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

vram

Contingent charging is now banned and you have to pay for the advice regardless of outcome

Have you checked out the cavets or whether any advisors may be willing do that

im not sure if you would qualify or if any would do it but there is an exemtion to the ban on Contingent charging two of them

Serious ill health carve out – this allows those in serious ill health to get advice on a contingent charged basis. The major change here is that the client can self-certify providing evidence to the adviser of their health circumstances.

Serious financial hardship carve out – this allows those in serious financial hardship to again receive advice on a contingent charged basis. The definition of financial hardship has been eased from the original proposals and now should reflect the MaPS definition of Over Indebtedness.

RoadToRiches

TransferDB said:

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. 

Did you check with the trustees you might be able to get the lump sum pension as a ill health benefit from the DB scheme.  Not something I looked into so would be unsure if it was anywhere near the CETV value, but was aware it was in place in case of short life expectancy.  Might be worth checking out.

p00hsticks

TransferDB said:

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.

My sympathies on your diagnosis. Obviously it's a scary time for you and your family, and it's understandable you are thinking about the best way to look after your family after you are gone.

However, as I'm sure you've been told, if it's caught early enough prostate cancer has one of the best survival rates of all the cancers, and there's every chance that you will survive for many years yet.

TransferDB

However, as I'm sure you've been told, if it's caught early enough prostate cancer has one of the best survival rates of all the cancers, and there's every chance that you will survive for many years yet.

Yes not had the scans results yet after 3 weeks am told they will call tomorrow BUT my guess is it's likely the metastatic bone cancer has started.

TransferDB

RoadToRiches said:

TransferDB said:

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. 

Did you check with the trustees you might be able to get the lump sum pension as a ill health benefit from the DB scheme.  Not something I looked into so would be unsure if it was anywhere near the CETV value, but was aware it was in place in case of short life expectancy.  Might be worth checking out.

RoadToRiches said:

TransferDB said:

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. 

Did you check with the trustees you might be able to get the lump sum pension as a ill health benefit from the DB scheme.  Not something I looked into so would be unsure if it was anywhere near the CETV value, but was aware it was in place in case of short life expectancy.  Might be worth checking out.

Yes they said no and told me to transfer on the helpline 

TransferDB

Serious ill health carve out – this allows those in serious ill health to get advice on a contingent charged basis. The major change here is that the client can self-certify providing evidence to the adviser of their health circumstances.

No not been told that or offered it ans TBH don't understand that can you elaborate please?

vram

TransferDB said:

Serious ill health carve out – this allows those in serious ill health to get advice on a contingent charged basis. The major change here is that the client can self-certify providing evidence to the adviser of their health circumstances.

No not been told that or offered it ans TBH don't understand that can you elaborate please?

you have to pay advisors now when they finish the advice its known as a ban on contingent charging which it was before that you only paid upon transfer i think.

so you only really paid them if they transfered the pot but since the ban you are no longer allowed to pay them this way they get there money no matter what (basically up front) but at the end of advice

But there are two exceptions to the rule and one is serious ill health so you would be allowed in therory if accepted by a FA to go back to the old way and only pay the 7000 if they transfered it and advice was yes

however your problem will be to find advisor that is willing to look at this exception and accept it. it would only be a way round having to pay them full amount regardless of decision it wouldnt help with the decsion itself to transfer or not

hope that helps

vram

COBS 19.1B.9

COBS thats the fca rules that advisors are governed by

however it doesnt state they have to accept doing this from a business point of view it just states they can and the rules as to when they can and how

check out internet cobs 19.1

Dale72

Thrugelmir said:

Dale72 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. 

That's an assumptive attitude that pervades many of your posts.

Thats because i'm capable of making reasonable assumptions, are you?

Dale72

DT2001 said:

Dale72 said:

He was an FA with HL, I said I'm transferring whatever advice you give, so he said in that case I can't help you, to which I quickly said well of course there maybe something that crops up during the process that I hadn't thought of.....So all was good. We both knew the score though.

I am just curious how much this FA knew about you and pension before the meeting?
If it was the 1st meeting he wouldn’t know how well informed you were about investing/looking after your own investments or what benefits were being given up for the CETV offered. So maybe, just maybe he thought your comment was genuine.

You said in an early post he gave you a chance to backtrack but in the above you say “I quickly said” so maybe he assumed you didn’t know everything about the pros and cons of transferring.

He had access to my successful dealing history at HL.