Gaining control over my pension

Diplodicus

So the pertinent clauses in the iPension transfer form are:

5.Financial Adviser Declaration
• I confirm that I have the necessary authorisation to sign this declaration on behalf of the financial advisory firm.
Insistent Client Declaration
6. I understand that iPensions Group, in administering my request, will have no liability to me whatsoever in relation to my decision not to adhere to the personal recommendation and I will not hold iPensions Group liable for any penalties, fees, costs, claims, expenses, damages or losses I and/or my beneficiaries may incur, now or in the future, due to my decision not to adhere to the personal recommendation provided to me. I understand also that iPensions Group do not provide me with any type of advice in relation to the request I have made and the instructions I have provided to them.

DeadlyD: Ensure your Financial Adviser is on board with putting his signature on the iPensions Transfer Form
https://www.ipensionsgroup.com/literature/additional-transfers.pdf

Diplodicus

But dunstonh - as an IFA active in the pension transfer advice business - should know already whether iPensions transfer route is a goer. 

Throw us a crumb.

DeadlyD

xylophone said:

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?

@xylophone, he will let me know at the abridged advise stage a yes or no. 

And yes Ipensions will accept a suitability report from an insistent client then I not the IFA has to declare that I am processing against that advise. It was verbal so I will request written. 

DeadlyD

Diplodicus said:

So the pertinent clauses in the iPension transfer form are:

5.Financial Adviser Declaration
• I confirm that I have the necessary authorisation to sign this declaration on behalf of the financial advisory firm.
Insistent Client Declaration
6. I understand that iPensions Group, in administering my request, will have no liability to me whatsoever in relation to my decision not to adhere to the personal recommendation and I will not hold iPensions Group liable for any penalties, fees, costs, claims, expenses, damages or losses I and/or my beneficiaries may incur, now or in the future, due to my decision not to adhere to the personal recommendation provided to me. I understand also that iPensions Group do not provide me with any type of advice in relation to the request I have made and the instructions I have provided to them.

DeadlyD: Ensure your Financial Adviser is on board with putting his signature on the iPensions Transfer Form
https://www.ipensionsgroup.com/literature/additional-transfers.pdf

Thank you @Diplodicus they are saying they will soon accept a direct consumer so in effect the hardest part has been finding a FA that will sign the declaration. I have found 1 that’s very expensive(£7k) 

Prism

DeadlyD said:

Diplodicus said:

So the pertinent clauses in the iPension transfer form are:

5.Financial Adviser Declaration
• I confirm that I have the necessary authorisation to sign this declaration on behalf of the financial advisory firm.
Insistent Client Declaration
6. I understand that iPensions Group, in administering my request, will have no liability to me whatsoever in relation to my decision not to adhere to the personal recommendation and I will not hold iPensions Group liable for any penalties, fees, costs, claims, expenses, damages or losses I and/or my beneficiaries may incur, now or in the future, due to my decision not to adhere to the personal recommendation provided to me. I understand also that iPensions Group do not provide me with any type of advice in relation to the request I have made and the instructions I have provided to them.

DeadlyD: Ensure your Financial Adviser is on board with putting his signature on the iPensions Transfer Form
https://www.ipensionsgroup.com/literature/additional-transfers.pdf

Thank you @Diplodicus they are saying they will soon accept a direct consumer so in effect the hardest part has been finding a FA that will sign the declaration. I have found 1 that’s very expensive(£7k) 

They may well have a different terms and conditions though for the future consumer version. There must be a very good reason that no other SIPP providers believe that a simple disclaimer like that is enough to protect against future claims.

Diplodicus

How are you getting on with gaining control over your pension, DeadlyD?

DeadlyD

Diplodicus said:

How are you getting on with gaining control over your pension, DeadlyD?

Hi Diplodicus, thanks for asking as it’s a long process. The IFA1 has the CETV from ICL pension and next step is the abridged advise. If you recall this IFA1 advised he would either provide a recommendation to transfer or not. Which isn’t a standard approach as it is us usually unclear until you pay £0000 to get a report. He has stated after his initial review that my circumstances would be in line for him to recommend a transfer. So abridged advise then I will hear back from him in a week. I have reiterated in writing this is his advice and he’s confirmed but I am not sure it can be a guaranteed recommendation until I receive the report and of course that’s after spending £4,000. I am cynical that it will come back as not recommended ie the full report although the abridged IFA is a recommending a transfer and that leaves me with the problem of being an insistent client, spending £4K with no underwriting of the advice to transfer! 

DeadlyD 

Diplodicus

Hi DD,
As the abridged advice is free, best we see where that lands before further speculation.

Edit: Assuming your IFAs assurance doesn't constitute abridged advice in itself.

DeadlyD

Diplodicus said:

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.

Just to update/ my transfer of the ICL DB is going ahead. More details to follow upon final completion. I wanted to thank all the contributions here to the thread particularly Xylophone, Diplodicus, Dunstonh thanks for sharing your experience, knowledge and advise🙏 DeadlyD 

LindseyLula

Hi DeadlyD,
can I ask you to summarise who/what you have used to organise your DB transfer please? Many thanks