Transfer DB pension

Pablo7474

I don’t think many will do it. It is not a case of having to start the whole process again as the revised figure can be run through to see outcome of advice. They don’t need to do risk attitude, go through individual’s financial information and find out all details of the scheme again etc again. 

TransferDB

Just to update you all, I have started the transfer with an IFA (about a month ago now) and he has recently stated that the holding group Pi have approved my suitability for this and now he has to check that the DB scheme has no extra special benefits then do his report (of 60 pages) and within a few weeks we should be able to look at moving to a suitable drawdown pension depending on his report.
He understood the time limits were tight and has really made a great effort to make sure we can work to them. It will cost 3% nearly £7k but as my prostate cancer has been diagnosed as "incurable" I am hopeful that the transfer will go ahead. 
THANKS to everyone for the great help and comments. 

Diplodicus

Sounds encouraging! 
It helps to know you won’t have to give the IFA £7,000 in the event of a recommendation not to transfer.

TransferDB

Diplodicus said:

Sounds encouraging! 
It helps to know you won’t have to give the IFA £7,000 in the event of a recommendation not to transfer.

No, they wouldn't do the special FCA ruling for serious illness - so if it fails I will still have to pay! I have a hope that it will go ahead because the IFA said that if the holding group approval isn't reached he would stop there and not proceed for me.
Although he isn't allowed to pre-empt the report or his recommendations, he has hinted that he feels the transfer is in my best interests. The triage questions took a lot of time for me to answer and I am confident but obviously not certain of the outcome - TBH with the cancer and all this extra worry and stress it does seem wrong that they wouldn't allow the option not to pay if it does fail - but I have no choice than to try as the financial loss would be huge if I didn't. 

Diplodicus

Sorry to read that. Hard to imagine what they consider a serious illness if you don’t qualify.

TransferDB

Diplodicus said:

Sorry to read that. Hard to imagine what they consider a serious illness if you don’t qualify.

Yes, true but apparently it is discretionary so most (of 5 bar one) IFA's refused me that option but I didn't want that to be my reason for choosing, I just trusted "my gut feeling" and so far all seems good. 

Brie

I'm glad you're being proactive about the pension despite the negative diagnosis.  Having worked in pension admin for a number of years (some of it long ago and far away as well as in the UK) I've been astounded at the heartless bureaucracy it sometimes displayed.  I wish you the best and hope there aren't too many obstacles thrown in your way.

TransferDB

GOOD NEWS! The IFA DB transfer report is now done and 100% approved and the IFA has recommended Royal London as the best option for a drawdown pension in the Governed Portfolio 2 (a low risk fund). I was a bit annoyed as he never discussed a choice (as promised) before doing the report and to alter it would waste time, which we don't now have. Apart from that, he is advising me to continue having him as a IFA at a cost of 0.5% (almost a £1,000 a year) as he reckons I won't actually be able to easily adjust or increase pay-outs from the fund (without IFA approval or advice) and that Royal London may make it difficult too. I feel in the first year I may not need advise either as the monthly pension will be adequate. I need to sign off the report on Monday afternoon so I need some advice as to whether keeping the IFA on would be prudent?    

Dazed_and_C0nfused

he is advising me to continue having him as a IFA at a cost of 0.5% (almost a £1,000 a year) as he reckons I won't actually be able to easily adjust or increase pay-outs from the fund (without IFA approval or advice) and that Royal London may make it difficult too.

That comes across as though you are being held to ransom?

Albermarle

TransferDB said:

GOOD NEWS! The IFA DB transfer report is now done and 100% approved and the IFA has recommended Royal London as the best option for a drawdown pension in the Governed Portfolio 2 (a low risk fund). I was a bit annoyed as he never discussed a choice (as promised) before doing the report and to alter it would waste time, which we don't now have. Apart from that, he is advising me to continue having him as a IFA at a cost of 0.5% (almost a £1,000 a year) as he reckons I won't actually be able to easily adjust or increase pay-outs from the fund (without IFA approval or advice) and that Royal London may make it difficult too. I feel in the first year I may not need advise either as the monthly pension will be adequate. I need to sign off the report on Monday afternoon so I need some advice as to whether keeping the IFA on would be prudent?    

Royal London normally only work via advisors and not direct with the public. I think you can get access to the pension info via the website, but for most things you have to go via your advisor.
So to be able to fully access and operate the drawdown pension yourself , you would need to go with a different provider that is happy to deal with Joe Public directly ( of which there are many ) . The fact you have a positive recommendation means you should have no trouble transferring to any provider you like.
Other providers will have a fund available similar to the RL one suggested . Either their own , or one available in the wider market .