Gaining control over my pension

DeadlyD

Diplodicus said:

The process has broken down. Sorry.

As you know, abridged advice can only be "do not transfer" or "unclear." 

Your best outcome would be a recommendation to transfer on full advice following "unclear" abridged advice.

Second best would be abridged advice not to transfer, saving you 4/6 thousand pounds.

Third best would be a recommendation not to transfer on full advice following abridged advice.


Unfortunately, the third outcome is far the most likely.
You may improve the odds by putting yourself in the shoes of the adviser and trying to give him what he wants.. 
90% of new customers sign up for ongoing advice; but that doesn't mean you have to stick it or the funds they they put you in. 

Once you are sprung, the field is yours! 

Thanks Diplodicus, I have said I would transfer the funds with the scheme he recommends and also my workplace one - its a reputable firm - Pensionhelp. I didn't know abridged advice could only be "do not transfer or unclear"  possibly I just didn't understand this prior to you re-asserting. Which just makes a mockery of the whole process. Not sure that 3rd best is my best option?! I want to transfer with a recommendation you are right the process is broken. I will report back. It looks like no organisation is going to recommend a transfer ... could you expand on  what you mean exactly by "You may improve the odds by putting yourself in the shoes of the adviser and trying to give him what he wants.. "

Diplodicus

DeadlyD said:

Diplodicus said:

The process has broken down. Sorry.

As you know, abridged advice can only be "do not transfer" or "unclear." 

Your best outcome would be a recommendation to transfer on full advice following "unclear" abridged advice.

Second best would be abridged advice not to transfer, saving you 4/6 thousand pounds.

Third best would be a recommendation not to transfer on full advice following abridged advice.


Unfortunately, the third outcome is far the most likely.
You may improve the odds by putting yourself in the shoes of the adviser and trying to give him what he wants.. 
90% of new customers sign up for ongoing advice; but that doesn't mean you have to stick it or the funds they they put you in. 

Once you are sprung, the field is yours! 

Thanks Diplodicus, I have said I would transfer the funds with the scheme he recommends and also my workplace one - its a reputable firm - Pensionhelp. I didn't know abridged advice could only be "do not transfer or unclear"  possibly I just didn't understand this prior to you re-asserting. Which just makes a mockery of the whole process. Not sure that 3rd best is my best option?! I want to transfer with a recommendation you are right the process is broken. I will report back. It looks like no organisation is going to recommend a transfer ... could you expand on  what you mean exactly by "You may improve the odds by putting yourself in the shoes of the adviser and trying to give him what he wants.. "

Only know it by repute but the sense is that Pensionhelp is sympathetic to clients wishing to transfer. 

xylophone

Only know it by repute but the sense is that Pensionhelp is sympathetic to clients wishing to transfer. 

https://www.aviva.co.uk/retirement/defined-benefit-advice/abridged-advice-article/

Abridged advice stops short of making a recommendation for the next steps towards a full transfer. Instead, abridged advice is permitted to reach one of two conclusions. It can: 

• Provide the client with a personal recommendation not to transfer or convert their pension, if the adviser judges such a transfer not to be in their interests
  

or

• Tell the client that it is unclear whether they would benefit from a pension transfer. If the client still wants to proceed with a transfer, the traditional full advice process must then be completed.
  

Given the shortened nature of the process, abridged advice will carry a reduced cost compared to that associated with full advice. But it should open more holders of defined benefit pensions to the fact that there is merit in considering this further. 

The OP is getting the "abridged advice" free.  She loses nothing by pressing ahead and taking it. 

DeadlyD

Well I have just had an interesting conversation with an IFA recommended by UKPensions (they called me after I downloaded a doc which must have been a link) who advises me he can guarantee a transfer via iPensions https://www.ipensionsgroup.com/ the fee is £7,000 on a £140k transfer. 
Thoughts friends - who do I trust? I am doing my research into the IFA and  http://www.pensionspecialists.co.uk/. who he uses as the transfer specialist. 
Given the other FA is dodging the question that I would have to go for full advice after the abridged I'm inclined to go with this guarantee... even though its £3k more expensive. 
I should imagine a few of you have strong opinions on this!

xylophone

an IFA recommended by UKPensions (they called me after I downloaded a doc which must have been a link) who advises me he can guarantee a transfer 

There seems to be a long chain here?

From UKPensions > their recommended IFA > his Pension Transfer Specialists (http://www.pensionspecialists.co.uk/ ) > their favoured firm for arranging transfers for clients (insistent or otherwise)  (https://www.ipensionsgroup.com/)?

The idea is that you would pay £7000 to the IFA (and no fee to any other party) and would eventually end up with a SIPP (this?  https://www.ipensionsgroup.com/the-adviser-sipp/) administered  by ipensions group?

DeadlyD

xylophone said:

an IFA recommended by UKPensions (they called me after I downloaded a doc which must have been a link) who advises me he can guarantee a transfer 

There seems to be a long chain here?

From UKPensions > their recommended IFA > his Pension Transfer Specialists (http://www.pensionspecialists.co.uk/ ) > their favoured firm for arranging transfers for clients (insistent or otherwise)  (https://www.ipensionsgroup.com/)?

The idea is that you would pay £7000 to the IFA (and no fee to any other party) and would eventually end up with a SIPP (this?  https://www.ipensionsgroup.com/the-adviser-sipp/) administered  by ipensions group?

That's right xylophone. Its all a bit unnerving. 
Latest development is I spoke to PAS who are a sister company of Ipension. I asked some basic questions and the summary was there was only one provider that would take on an Insistent client but they would not transfer in this scenario, he wouldn't tell me which fund.
I asked about Ipension and the FA responded that they are a "sister co" muttered some words about them being an off shore fund in a derogative manner, he wouldn't expand on and changed the subject. Said they couldn't transfer to this fund anyway. PAS pension specialists fee was £3,500. 
I went back to the IFA (£7k guaranteed to transfer would use DB specialist PAS to certify the report) and asked who would take the liability. He said his company would (Headway Wealth) https://headwaywealth.com/how-we-help/making-headway/ 

Every FA I have spoken to gives me cause for concern, their attitude, lack of professionalism, arrogance and misogyny is really worrying. I don't trust any of them. When I discuss, the position of parting with £000's of cash, before I can receive a recommendation, most are quite dismissive that I am going into this with the wrong attitude. the whole process is really insulting. Sorry to rant, but its mind boggling. I am a Sales Professional and these people fill me with horror, no wonder there are such strict regulations. 

xylophone

This all seems very confused and confusing.

Your IFA's company is Headway Wealth?

Headway Wealth has no Pension Transfer Specialists so will outsource your case to PAS?

http://www.pensionspecialists.co.uk/

PAS will provide the regulated advice and recommendation but whether it is to transfer or not to transfer, Headway Wealth will  facilitate the transfer to another pension provider?

One of the "intermediary providers" as  mentioned here?

https://forums.moneysavingexpert.com/discussion/comment/78660944/#Comment_78660944

Daniel54

DeadlyD said:

xylophone said:

an IFA recommended by UKPensions (they called me after I downloaded a doc which must have been a link) who advises me he can guarantee a transfer 

There seems to be a long chain here?

From UKPensions > their recommended IFA > his Pension Transfer Specialists (http://www.pensionspecialists.co.uk/ ) > their favoured firm for arranging transfers for clients (insistent or otherwise)  (https://www.ipensionsgroup.com/)?

The idea is that you would pay £7000 to the IFA (and no fee to any other party) and would eventually end up with a SIPP (this?  https://www.ipensionsgroup.com/the-adviser-sipp/) administered  by ipensions group?

That's right xylophone. Its all a bit unnerving. 
Latest development is I spoke to PAS who are a sister company of Ipension. I asked some basic questions and the summary was there was only one provider that would take on an Insistent client but they would not transfer in this scenario, he wouldn't tell me which fund.
I asked about Ipension and the FA responded that they are a "sister co" muttered some words about them being an off shore fund in a derogative manner, he wouldn't expand on and changed the subject. Said they couldn't transfer to this fund anyway. PAS pension specialists fee was £3,500. 
I went back to the IFA (£7k guaranteed to transfer would use DB specialist PAS to certify the report) and asked who would take the liability. He said his company would (Headway Wealth) https://headwaywealth.com/how-we-help/making-headway/ 

Every FA I have spoken to gives me cause for concern, their attitude, lack of professionalism, arrogance and misogyny is really worrying. I don't trust any of them. When I discuss, the position of parting with £000's of cash, before I can receive a recommendation, most are quite dismissive that I am going into this with the wrong attitude. the whole process is really insulting. Sorry to rant, but its mind boggling. I am a Sales Professional and these people fill me with horror, no wonder there are such strict regulations. 

When you first  started posting, your request was understandably that people be gentle with you, and that has pretty much occurred.

I know nothing about the companies you are talking to, but my instinct is to to be cautious about going down what looks like a rabbit hole with questionable good outcomes.

Botton line is that you are seeking to give up a lifetime guaranteed income stream

Your plan is to turn this into cash and burn down the income well before your expected end date.If you have been honest with any IFA,it is hardly surprising they have been less than receptive.

I can understand your motivations, but I am far from sure that trying to transfer, out in the face of what might be correct advice,is the best way to go.

DeadlyD

xylophone said:

This all seems very confused and confusing.

Your IFA's company is Headway Wealth?

Headway Wealth has no Pension Transfer Specialists so will outsource your case to PAS?

http://www.pensionspecialists.co.uk/

PAS will provide the regulated advice and recommendation but whether it is to transfer or not to transfer, Headway Wealth will  facilitate the transfer to another pension provider?

One of the "intermediary providers" as  mentioned here?

https://forums.moneysavingexpert.com/discussion/comment/78660944/#Comment_78660944

Yes that’s correct. 

Headway outsource to PAS 
PAS provides certificate (recommended or not) 
Headway facilitates transfer as an insistent client to Ipension 

Pablo7474

DeadlyD said:

xylophone said:

an IFA recommended by UKPensions (they called me after I downloaded a doc which must have been a link) who advises me he can guarantee a transfer 

There seems to be a long chain here?

From UKPensions > their recommended IFA > his Pension Transfer Specialists (http://www.pensionspecialists.co.uk/ ) > their favoured firm for arranging transfers for clients (insistent or otherwise)  (https://www.ipensionsgroup.com/)?

The idea is that you would pay £7000 to the IFA (and no fee to any other party) and would eventually end up with a SIPP (this?  https://www.ipensionsgroup.com/the-adviser-sipp/) administered  by ipensions group

Every FA I have spoken to gives me cause for concern, their attitude, lack of professionalism, arrogance and misogyny is really worrying. I don't trust any of them. When I discuss, the position of parting with £000's of cash, before I can receive a recommendation, most are quite dismissive that I am going into this with the wrong attitude. the whole process is really insulting. Sorry to rant, but its mind boggling. I am a Sales Professional and these people fill me with horror, no wonder there are such strict regulations. 

This is worrying.  What have they done that lacks professionalism and is misogynistic? You should put in a complaint if you have been treated this way.