Gaining control over my pension

xylophone

They will recommend an IFA who will facilitate the transfer even if his recommendation is not to transfer?

In connection with the above, see 

https://forums.moneysavingexpert.com/discussion/comment/78581129/#Comment_78581129

but a lot of the providers will accept it if the IFA takes liability for recommending the provider.  The IFA shouldn't agree to that because it then becomes a case that they have transacted after saying it's unsuitable.

Diplodicus

Diplodicus said:

DeadlyD said:

Evening, so the Pru doesn't look like an option and the Stakeholder pensions with SL & Aviva won't take on an insistent client without the IFA taking on the liability right? 
Today, armed with my new invaluable knowledge that I've gained through you lot I had a call with Pensionhelp - it was a recommendation on the other thread I first posted on. IFA was good explained how things are, listened to my circumstances and said don't be disheartened it seems viable I will get a recommendation, they do this all the time, seems a confident chap but of course until we have all the details he wont be able to give me a fair indication. So triage video completed. Await for next appointment. 
Then I was contacted by ukpensionhelp (I thought it was the same company) I downloaded from their web again from a link posted here. Very informative and they appear to be an organisation that recommends an IFA - so organising a call. I explained my predicament ie probably an insistent client wanted to transfer and they responded that there IFA would take on the liability to transfer. 
Seems to good to be true. thoughts ppl? 

It may help to approach this from the point of view of what is good for the adviser, rather than what is good for you.

So the topline outcome for an IFA would be a positive recommendation and a lifetime relationship whereby the adviser could leech off manage the clients investment journey. In this respect, the fact that you are already paying an adviser is a positive but the sum you have to transfer is relatively low.

Second best is a fee for full advice followed by a recommendation not to transfer. No overhanging liability of a potential future claim.

What they don't want is an insistent client who successfully effects a DB pension transfer but, happily for those in the DB pension transfer business, the chances of that are vanishingly small. 

Your best bet is to work around transferring your DB pension. Look at it this way, if you tried to buy the benefits you want to give up, it would cost you more than your CETV. 

If you are adamant, try and secure a recommendation to transfer but - again - putting the adviser's interest first, your best chance of that may be to engage an FA incentivised towards a positive recommendation, rather than an IFA. You can always move your pension out of a dog fund once it is DC.

DeadlyD

xylophone said:

They will recommend an IFA who will facilitate the transfer even if his recommendation is not to transfer?

Yes that's what I thought.. too good to be true right. IFA is calling me tomorrow. I feel I'm back to square 1. 
IFA without a recommendation to transfer can't transfer due to liability. IFA can't offer advise and wants to put one through the process for £6k to have a report that comes out as an insistent client with no route of IFA to transfer. What the hell. Saying that Pensionhelp said they will provide me with advise as to my % chance of recommendation. IFA been in business for 33years and confident, I feel you have to trust someone but then it will be my lack of judgment if it comes back as a negative report and they will just be indifferent as they need the CETV / quote full works, full money (£6k) before they can actually run the report. God Damn. 

DeadlyD

Abridged advice from Pensionhelp.co.uk (Manchester based co) Then 3% up to transfer of £150k so a lot better than the previous quote I had from an advisor (LJ FP) which was the £6k . 

michael1234

Just to ask a silly question amongst the debate: Are the fees for advice taken from the pension pot or paid for upfront ?

Diplodicus

If it is a positive recommendation, they just take it from pot. If it is a recommendation not to transfer, you have to find their fee from elsewhere.

xylophone

As well as avoiding the questions you would rather not address.

Once more into the breach

The recommendation does not determine whether or not a client  may  transfer. The client is free to go against his adviser's recommendation.
That is a FACT!
It is also a FACT that  (currently)  if the recommendation is not to transfer,  the choice of accepting scheme is very limited.

The fact that the choice is limited, does not mean that in the main, clients are unable to transfer.

It means that their choice is limited and the route is time consuming and quite possibly expensive.

It would only be true to say that insistent clients were unable to transfer if there were no options at all.

And even were there no options at all, this should not influence the adviser.

 His professional duty is to make a recommendation in the best interests of his client and that should be his only concern.

Diplodicus

Stet.

In the main, without a recommendation to transfer, clients currently are unable to transfer. Do you agree, xylophone?

xylophone

In the main, without a recommendation to transfer, clients currently are unable to transfer. Do you agree, xylophone?

I do not agree that they are unable to transfer.

All the time that an option is available, they are not unable to transfer.

Please read the above again and apply the comprehension skills which I am sure you must possess.

Diplodicus

So you do not agree, xylophone.  For example, you think DeadlyD would be able to transfer on the back of a recommendation not to transfer. Is that correct?

Would you be so kind as to map out the route, xylophone?