a provider willing to accept it.

I don't fancy paying a IFA a few grand to tell me I can't transfer it even if I want to. Is there anywhere you can get a rough idea if you are likely to get a negative report? 

You can pay a reduced fee to get an indication. 

Does the IFA have to assume you are an idiot that will buy a Ferrari or does what you intend to do with the transfer enter in to the reports final assessment?

The IFA has to ascertain your ability to understand not only what you are doing with the pension but also investing.  If you give the impression of being clueless then it will be taken into account.

RoadToRiches

arty688 said:

I don't fancy paying a IFA a few grand to tell me I can't transfer it even if I want to. Is there anywhere you can get a rough idea if you are likely to get a negative report? 

The IFA won’t say you cannot transfer it, they will produce a report and advise you not to if they think it is the right decision. Ultimate decision is down to you at the end of the day.

once you have had advice, the IFA is obligated to sign a form to say you have taken full regulated advice. As pointed out trouble is finding someone to accept it.  I believe there is at least one personal pension out there doing DB transfers against advice, one is doing this for me right now and I am waiting on funds to land.

how long before they do a AJ Bell is anyone’s guess though

arty688

Average life expectancy is about 81 so not far off, just like to keep the number round, but wouldn't call it significantly below.

PCLS - good shout didn't see anything about a lump some on the website so will investigate that could make a difference. , complete novice.
the income figure was a couple of weeks ago.
Not sure what a bridging pension is .
Whos money is it then?

Not being able to find someone to transfer the money to that you are happy with is the same as not being able transfer in my book.

I'm reasonably sure by the time I come to do this or not as the case my be I will be not so clueless.

Part of the plan might be to down size the house are assets taken into account in the report?

Thanks for responding.

RoadToRiches

arty688 said:

Not being able to find someone to transfer the money to that you are happy with is the same as not being able transfer in my book.

Well they’re reputable firm and even considering staying with them as their customer service is exceptional. 

You can always use them as a stepping stone if you wish to get the funds where you ultimately want them. No exit fees.

arty688

RoadToRiches said:

arty688 said:

Not being able to find someone to transfer the money to that you are happy with is the same as not being able transfer in my book.

Well they’re reputable firm and even considering staying with them as their customer service is exceptional. 

You can always use them as a stepping stone if you wish to get the funds where you ultimately want them. No exit fees.

It’s just slightly worrying that information on this doesn’t seem easy to come by and there doesn’t seem to be may stories of ‘ insistent clients’ and firms that accept them. 

eskbanker

arty688 said:

Average life expectancy is about 81 so not far off, just like to keep the number round, but wouldn't call it significantly below.

Life expectancy stats are heavily influenced by gender and age (among many other factors) but, while 81 may be an overall current average expectancy from birth, if you're, say, a 40-year old male then your average would be 85, with a far-from-negligible (for planning purposes) 25% chance of reaching 94.

https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthandlifeexpectancies/articles/lifeexpectancycalculator/2019-06-07