Death Benefit advice, Defined Contribution Scheme

Aristotle67

Albermarle said:

I don't think this way is going to work . The advisor will probably be obliged to tell Prudential that you want to ignore their advice and then nothing will happen. However I would assume some negotiation with the advisor to an agreed position that differs from their original view, would be very possible. 

Thanks, Albemarle. Perhaps I am reading this the wrong way, but it sounds as if you have to accept the advice received in order to progress, or at least have it incorporated somehow. As a general point, I do not like the sound of this. You don't have to accept medical advice or treatment, you don't have to accept the legal advice you are given, why should it be the case that you have to accept the financial advice given?

Not sure if you realise  but the low risk Pru investment you want to put the money in is nothing special . Similar , if not exactly identical funds are available in the market , or something very similar could be easily constructed from a two or three different funds.
So why not transfer the money to a new pension ( as many posters have recommended ) and then invest in something very similar to the Pru fund . No advisor costs and you get what you want to achieve .

If you go down this route , you will get plenty of helpful guidance from this forum to help you on your way ( if you want it ) 

I would not have a clue what I was doing. I would not know how to pick investments or of the process involved. So I would certainly need a lot of help.

If the funds were moved out from Prudential, would there be costs involved in doing this?

I don't see how it would achieve precisely what I want to achieve, however; because it is different from what my partner had chosen and, as I wrote in lengthy posts above, that is really what I want to achieve. That said, I will listen some more. 

Aristotle67

dunstonh said:

It is unlikely an FA would do that.      Some IFAs may do it. 

Many IFAs, myself included, do not like the Pru's contract. It is expensive and limited compared to whole of market options.  Pru reps, on the other hand, can only retail the Pru product.     So, you are effectively asking an IFA, if you used one, to put you in a position that they are possibly going to feel is not the best place for your money.    Many will not do that.  Plus, you still end up paying the adviser for their advice even if you don't follow it.  Giving you the worst of all options.

I fear your lack of knowledge and understanding of what you have and what is available is causing you indecision and anxiety.   It also risks you making a bad decision because of that.

I dare say the Pru contract is not the best out there, but for the reasons I had written in the lengthy posts above, it was what I wanted to go with. 

I don't deny that I do not have a clue about this, and how I wish the retirement account had simply been retained in the form and investments it was, with just a change of name on the account from my partner to me.

What is still coming over is that this is now in effect my retirement account but I am not free to do with it what I wish, as many seem to be saying that I will having difficulty in obtaining the product I want. This talk of a bad decision continues to look at this situation from the financial side of things and what the best use of the retirement pot is in terms of return and long term growth. I was at great pains to point out that this was not the consideration that was important to me.

Albermarle

If the funds were moved out from Prudential, would there be costs involved in doing this?

FYI, the usual process is as follows .

1) Pick a new pension provider - we can supply a few names of reputable providers of modern pensions if necessary . 

2) Open a new pension with chosen provider - takes around ten minutes on line .

3) Give details of the Pru pension to the new provider and ask them to arrange a transfer in . It can take days or weeks .

4) Transfer will arrive as cash into new pension

5) You invest the cash as you see fit . Presumably in an investment(s) very similar to how it is invested now. 

Unlikely there will be any charges for the transfer .

An alternative would be to employ an IFA to do it for you, at a cost of course . Probably in this situation they would be more flexible on meeting your needs than the FA tied to the Pru. 

Aristotle67

Albermarle, would you mind if I sent you a PM?