BT DB Pension Advice Fee (Hub Pension Consulting)

Fly100

Interested in this also. I had approx 8 years at BT in the early 90's. Roll on to now I have a pot of approx £100k and predicted pension of sub £2000 per annum. With BT wanting to use the Pension Pot to upgrade the Network and various other things I would prefer it to be in my control and in a SIPP I have control off. Not relying on the Courts to protect the BT pot. Sooner or later they will find a way to use our pot for something other than for the people who put into it.

Diplodicus

xylophone said:

I will also ask HUB some of the pertinent questions mentioned in the post so far.

It would be interesting to hear how this works out.

Yes. It will be interesting, too, to hear from soonretire's advser, whose firm has an arrangement with a reputable provider to furnish insistent clients with a transfer.

msallen

xylophone said:

I would reply, seeing as you quoted me, but I have no idea what you mean ;-)

Sorry, I should have been clearer.

The first mention of VAT was here

https://forums.moneysavingexpert.com/discussion/comment/78665439/#Comment_78665439

Seems to me that 875 (+VAT) gets you not much more than you would get for free on this forum.

and it was really just noted that it was charged.

It was only then that the VAT issue was picked up (and then by  Duncan and Harry (IFAs)) because of the issue they identify (intermediation ect) in subsequent posts.

Yes - that's exactly what I pointed out!

xylophone

With BT wanting to use the Pension Pot to upgrade the Network and various other things 

Do you have a link for this?

xylophone

Yes - that's exactly what I pointed out!

You said

Don't get hung up on the VAT. The OP didn't mention this, it was only introduced by a later poster who clearly has no comprehension of DB transfers.

Whom were you telling not to get hung up on the VAT?

And who was  a later poster who clearly has no comprehension of DB transfer?

Perhaps a post has been deleted?

Puzzled! 

sandsy

Fly100 said:

With BT wanting to use the Pension Pot to upgrade the Network and various other things I would prefer it to be in my control and in a SIPP I have control off. 

BT are not able to access the assets held in the pension scheme. The assets in the scheme are held in trust and can only be used to provide benefits for members (and cover certain expenses associated with that). The trustees have an obligation to make sure that ensure that the assets are only used for those who are entitled to them, ie the scheme members.

msallen

xylophone said:

Yes - that's exactly what I pointed out!

You said

Don't get hung up on the VAT. The OP didn't mention this, it was only introduced by a later poster who clearly has no comprehension of DB transfers.

Whom were you telling not to get hung up on the VAT?

And who was  a later poster who clearly has no comprehension of DB transfer?

Perhaps a post has been deleted?

Puzzled! 

The whole thread had been derailed into a discussion of the implications of VAT being charged, so I was telling everyone.

najan49 introduced the idea of VAT for no apparent reason, and clearly has no comprehension of DB transfers as (s)he implied that the IFA was being employed for the actual advice (which they claimed could be obtained here instead), not because it was a legal requirement.

hyubh

Fly100 said:

Interested in this also. I had approx 8 years at BT in the early 90's. Roll on to now I have a pot of approx £100k and predicted pension of sub £2000 per annum. With BT wanting to use the Pension Pot to upgrade the Network and various other things I would prefer it to be in my control and in a SIPP I have control off. Not relying on the Courts to protect the BT pot. Sooner or later they will find a way to use our pot for something other than for the people who put into it.

You don't have a pot, the 100K is presumably a cash equivalent transfer value representing what the scheme will currently pay to get your pension off of its books. I would expect the 'sub 2K' is at at leaving - the annual pension would have revalued since. Ask the administrator for a current figure. Lastly, your 'BT wanting to use' line is a wild conspiracy theory. In reality BT final salary pensions are covered by a crown guarantee, i.e the rest of us taxpayers will be paying your pension in full were BT to go bust.

xylophone

najan49 introduced the idea of VAT for no apparent reason, and clearly has no comprehension of DB transfers as (s)he implied that the IFA was being employed for the actual advice (which they claimed could be obtained here instead), not because it was a legal requirement.

I think I disagree with your interpretation of the post.

Seems to me that 875 (+VAT) gets you not much more than you would get for free on this forum.

As both the fee and the VAT were mentioned on the website, it seems perfectly  logical  for najan to cite them.

And I don't think that najan was claiming that advice could be obtained on the forum.

And as for the question of VAT, it seems to me that in view of the  tax position, (see comments by the two IFAs) it was important that the matter was clarified.

xylophone

In reality BT final salary pensions are covered by a crown guarantee, i.e the rest of us taxpayers will be paying your pension in full were BT to go bust.

https://www.btps.co.uk/YourBTPSPension


https://www.professionalpensions.com/news/4038295/bt-pension-scheme-expects-deficit-fall