Gaining control over my pension

Jacklob

Albermarle said:

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 ) 

Yes, you would have to go through the transfer advice process.  But unless you are at least 55 or in poor health it is unlikely you will get a positive recommendation from this particular adviser. (this is what they told me) and "No" you would only pay one 3%. If you are sure that you would not receive a positive recommendation unfortunately this is the only route I know . If you go through as an insistent client why would it matter if they are around in the future?  They will be just there to facilitate the transfer. If they went out of business I can imagine that even if you went through as an insistent client that you would still be able to seek financial redress  via the ombudsman if you felt you were unfairly treated. It has been suggested that "advisers" who put through insistent clients can still be accountable in the future.. Nobody knows an adviser until you have done their research. Unless one is recommended to you, you are probably at the mercy of "google" which I was, however you can do a lot of research on a firm online before you even contact them. I discovered that you have to kiss a lot of frogs before you find your prince, or you have to kiss the least ugly frog as a means to an end. Just giving him a call would cost you nothing and you might learn a lot. I spoke to loads of advisers, most I knew I wasn't going to use but they provided me with lots of free information.

maddie65

DeadlyD said:

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! 

Hi deadly that's great news can I ask how much they were charging to transfer please.alsowhennu had the abridged report was it a yes or no 
Many thanks for posting this there is some light at the end of the tunnel I'm still searching bit will research this company 
               Thanks again Maddy 

DeadlyD

maddie65 said:

DeadlyD said:

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! 

Hi deadly that's great news can I ask how much they were charging to transfer please.alsowhennu had the abridged report was it a yes or no 
Many thanks for posting this there is some light at the end of the tunnel I'm still searching bit will research this company 
               Thanks again Maddy 

£4k as a one off charge. 

maddie65

DeadlyD said:

maddie65 said:

DeadlyD said:

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! 

Hi deadly that's great news can I ask how much they were charging to transfer please.alsowhennu had the abridged report was it a yes or no 
Many thanks for posting this there is some light at the end of the tunnel I'm still searching bit will research this company 
               Thanks again Maddy 

£4k as a one off charge. 

 Thank you for reply Do you still have to pay that if it comes back unsuitable 

holty_40

3% is steep . Anyone know any other company’s willing to accept insistent clients to royal london 

Marcon

maddie65 said:

DeadlyD said:

maddie65 said:

DeadlyD said:

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! 

Hi deadly that's great news can I ask how much they were charging to transfer please.alsowhennu had the abridged report was it a yes or no 
Many thanks for posting this there is some light at the end of the tunnel I'm still searching bit will research this company 
               Thanks again Maddy 

£4k as a one off charge. 

 Thank you for reply Do you still have to pay that if it comes back unsuitable 

Yes. Contingent charging was banned some time ago - and you're paying for the work the adviser has to do.

maddie65

Marcon said:

maddie65 said:

DeadlyD said:

maddie65 said:

DeadlyD said:

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! 

Hi deadly that's great news can I ask how much they were charging to transfer please.alsowhennu had the abridged report was it a yes or no 
Many thanks for posting this there is some light at the end of the tunnel I'm still searching bit will research this company 
               Thanks again Maddy 

£4k as a one off charge. 

 Thank you for reply Do you still have to pay that if it comes back unsuitable 

Yes. Contingent charging was banned some time ago - and you're paying for the work the adviser has to do.

Thank you  just seems so hard to get this pension transferred now without costing thousands 

dunstonh

maddie65 said:

Marcon said:

maddie65 said:

DeadlyD said:

maddie65 said:

DeadlyD said:

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! 

Hi deadly that's great news can I ask how much they were charging to transfer please.alsowhennu had the abridged report was it a yes or no 
Many thanks for posting this there is some light at the end of the tunnel I'm still searching bit will research this company 
               Thanks again Maddy 

£4k as a one off charge. 

 Thank you for reply Do you still have to pay that if it comes back unsuitable 

Yes. Contingent charging was banned some time ago - and you're paying for the work the adviser has to do.

Thank you  just seems so hard to get this pension transferred now without costing thousands 

It will obviously cost thousands due you wanting to do a very high risk transaction.   If you are concerned about it costing thousands then perhaps having a risk based pension is not a good idea.    In the last few months, people have seen losses that run into tens of thousands or hundreds of thousands.    So, if you are baulking at a relatively low amount, just wait until you see the scale of losses that WILL occur from time to time.

Ellierose

I used abridged process to transfer DB to stakeholder work pension. Cost £275 only and was straight forward no decision and stakeholder accepted transfer. £275 for a £267k transfer compared to 3%

Marcon

Ellierose said:

I used abridged process to transfer DB to stakeholder work pension. Cost £275 only and was straight forward no decision and stakeholder accepted transfer. £275 for a £267k transfer compared to 3%

A DB scheme is only allowed to release funds if you have received full advice, so I don't think anyone else should see this as a viable option. 

See https://www.handbook.fca.org.uk/handbook/COBS/19/1A.html