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

jimi_man

Diplodicus said:

xylophone said:

The proof is that he seemed a reasonably intelligent chap, and no-one with an ounce of intelligence could have been in no doubt what my intentions were.

Double negative there...... 

Gee, please don't tell the boys..

I don't think he's calling the grammar police, merely that it's quite difficult to understand what the statement means. 

xylophone

I don't think he's calling the grammar police, merely that it's quite difficult to understand what the statement means. 

Indeed.....

Gee, please don't tell the boys..

Perhaps someone should tell teacher....

vram

PLEASE TELL ME I'M WRONG

Advisors are charging you large fees for advice. They pretty much know it is going to be negative to transfer due to the way its calculated in the TVC and with Annuity's nowadays unless your rich in first place and dont need the monies.

It will normally always come out as if its better to stay, or more money if stayed in defined benefit scheme. So that's been rigged by the FCA and manipulated by the advisors.

The law states you have a right to transfer your old Defined Benefit Pension.
However the advisors and the defined contributions schemes have rigged it so you cannot transfer without positive advice nowadays (unless your rich and don't need the pot of money now or later in life so as to not hurt the rich people and they can still transfer as it will be positive for them) and DC schemes will not accept without positive recommendation from advisor due to insurance issues and being sued nowadays, which is a business decision and not the law and it is preventing you excercising your statutory right to transfer.
Along with this all advisors will not facilitate transfers on insistent client basis anymore again due to rules and being sued and insurance..

The last of the Defined contribution schemes accepting transfers without positive recommendations was Pensionbee and they closed that on 01.09.21 and now require positive recommendation from advisor like the rest. So no one is left you can transfer into without positive recommendation and you will have to have the advisor do the transfer as well, which they won't, if not recommended (other than possibly SSAS according to forum).
There is one maybe I checked who may still let you transfer against advice however they put a restriction the advisor must do the transfer as insistent client which no advisors are willing to do anymore so that has been rigged as well just in a different way.

This is all from people who are honest and above board because they are regulated "yer right".

This is just my personal general opinion on trustees and advisors and anything financial, others should make up their own minds.
Anyone who charges 250 quid an hour (or thousands of pounds, a percentage of the pot) for doing some office work is mad and living in fantasy land, if they think that is ok.
You lot have built a whole world with its own rules and convinced yourself over time in order for you to feel good about ripping the life out of people, that your charges are normal and justified (and that's the good honest ones).
You have sewn the whole market up and caused all the issues in the first place that exist today by half of you being dishonest.
You have sewn the whole system up to prevent a client being able to access there defined benefit pension which is the law in the pensions act which give us the right to transfer and lets not forget something very important its not your money its ours and if we want to take it out and put it in a bag and burn it in the garden its up to us, not you.
Financial advisors have forgotten its just advice your giving and started to play god with our life's by manipulating by deception or omission and I can tell you from experience the best person to know my life is me, not someone I've met for 1hr on the phone
It is my god given right to make my own mistakes in life, not someone you talked to for an hour and who took thousands of your money for giving advice, then in the background knows you will not be able to act without them as they have already sewn the market up behind the scenes previously but are unwilling to admit it.

Legalised dishonest extortion is the name I personally give it all, but then who am I
I'm just the person who's hard work, blood, sweat & tears, got the money in the first place. I'm of no significance.
Mind you, your are talking to someone who also thinks the houses of parliament should be knocked down and a load of porta cabins put there and outside porta loo's( the ones on building sites) and a microwave and a vending machine for hot meals for the MP's.
All finanacial advisors should get £15 an hour, be of whole market and have no liability other than the same as the rest of us. If you don't do your job right your sacked. That way we can get multiple advisors and make our own decisions.
Mp's, Solicitors and Lawyers should get same per hour,  just to show I'm not prejudice.

Pablo7474

As requested Vram, you are wrong and spouting nonsense. Have a few days off. 

dunstonh

PLEASE TELL ME I'M WRONG

You are wrong.

Advisors are charging you large fees for advice.

Some are.  Some are not.

They pretty much know it is going to be negative to transfer due to the way its calculated in the TVC and with Annuity's nowadays unless your rich in first place and dont need the monies.

Incorrect.

It will normally always come out as if its better to stay, or more money if stayed in defined benefit scheme. So that's been rigged by the FCA and manipulated by the advisors.

historically, 9 out of 10 people were best left in the DB scheme.  With inflated CETVs, that has dropped to around 6 out 10 and in my experience, that is broadly what we are seeing (actually its running a bit more on transfer out recommendations currently but thats because unfunded schemes no longer get included).

The law states you have a right to transfer your old Defined Benefit Pension.

No it doesn't.

However the advisors and the defined contributions schemes have rigged it so you cannot transfer without positive advice nowadays (unless your rich and don't need the pot of money now or later in life so as to not hurt the rich people and they can still transfer as it will be positive for them) and DC schemes will not accept without positive recommendation from advisor due to insurance issues and being sued nowadays, which is a business decision and not the law and it is preventing you excercising your statutory right to transfer.

Along with this all advisors will not facilitate transfers on insistent client basis anymore again due to rules and being sued and insurance..

There is no rigging between providers and advisers.   Providers make their own business risk assessments and advisers make theirs. 
And you can transfer without a recommendation to transfer by using a SSAS

There is one maybe I checked who may still let you transfer against advice however they put a restriction the advisor must do the transfer as insistent client which no advisors are willing to do anymore so that has been rigged as well just in a different way.

Not rigged.  

Anyone who charges 250 quid an hour (or thousands of pounds, a percentage of the pot) for doing some office work is mad and living in fantasy land, if they think that is ok.

And if you think that is what it is all about then it is no wonder you would get a recommendation not to transfer.

You have sewn the whole market up and caused all the issues in the first place that exist today by half of you being dishonest.

Please provide evidence that half of them (whoever them is) is dishonest.

You have sewn the whole system up to prevent a client being able to access there defined benefit pension which is the law in the pensions act which give us the right to transfer and lets not forget something very important its not your money its ours and if we want to take it out and put it in a bag and burn it in the garden its up to us, not you.

Its not the law (i.e. unfunded schemes) and its not your money.  A DB pension is a package of benefits.  It doesn't get a value until it is transferred.  Even then, its technically not your money as it would be under a trust.

There are no advisers or providers preventing you from burning the money if you wish.  What advisers and providers are doing is saying they dont want to be involved in cases where its not in the best interests of the individual.   You cannot force people to do what they do not want to do.   It just happens, that everyone has taken that view.

Financial advisors have forgotten its just advice your giving and started to play god with our life's by manipulating by deception or omission and I can tell you from experience the best person to know my life is me, not someone I've met for 1hr on the phone

Advisers are not stopping you from transferring.

All finanacial advisors should get £15 an hour, be of whole market and have no liability other than the same as the rest of us. If you don't do your job right your sacked. That way we can get multiple advisors and make our own decisions.

You do realise that "the rest of us" carry liability for the things they do as well and firms in all walks of life will not transact or carry out jobs they consider unsuitable.     

You come across as very naive, bigoted and the sort of person that probably is unsuitable to have control of their own money as you appear to have no understanding of risk/reward.

vram

Wow that sparked a response

But before I go into more detail and respond I think it would be wise to let the thread continue for a few days to see what the general public think in case a lot do feel like me. Then maybe you can correct us in much more detail and even change some of minds as the appearance of whats going on in this idustry is the same for a lot us trying to transfer out at present.

We can go through each one in much more detail then.

For the purpose of my statement it was meant towards the transfer of defined benefit to defined Contribution when a old Defined Benefit scheme is closed by the employer (but still funded by or the losses are covered by employer) and you want to transfer to a defined benefit pension for the purpose of drawdown later in life or to have more control over the fund.

arty688

Vram

Now that's a rant, fair play not sure you dent the ivory towers though.

I'm annoyed that the system is what it is and to get advise you have to spend a lot of money on an over complicated and intrusive report which must seem like you are on trial. Why it can't be a few hundred quid i don't know.

I have accepted my having to stick with my DB pension , however if i Would had continued to work for the company and my DB CETV was something like £1.2-1.5M then I would be ranting that I had to retire on £30k instead of having the money to manage myself. I suppose I would then be more bothered to look into the SSAS things.

I'm behind you anyway...

vram

 reply for  arty688

Thank you for your comments

The amounts involved can be life changing amounts especially if you worked for a company 25 yrs and it should be your right to have a comfortable last few years doing what you want in life its your life.

whether that be a world crusie or buying a home for your children but the decison should be yours.

No one is saying advice should not be sought but you should be in complete control and not blocked at any stage other than to ensure you are not putting monies into a scam scheme then it should be blocked automatically to prevent it happening which the new trustee rules comming in should do.

TransferDB

I am new here and any advise would be welcome. I am 64 and have recently been diagnosed with prostate cancer - am having treatment and as yet have no full knowledge of the extent of the cancer or my life expectancy. I have a DB pension (transfer value £172k) but the death benefits do not cover my needs to pass on the fund in full to my family so am looking at a transfer.
I have spoken to 2-3 IFA's but the cost is about 3% of all my 5 pension pots (about £7k) and one stated that if it failed I'd still have to pay in full. How can that be fair or right? 
My partner has a good NHS pension and doesn't need to have mine (or just a part of it) but my two sons would benefit if I died. One of the firms said they would not take on my transfer due to high insurance costs.
I never expected that all this would be such a drama and it feels like the last thing I need right now! TBH it feels like an industry wide pensions transfer trick. 

kuratowski

TransferDB said:

I never expected that all this would be such a drama and it feels like the last thing I need right now! TBH it feels like an industry wide pensions transfer trick. 

Don't blame the industry, blame the MPs who make the rules and the regulators who enforce them.