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

Pablo7474

With the lottery win, Bob is arriving with nothing and choosing option A or B, whichever is worse it doesn’t matter as they are both a win.

With a pension transfer you are arriving with A and asking for B, giving up A you already have.

It would be like comparing the guessing on the £32k question on who wants to be a millionaire and getting it wrong and dropping from £16k to £1k to someone walking into a bookies and putting £15k on a horse. 

Dale72

Pablo7474 said:

Why would the adviser help them if they had advised against transferring?

Maybe if an individual is not up to setting up a SSAS due to lack of knowledge, then they would be better off staying in the DB scheme where they are taken care of? 

I have no knowledge of SSAS, but as I'll keep reminding you periodically, I wouldn't have been better of staying with my DB scheme.

arty688

I disagree nothing like that. Ok then you have £100k would you swop it for £2.5k index linked?

any Bob choice you haven’t said what you would do?

Dale72

Pablo7474 said:

With the lottery win, Bob is arriving with nothing and choosing option A or B, whichever is worse it doesn’t matter as they are both a win.

With a pension transfer you are arriving with A and asking for B, giving up A you already have.

It would be like comparing the guessing on the £32k question on who wants to be a millionaire and getting it wrong and dropping from £16k to £1k to someone walking into a bookies and putting £15k on a horse. 

I think your getting a little confused. When you swap your DB scheme, as long as you have a decent understanding of what your doing then you end up with something much better.

Pablo7474

Dale72 said:

Pablo7474 said:

With the lottery win, Bob is arriving with nothing and choosing option A or B, whichever is worse it doesn’t matter as they are both a win.

With a pension transfer you are arriving with A and asking for B, giving up A you already have.

It would be like comparing the guessing on the £32k question on who wants to be a millionaire and getting it wrong and dropping from £16k to £1k to someone walking into a bookies and putting £15k on a horse. 

I think your getting a little confused. When you swap your DB scheme, as long as you have a decent understanding of what your doing then you end up with something much better.

That is wrong. If that was the case then I am sure more providers would be willing to accept transfers regardless of advice. 

Pablo7474

arty688 said:

I disagree nothing like that. Ok then you have £100k would you swop it for £2.5k index linked?

any Bob choice you haven’t said what you would do?

I am not 60 so it would depend on my circumstances. I would like to think I would be in a position to take the £100k but again, I wouldn’t be giving anything up for that. If I could have a risk free income I may prefer that over a £100k that could half overnight. 

arty688

Half overnight could you not put it in a low risk/ cash investment? That would be your choice and choice is a good thing? 

Pablo7474

If there was no choice you’d probably be content with your DB! 

arty688

I agree there should be no choice.The problem is there is the illusion of choice. You have the choice to spend a few £k with a good chance to be advised against it so in reality can’t transfer . The advise seems to be based on the assumption that you are irresponsible/stupid and will go to the nearest Ferrari dealer and then sue the adviser . I assume you will argue that ignoring the advice is irresponsible/stupid but that would be a choice.

Dale72

Pablo7474 said:

Dale72 said:

Pablo7474 said:

With the lottery win, Bob is arriving with nothing and choosing option A or B, whichever is worse it doesn’t matter as they are both a win.

With a pension transfer you are arriving with A and asking for B, giving up A you already have.

It would be like comparing the guessing on the £32k question on who wants to be a millionaire and getting it wrong and dropping from £16k to £1k to someone walking into a bookies and putting £15k on a horse. 

I think your getting a little confused. When you swap your DB scheme, as long as you have a decent understanding of what your doing then you end up with something much better.

That is wrong. If that was the case then I am sure more providers would be willing to accept transfers regardless of advice. 

No, its right, its just maybe not enough people bother to get a good understanding of what their doing.