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

xylophone

"support", not "stop."

But the legislation does not stop people from transferring out of DB pensions to schemes offering flexible benefits (except in the case of  unfunded PS schemes).

 The advice requirement does support them in making their choice by (as far as possible) protecting them from making a decision without ever having fully thought through the consequences of that decision.

Legislation does not  oblige every pension provider to take on any and every customer.

If your argument is that it should, that is not the case that you are making.

Diplodicus

Pension freedom is not a slogan, it is a basic tenet of Conservative philosophy, that the individual should have agency to determine their fortune. And with regards to transferrable DB pensions, it's very very simple: if they were not intended to be included, they would have been excluded. And if they thought it was a mistake in principle, they would have stopped them in the intervening seven years. 
I have no problem with those who decline the business for commercial reasons. That's freedom too. But if you want to keep on taking the money for it, you have a responsibility to uphold the intention behind compelling potential clients to hire you. It was never intended that financial advisers should become the de facto arbiters of whether a client is able to transfer in practice.

Dale72

Linton said:

"Pension Freedom" was always a slogan.  I doubt if those who used it ever thought through the detailed implications.  But it doesn't matter.  What does matter is the law enacted by Parliament and the freedom of commercial companies not to take on business they believe would not be in their best interests.  So the situation is what it is.  If you want to constructively argue with someone I suggest your MP would be a more useful target.

Here we go, the talk to your MP cop out. Unless one of their powers is acting as temporary IFAs while in the chamber, or they can push through legislation before your CETV runs out then they are not much use.

xylophone

It was never intended that financial advisers should become the de facto arbiters of whether a client is able to transfer in practice.

But they are NOT the arbiters, de facto or otherwise.

Whether or not the clients may find a scheme to accept a non-advised transfer is not  their concern and should not (and indeed must not) affect the advice they give. 

 They are employed to give an objective opinion.

They examine each case on its merits following a clearly defined process. 

They give  advice on whether or not the transfer would be in the best interests of the client.

If the client disagrees with advice, he is not obliged to follow it.

Your  issue is not with the advisers.

It is possibly not even with the government as there is legislation in place which obliges stakeholder schemes to accept a transfer. If a client finds a transfer will not be accepted, he can challenge the provider on the basis of the law.

As for non stakeholders, there is no obligation requiring acceptance of a transfer, DB or otherwise.

The providers have made a commercial decision - that (short of legislation forcing their hand) is where the buck stops?

Diplodicus

"Whether or not the clients may find a scheme to accept a non-advised transfer is not  their concern"

Yes, that is definitely the vibe people are picking up. 

"The way back to town is seventy miles. You know, if you save your breath, I think a man like you could make it."

eskbanker

Ah yes, that renowned classic "The Good, The IFAs and The Pension Providers"....

And then there's another one of course, featuring the famous line about "if you want to transfer your DB pension, you've got to ask yourself one question: 'Do I feel lucky?' Well, do you, punk?"

Dale72

Spoken like a first rate banker.

Diplodicus

xylophone said:

It was never intended that financial advisers should become the de facto arbiters of whether a client is able to transfer in practice.

But they are NOT the arbiters, de facto or otherwise.

That statement lacks candour. The present situation - which advisers know far better than their clients - is that there is a slender chance of transferring a DB pension against advice and none at all unless the clients are forewarned of the hoops they would have to go through before it is possible - which the adviser will not do.

The first worry of everyone  considering a pension transfer is getting scammed. Taking the SSAS route exponentially increases the chances of that happening. The position of financial advisers, as evidenced here, is that they don't care if the SSAS route is perilous or even practicable. As long as the concept  of it protects their living.

HappyHarry

The concept of a client ignoring advice and 
proceeding with a SSAS transfer does nothing to protect an advisers living.

I don’t understand why you think it would. 

DeadlyD

I'm in the very difficult position of trying to find a way in which to transfer my DB fund as an insistent client (I am assuming as 2 advisors do not recommend although I have stability & other pensions but not terminal illness which seems the only likely scenario to receive a recommendation). To receive the suitability report which the outcome will be "insistent client" is £6,000 I want to find a way to transfer before I embark on the process. Now the Pensionbee, AJBell door has closed a SIPP isn't possible. I've been following this thread avidly and some more, where a Stakeholder pension is the likely consumer direct.(I don't want to take a SSAS unless it really is the ONLY option as I don't understand it)  I've tried AVIVA and Standard Life for a stakeholder and they wont accept an insistent client the latter may through an IFA.(?) 
So, will an IFA accept an insistent client and where do these live?? 
Please help! and go gentle on me it my first post. I do know what I am doing with the transfer and it will offer me the chance to pay off my mortgage, leave a highly stressful job and care for my elderly parents. I know that's no "valid" reason to transfer, but I'm at my wits end as I've been waiting until retirement age to start the process and now it looks like I'm going to have my life taken away from me.