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

Prism

Diplodicus said:

Prism said:

Diplodicus said:

But there is no comeback for others who took advice at face value.

The problem is that you won't know for another 20 years or more if the advice was right or wrong.

Cop out.

You cannot win a race at the start but you can lose it  there.

If the delta following advice is £300k  -- I'm wondering how much damage advisers have done overall.

For all you and I know that might drop by 50% or more and not recover for another 10-15 years. Same for my SIPP too.

Diplodicus

Prism said:

Diplodicus said:

Prism said:

Diplodicus said:

But there is no comeback for others who took advice at face value.

The problem is that you won't know for another 20 years or more if the advice was right or wrong.

Cop out.

You cannot win a race at the start but you can lose it  there.

If the delta following advice is £300k  -- I'm wondering how much damage advisers have done overall.

For all you and I know that might drop by 50% or more and not recover for another 10-15 years. Same for my SIPP too.

That is a possibility but already the bolder investor is better placed to cope. 
Conversation for another day, Prism.

Pablo7474

Dale72 said:

I eventually settled on an FA working for HL after finding virtually impossible to get an IFA to do it. Same process I assume, endless graphs and tables showing why i shouldn't do it. Less than 4 weeks in, AJ Bell Sipp value up by 4%. Can I claim my money back for their increasingly poor advice??

It is not often I laugh out loud at a post in a pensions forum. 4% in four weeks and you think the advice was wrong based on this. Oh dear. 

Malthusian

Diplodicus said:

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?

Let's flip the question on its head. Why is it better to hire an FA who can only recommend solution X (or a solution from a set of solutions X) than an FA who can recommend solution X or any other solution available on the market?

RoadToRiches

AND ...
All good things must come to an end, looks like PensionBee have closed the doors.  Guess I was right about this forum. Sorry folkes

HappyHarry

RoadToRiches said:

AND ...
All good things must come to an end, looks like PensionBee have closed the doors.  Guess I was right about this forum. Sorry folkes

I am amazed this forum has so much effect. But it seems that those doors are now closed. 

Can I transfer a defined benefit pension to PensionBee?

If your old pension has guarantees, such as guaranteed annuity rates or a final salary promise, we will send you the full paperwork to review before we transfer it.

If you have a pension with guaranteed benefits over £30,000, you are required to take financial advice from an independent financial adviser (IFA) before you transfer it. Where you are required to receive advice, PensionBee will only be able to accept the transfer if the IFA has advised that the transfer should proceed. We will require evidence of this positive advice before proceeding with the transfer. PensionBee does not provide financial advice and you will need to find an adviser.

Alexland

HappyHarry said:

I am amazed this forum has so much effect. But it seems that those doors are now closed.

A few years ago there was a Pension Bee nominated representative answering messages on this forum so maybe one of the regular contributors or readers is associated with them? Or maybe it's just a coincidence they decided the risk was too high getting involved in this such transfers. This issue might also cause the final stakeholder pensions to close to new applications.

https://forums.moneysavingexpert.com/profile/PensionBee

HappyHarry

Alexland said:

HappyHarry said:

I am amazed this forum has so much effect. But it seems that those doors are now closed.

A few years ago there was a Pension Bee nominated representative answering messages on this forum so maybe one of the regular contributors or readers is associated with them? Or maybe it's just a coincidence they decided the risk was too high getting involved in this such transfers. This issue might also cause the final stakeholder pensions to close to new applications.

https://forums.moneysavingexpert.com/profile/PensionBee

The risk, or at least the perceived risk, is huge for the pension providers. If an individual transfers, and later regrets the transfer, they are likely to complain, This is especially more so now that there are businesses whose sole purpose is to encourage and assist complaints in order to take significant amounts of commission.

The cost to put that individual back in their original position can be astoundingly expensive. If an adviser has properly advised against a transfer, then the adviser will be able to deflect the complaint. However, it would be highly likely that a pension provider would then be left with the complaint on their doormat, and the high cost associated with it.

A complaint to a pension provider that says "I was advised not to transfer by DB pension by a  qualified adviser who carefully looked at my position. However, you accepted the transfer, despite knowing it wasn't in my best interest, and I have now lost out" will be quite difficult to defend.

RoadToRiches

HappyHarry said:

A complaint to a pension provider that says "I was advised not to transfer by DB pension by a  qualified adviser who carefully looked at my position. However, you accepted the transfer, despite knowing it wasn't in my best interest, and I have now lost out" will be quite difficult to defend.

Get what you say here, but ultimately it was our decision to go against the advice that was plain as day. 

To say that it would fall on the pension provider, I cannot for one minute believe a case like that would be upheld.

molerat

RoadToRiches said:

HappyHarry said:

A complaint to a pension provider that says "I was advised not to transfer by DB pension by a  qualified adviser who carefully looked at my position. However, you accepted the transfer, despite knowing it wasn't in my best interest, and I have now lost out" will be quite difficult to defend.

Get what you say here, but ultimately it was our decision to go against the advice that was plain as day. 

To say that it would fall on the pension provider, I cannot for one minute believe a case like that would be upheld.

Surely you know in these times that you are not responsible for your own actions, no matter how dire the warnings given, and someone who can afford to pay you loads of compo ultimately is