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

Diplodicus

zagfles said:

Diplodicus said:

zagfles said:

Diplodicus said:

How about my experience, zagfles?

Even 3 years is nothing.

£300,000 appreciation in my case. 

And? 

And a client who takes the the DB pension transfer advice forced upon him at face value is £300,000 worse off today.  But because the advice is "do nothing", there is no comeback on the adviser. So in all likelihood, many thousands of clients who should have had a positive recommendation to transfer in fact were advised to "stay put". And in many cases, the opportunity to make that choice has gone.

Prism

Diplodicus said:

zagfles said:

Diplodicus said:

How about my experience, zagfles?

Even 3 years is nothing.

£300,000 appreciation in my case. 

No added money?

Diplodicus

£12,000 over two years Prism.
I work for pin money but like it.

QrizB

Diplodicus said:

Or why an IFA is considered preferable for the job?

I've never engaged an FA or an IFA but bear with me.

Imagine you are hungry and want lunch, but you're not sure what. You could go to Little Cook where you will get to pick from a range of options, from a bowl of soup with a roll all the way through snacks, light meals, baked potatoes and so on to a full three-course meal. Or you could go to Tater-U-Like, where everything on the menu is a baked potato.

The wait staff in Tater-U-Like will do their absolute best to serve you the lunch you want, but they can still only serve you a baked potato. Whereas in Little Cook they will also do their best to serve the lunch you want, which could be a baked potato but could be something entirely different.

And then consider that the lunch will cost the same, whether you choose Little Cook or Tater-U-Like.

(Names of chain restaurants have been changed ...)

Prism

Diplodicus said:

£12,000 over two years Prism.
I work for pin money but like it.

Not planning on withdrawing any of it yet and fully retiring?

Diplodicus

QrizB said:

Diplodicus said:

Or why an IFA is considered preferable for the job?

I've never engaged an FA or an IFA but bear with me.

Imagine you are hungry and want lunch, but you're not sure what. You could go to Little Cook where you will get to pick from a range of options, from a bowl of soup with a roll all the way through snacks, light meals, baked potatoes and so on to a full three-course meal. Or you could go to Tater-U-Like, where everything on the menu is a baked potato.

The wait staff in Tater-U-Like will do their absolute best to serve you the lunch you want, but they can still only serve you a baked potato. Whereas in Little Cook they will also do their best to serve the lunch you want, which could be a baked potato but could be something entirely different.

And then consider that the lunch will cost the same, whether you choose Little Cook or Tater-U-Like.

(Names of chain restaurants have been changed ...)

I get what you are saying, QrizB, but the remit of DB Pension Transfer Advice is (according to the FCA)

You should expect your adviser to use the information you have provided and analyse the options available to you. You cannot order your adviser to say you are suited to a transfer – they must use their professional judgement.

At the end of the process, you should receive a written report that:

• states clearly whether you should stay in your DB scheme or transfer to a new scheme
• gives the reasons why this is the best outcome for you, given your retirement plans and income needs
• helps you understand the risks and benefits of staying in the DB scheme or transferring

Your adviser should also check you understand the advice.

Should not matter whether the adviser is (I) - that's why I was wondering why it is standard for newbies coming to the MSE forum to be directed to an IFA.

dunstonh

RoadToRiches said:

Ok go by the form that I was given in the CETV pack that specifically asks for a IFA sign off along with their FSA ID number and confirmation they are regulated to give this advice.

Does the form indicate that the IFA has to take liability for the advice given.  i.e. including the bit about using Pensionbee.   I don't know pensionbee's forms but a lot of the providers will accept it if the IFA takes liability for recommending the provider.  The IFA shouldn't agree to that because it then becomes a case that they have transacted after saying it's unsuitable.

As Diplodicus says he was refused (see the old thread under his old login before he was banned by the board) because the providers he went to would only accept the case if the adviser took on the whole liability (advice and placement of the business with the provider).  As it happened, had he tried a provider that catered for the DIY market  he would have been able to do it (AJ Bell being the obvious one at the time) but he didnt want to listen.

Diplodicus

RoadToRiches can speak for himself but I believe your rules have altered since my adviser refused to acknowledge that he had provided a recommendation.

Diplodicus

dunstonh said:

RoadToRiches said:

Ok go by the form that I was given in the CETV pack that specifically asks for a IFA sign off along with their FSA ID number and confirmation they are regulated to give this advice.

As it happened, had he tried a provider that catered for the DIY market  he would have been able to do it (AJ Bell being the obvious one at the time) but he didnt want to listen.

And that is a wilful distortion of the truth (not that dunstonh would know the truth in this instant but as it was reported afterward). 

Diplodicus

But since you're here, dunstonh, let's hear it from the horse's mouth: why is it better to hire an IFA for DB pension transfer advice?