Gaining control over my pension

xylophone

He’s clearly saying he needs to write a report to allow me to gain approval to do this. 

I don't understand why you should need "approval" to transfer a DC pension with no safeguarded benefits from one provider to another.

This needs clarification.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension

dunstonh

DeadlyD said:

You would not need advice to transfer from  a  DC pension  with no safeguarded benefits to another  such such pension (although there are pension providers who will only do business through an adviser).

However, DIY SIPP platforms do not operate on this basis.

See  https://www.moneysavingexpert.com/savings/cheap-sipps/

Are you saying that I should be able to transfer for the Ipension fund without the IFA being involved? He’s clearly saying he needs to write a report to allow me to gain approval to do this. This is what is alarming me. 

If there are no safeguarded benefits and the provider you are looking to transfer it into allows direct to consumer applications then yes, you do not need an adviser.

xylophone

Should you wish to check out other firms, you could try 

https://adviserbook.co.uk/

ticking "confirmed independent" and "pension transfer" when the menu comes up - the bar underneath each entry will confirm whether they are "Pension Transfer Specialists".

DeadlyD

xylophone 

I don't understand why you should need "approval" to transfer a DC pension with no safeguarded benefits from one provider to another.

This needs clarification.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension

Thank you. I can quote this article, so my concern is there must be a contractual tie in with IFA2 with Ipensions 

dunstonh

DeadlyD said:

xylophone 

I don't understand why you should need "approval" to transfer a DC pension with no safeguarded benefits from one provider to another.

This needs clarification.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-contribution-pension

Thank you. I can quote this article, so my concern is there must be a contractual tie in with IFA2 with Ipensions 

That is not allowed if they wish to retain their IFA status.   Any restriction would require them to be FAs and not IFAs.   If they have chosen to only place business with one provider then that is a restriction.

xylophone

But the question is, does your proposed business (a transfer from ipensions to a DIY provider) require "placing" at all or any advice from this IFA or indeed any other IFA or FA?

That is to say, are you free to choose your own DIY provider and request that provider to arrange the transfer or would you be contractually bound to obtain advice from this IFA in respect of any future transfer?

If you transferred to ipensions (or indeed any other provider) through this adviser, would he be managing your investments/continuing to advise? 

DeadlyD

xylophone said:

But the question is, does your proposed business (a transfer from ipensions to a DIY provider) require "placing" at all or any advice from this IFA or indeed any other IFA or FA?

That is to say, are you free to choose your own DIY provider and request that provider to arrange the transfer or would you be contractually bound to obtain advice from this IFA in respect of any future transfer?

If you transferred to ipensions (or indeed any other provider) through this adviser, would he be managing your investments/continuing to advise? 

That I don’t know as when I asked could I transfer out of Ipensions the response was it would cost £500 and he would need to write a report. I will ask the direct question. And why is a report required? I don’t want to be “stuck”with Ipensions 

dunstonh

DeadlyD said:

xylophone said:

But the question is, does your proposed business (a transfer from ipensions to a DIY provider) require "placing" at all or any advice from this IFA or indeed any other IFA or FA?

That is to say, are you free to choose your own DIY provider and request that provider to arrange the transfer or would you be contractually bound to obtain advice from this IFA in respect of any future transfer?

If you transferred to ipensions (or indeed any other provider) through this adviser, would he be managing your investments/continuing to advise? 

That I don’t know as when I asked could I transfer out of Ipensions the response was it would cost £500 and he would need to write a report. I will ask the direct question. And why is a report required? I don’t want to be “stuck”with Ipensions 

If you asked the adviser, then has the adviser priced it on the basis of you using them to do it?  Rather than you doing it on a DIY basis to the provider of your choice?

DeadlyD

dunstonh said:

If you asked the adviser, then has the adviser priced it on the basis of you using them to do it?  Rather than you doing it on a DIY basis to the provider of your choice?

This advisor will “sign off” or take liability for an insistent client, if my case ends up as such, the fee is £7,000 to transfer to Ipension SIPP. I guess the question is can I transfer from Ipension on a DIY basis without the advisor? 

xylophone

Perhaps you need to contact ipensions and ask?