Gaining control over my pension

DeadlyD

Right I assumed they would only deal with Financial advisors. I will do. 

In the meantime I await the abridged advice from IFA1 although given his comments about my financial position (ie being a high earner I wouldn’t be able to budget on a lower income I am doubtful the advice will be positive) 

billy2shots

On their statement of fees,

Transfer Out Fees

• To our other pension schemes are at no cost

• To other UK registered pension schemes £500

• To a recognised Overseas Pension Scheme from £1,000

xylophone

On their statement of fees,

The OP knows about the charges - the question is rather one of whether she  could arrange for the transfer from ipensions to a DIY provider of her choice without a suitability report (or any other form of advice) from the IFA  who would have facilitated an "insistent client" transfer to ipensions (or indeed advice from any other IFA/FA).

On the face of it, as the ipensions SIPP is a DC scheme without safeguarded benefits and she would be transferring to another DC scheme, the answer should be

https://forums.moneysavingexpert.com/discussion/comment/78684278/#Comment_78684278

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.

It could be that the IFA thinks that she would wish to transfer to another provider which only accepts applications through advisers.

Or perhaps in engaging him in respect of the DB transfer, she would be entering into a contractual agreement for future advice?

Or ipensions require an IFA to oversee a transfer out?

These are questions she'll need to raise.

DeadlyD

Morning all, I have an update. I have spoken directly to Ipensions who advise me that they do indeed take on insistent clients with a suitability report and are in the process of offering a Consumer direct approach very soon. My question was, do I need a FA to manage this for me, apparently not. I'm not sure about this provider / plan and really anything I investigate means zilch to me. 
However what this does mean is I can cut out Delboy IFA2 with his £7k charge to gain the report and manage the "insistent client", gain abridged advise from IFA1 (who although rather abrupt and intrusive in manner seems trust worthy) through to a suitability report for £4.5k. He will advise after the abridged whether he will recommend or not. 
Next question will be can I transfer from Ipension into a SIPP I already have. Then another, could I transfer from IPension myself into my current workplace pension (L&G). Thoughts good people?

Linton

DeadlyD said:

Morning all, I have an update. I have spoken directly to Ipensions who advise me that they do indeed take on insistent clients with a suitability report and are in the process of offering a Consumer direct approach very soon. My question was, do I need a FA to manage this for me, apparently not. I'm not sure about this provider / plan and really anything I investigate means zilch to me. 
However what this does mean is I can cut out Delboy IFA2 with his £7k charge to gain the report and manage the "insistent client", gain abridged advise from IFA1 (who although rather abrupt and intrusive in manner seems trust worthy) through to a suitability report for £4.5k. He will advise after the abridged whether he will recommend or not. 
Next question will be can I transfer from Ipension into a SIPP I already have. Then another, could I transfer from IPension myself into my current workplace pension (L&G). Thoughts good people?

You can transfer a simple DC pension into a SIPP yourself with no problems.  You just give the receiving provider the details and ask them to do it.  It is probable that your employers pension would accept a transfer in, for certainty you would need to ask them.

Would iPension make any charges?  It seems rather unfair that Ipensions would be the only people in the chain taking the risk of you claiming compensation if you conclude the transfer was a seriously bad idea whilst not getting the benefit of your business.

Diplodicus

iPension would charge £500 to transfer.

Would they be the only party risking a claim in this process as described? Await the rest of the IFA brigade.

It seems rather unfair that DDs adviser can pass on their “risk liability” via swingeing charges, if they are taking in no risk in fact.

Diplodicus

Deadly D I think from iPensions’ outline to you, you need to clarify with your adviser before you commit to his fee. Pending “very soon”, would your adviser be willing to acknowledge his own involvement on iPension paperwork? If not, you would very likely be wasting your money buying a recommendation not to transfer. 

xylophone

gain abridged advise from IFA1 (who although rather abrupt and intrusive in manner seems trust worthy) through to a suitability report for £4.5k. He will advise after the abridged whether he will recommend or not. 

But abridged advice  does not allow this?

https://news.ateb-group.co.uk/abridged-advice-points-to-note

However, that aside, let's suppose that you proceed to full advice and the recommendation is not to transfer.

Are ipensions saying that in the event of a negative outcome, they will accept a transfer in without any involvement from the IFA other than confirmation from him (in the form they require) that  he has given full advice?

And has the IFA told you that he will provide such confirmation in the form required?

Linton

Diplodicus said:

iPension would charge £500 to transfer.

Would they be the only party risking a claim in this process as described? Await the rest of the IFA brigade.

It seems rather unfair that DDs adviser can pass on their “risk liability” via swingeing charges, if they are taking in no risk in fact.

I doubt the IFAs insurance company would give a discount for each negative decision.  Surely you would be the first to object if that happened as it would give a pretty crude incentive to say "no".

Diplodicus

Linton said:

Diplodicus said:

iPension would charge £500 to transfer.

Would they be the only party risking a claim in this process as described? Await the rest of the IFA brigade.

It seems rather unfair that DDs adviser can pass on their “risk liability” via swingeing charges, if they are taking in no risk in fact.

I doubt the IFAs insurance company would give a discount for each negative decision.  Surely you would be the first to object if that happened as it would give a pretty crude incentive to say "no".

IFA's already have a pretty crude incentive to say "yes" or "no".  Risk insurance is regularly prayed in aid of swollen DB pension advice charges; the irony is, without a recommendation to transfer, advisers are not taking on that liability.