Gaining control over my pension

DeadlyD

LindseyLula said:

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

Hi I’ll post full details once the transfer is complete should be a few days now. 

maddie65

DeadlyD said:

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 

Great to see that you can take the dB pension I am in one and finding it difficult so would like to know how it's done please 

holty_40

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

AlanP_2

holty_40 said:

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

I don't think RL open new accounts unless via an IFA and one who has given you a negative isn't going to press ahead and facilitate a transfer for you anyway.

dunstonh

holty_40 said:

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

As will most intermediary providers.  They just need the intermediary to process it.  However, that is the snagging point.

Albermarle

dunstonh said:

holty_40 said:

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

As will most intermediary providers.  They just need the intermediary to process it.  However, that is the snagging point.

Presumably then if the intermediary does process it and later there is a claim, then the intermediary will be in the dock rather than Royal London?

dunstonh

Albermarle said:

dunstonh said:

holty_40 said:

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

As will most intermediary providers.  They just need the intermediary to process it.  However, that is the snagging point.

Presumably then if the intermediary does process it and later there is a claim, then the intermediary will be in the dock rather than Royal London?

Yes.   This is why many intermediary providers/platforms do not explicitly refuse insistent clients.  They don't need to as either way, the intermediary takes the liability.   

DeadlyD

DeadlyD said:

LindseyLula said:

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

Hi I’ll post full details once the transfer is complete should be a few days now. 

Hi I am delighted that my DB pension has been transferred and that recommendation was by Pensionhelp https://pensionhelp.co.uk/ .The assessment of my circumstances was straightforward, under the guidance I read I suggest I would have most likely been borderline for a recommendation but it has gone through based on my personal criteria. Good luck and make sure you fully read all the information provided by the great folk on this thread! A very grateful Deadly! 

Jacklob

holty_40 said:

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

I know that Matt MacGuire from square mile asset management take on insistent clients and place with royal london but there minimum CETV is £250,000 , 3% fee and 0.5 ongoing advice fees which can be cancelled at any time. I only spoke to him in November.   I didn,t use him in the end as I managed to get a positive recommendation elsewhere.

Albermarle

Jacklob said:

holty_40 said:

Royal londo will accept negative reports if done by a qualified ifa. Does anyone know any company’s that would transfer a insistent client in to royal london 

I know that Matt MacGuire from square mile asset management take on insistent clients and place with royal london but there minimum CETV is £250,000 , 3% fee and 0.5 ongoing advice fees which can be cancelled at any time. I only spoke to him in November.   I didn,t use him in the end as I managed to get a positive recommendation elsewhere.

So does that mean you would have to go through the transfer advisory process, costing maybe 3%. Then get a negative recommendation and have to pay another 3% to these people to get the transfer actually done ?
Then who knows if they will be around in future ( to be clear I know nothing about them )