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

Marcon

DeadlyD said:

xylophone said:

the consequences of inheritance. 

Do you mean that you would be seeking to use the desire to pass on your pension as an inheritance as a reason to transfer out?

You may be less suited to a transfer if there are alternative options available to achieve the goals you want to achieve. For example, if you want your family to inherit your pot on your death, you need to remember that by the time you die, you may have spent a lot of the money. Most people near retirement today will live well into their 80s, with many surviving into their 90s. If you want to protect your family financially, you could consider buying life insurance instead.

It's contradictory though, I am not reliant on the DB pension I have other pensions and my husband does too. So apart from being terminally ill and very wealthy what are the actual reasons that are acceptable to transfer. 
If its not for inheritance, its not for the "lump Sum 25%", not for retiring early, not for paying the mortgage off what is actually acceptable apart from being terminally ill? 

See https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/ and read the part on DB to DC transfers.

Diplodicus

xylophone said:

That statement lacks candour.

No - on the contrary - it is candid and factual.

Then you're saying that DeadlyD can transfer their DB pension on the back of a financial adviser's recommendation not to transfer. How is exactly what DeadlyD wishes to know.

Lead on, xylophone.

xylophone

Then you're saying that DeadlyD can transfer their DB pension on the back of a financial adviser's recommendation not to transfer. 

I am fast coming to realise what exactly banging one's head against a brick wall means!

Just re-read my posts carefully.

Linton

Diplodicus said:

xylophone said:

That statement lacks candour.

No - on the contrary - it is candid and factual.

Then you're saying that DeadlyD can transfer their DB pension on the back of a financial adviser's recommendation not to transfer. How is exactly what DeadlyD wishes to know.

Lead on, xylophone.

"Can" means two significantly different things in this context.  Ignoring the theoretical SSAS route:

You can transfer a DB pension against advice in that the law permits it ie you are allowed to.

"Can" in the sense that your are actually able to is rather different thanks to the financial risks to the IFA and the receiving pension provider created by the Regulator.  No company is obliged to take on business that it sees as carrying more risk than it is prepared to accept especially if they cant insure against it.

For transfer of DB pensions against advice to be possible and straightforward the Regulator would need to change the rules.  The only way of doing that would be a change in the role of the regulator or a change in the law.  Either would require political intervention, which is why your MP is the obvious person to progress.

Dale72

xylophone said:

Then you're saying that DeadlyD can transfer their DB pension on the back of a financial adviser's recommendation not to transfer. 

I am fast coming to realise what exactly banging one's head against a brick wall means!

Just re-read my posts carefully.

Your posts are so disingenuous that reading them any number of times wouldn't be helpful.

Diplodicus

xylophone said:

Then you're saying that DeadlyD can transfer their DB pension on the back of a financial adviser's recommendation not to transfer. 

I am fast coming to realise what exactly banging one's head against a brick wall means!

Just re-read my posts carefully.

Your statement is there for all to see: 

1) You insist that the financial adviser's recommendation does not determine whether a client can transfer a DB pension. 
2) How to transfer following a recommendation not to transfer is exactly what DeadlyD wants to know.
3) You oblige DeadlyD with practical help.

xylophone

1) You insist that the financial adviser's recommendation does not determine whether a client can transfer a DB pension. 

NO.

https://forums.moneysavingexpert.com/discussion/comment/78646950/#Comment_78646950

There is such a thing as being wilfully obtuse?

Linton

Diplodicus said:

xylophone said:

Then you're saying that DeadlyD can transfer their DB pension on the back of a financial adviser's recommendation not to transfer. 

I am fast coming to realise what exactly banging one's head against a brick wall means!

Just re-read my posts carefully.

1) You insist that the financial adviser's recommendation does not determine whether a client can transfer a DB pension. 
2) How to transfer following a recommendation not to transfer is exactly what DeadlyD wants to know.
3) You oblige DeadlyD with practical help.

The IFA is not a free agent, at least if they want to avoid serious financial risk.  They must make their recommendations following the guidance of the FCA.  So the primary responsibility lies with the FCA.

Diplodicus

xylophone said:

1) You insist that the financial adviser's recommendation does not determine whether a client can transfer a DB pension. 

NO.

https://forums.moneysavingexpert.com/discussion/comment/78646950/#Comment_78646950

There is such a thing as being wilfully obtuse?

Then you agree that - in practical terms - the recommendation will determine whether a client can transfer.
Which is it?

xylophone

Your posts are so disingenuous

No - they are factual.

I fear that the reality is that you (and Diplodicus) have a beef with the simple fact that the adviser dealing with a pension transfer is not obliged (when giving his advice and recommendation) to take into consideration that a client may find it difficult to find a scheme to accept a transfer against advice.