Pension has finally landed - As an insistent client acting against advice -*DOORS CLOSED 03/09/2021*

Diplodicus

HappyHarry said:

Diplodicus said:

xylophone said:

 If the client in practical terms is unable to make that choice, the pension advice process is broken.

That is not the responsibility of the Pension Transfer Specialist.

He has fulfilled the contract with his client to provide advice on the transfer.

If the client wishes to proceed against advice then it is up to him to explore any available pathway.

If the pathway has obstacles, it is the pension providers who have put them there.

But the client’s contact through this process is not the pension provider but the financial adviser. The client engages the financial adviser from the position of a supplicant. He expects the adviser to know more than him and, since he is paying him handsomely, may reasonably expect the adviser to be on his side. Failing that, should at least expect the adviser to be honest at the outset about how difficult it would be to effect a transfer by himself.

Are you suggesting that it should not concern the PTS whether their client is able to transfer against a recommendation?

It would not concern me whether or not a client is able to transfer against my recommendation.

HappyHarry, are you sure you want to double down on that?

For example it would not meet my case. Assessing DB pension for the first time, I thought it would be good to transfer but wanted to test my conviction against an adviser. It was only when my PTS outlined the advantages of a transfer that I - obviously knowing my own circumstances better than he - decided to proceed. 

Kudos for responding in what otherwise would have been a vacuum.

Jeffmusicals

Well that's a pain. Just received my final advice on Friday (which was, as expected, not to transfer) and agonised over the weekend about the personal pros and cons which aren't always accounted for in advice process (and i know people will disagree with that but hey ho). Made the decision to move and then logged into my Pension Bee account to see the wording had changed and they will no longer accept. Trawling the internet as we speak trying to avoid the dodgy ads to see if there is any viable alternative i.e. Stakerholder etc. Wish me luck! (although i'm expecting at least a 50% condemnation rate !

Albermarle

Made the decision to move and then logged into my Pension Bee account to see the wording had changed and they will no longer accept. 

Maybe it was a sign from above , not to transfer !

Diplodicus

Jeffmusicals said:

Well that's a pain. Just received my final advice on Friday (which was, as expected, not to transfer) and agonised over the weekend about the personal pros and cons which aren't always accounted for in advice process (and i know people will disagree with that but hey ho). Made the decision to move and then logged into my Pension Bee account to see the wording had changed and they will no longer accept. Trawling the internet as we speak trying to avoid the dodgy ads to see if there is any viable alternative i.e. Stakerholder etc. Wish me luck! (although i'm expecting at least a 50% condemnation rate !

IMO  First thing to do is make a Subject Access Request on your (independent) financial adviser. 
Because it is likely that your adviser has advised you that there is a clear way forward for the client thwarted by a recommendation not to transfer.  Which is not the case, as it turns out. Hold off payment, is my advice. An SAR will give you access to all your communication. 

Jeffmusicals

Diplodicus said:

Jeffmusicals said:

Well that's a pain. Just received my final advice on Friday (which was, as expected, not to transfer) and agonised over the weekend about the personal pros and cons which aren't always accounted for in advice process (and i know people will disagree with that but hey ho). Made the decision to move and then logged into my Pension Bee account to see the wording had changed and they will no longer accept. Trawling the internet as we speak trying to avoid the dodgy ads to see if there is any viable alternative i.e. Stakerholder etc. Wish me luck! (although i'm expecting at least a 50% condemnation rate !

IMO  First thing to do is make a Subject Access Request on your (independent) financial adviser. 
Because it is likely that your adviser has advised you that there is a clear way forward for the client thwarted by a recommendation not to transfer.  Which is not the case, as it turns out. Hold off payment, is my advice. An SAR will give you access to all your communication. 

Thanks but I contracted in good faith so they are entitled to their fee for their professional advice which I agreed to at the time. I wouldn’t want to withhold the fee.

Diplodicus

Fair enough, do you mind stating the adviser fee, Jeffmusicals?

Jeffmusicals

Diplodicus said:

Fair enough, do you mind stating the adviser fee, Jeffmusicals?

£950+ VAT as Company subsidised.
Still hurts though! 😂

Diplodicus

Lol.

What a farce this process has become.

Thrugelmir

Diplodicus said:

Lol.

What a farce this process has become.

One day as night follows day. There'll be howls of anguish who didn't actually understand what they were doing at the time.  Top of the complaints list will be underperforming investments. The world of investing goes in cycles and with it another generation of investors who believe that they can do better. 

Dale72

While the world of investments goes in cycles there must be a point at which you could look at a Sipp and say I think the IFA was wrong to advise not to transfer. At what point is that? (Sipp up 14%)