Transferring db pension to dc

gorgeousme

Based on family history, I do not expect to live beyond 77. For this reason, I would like to transfer my db into my dc. I have spoken to a few ifas and the charges are 2-3%. To me, that is expensive. I have already asked the db pension firm to give me the transfer value along with the paperwork, but as I am required to take advice from an ifa, I will lose 2-3% of the fund.
does anyone know of an “execution” type adviser who will charge much cheaper fees?

ewaste

This has been discussed ad nauseam on this forum.

The simple answer is No! That's it No! 

gorgeousme

Apologies, I have not seen it elsewhere

Thrugelmir

gorgeousme said:

Based on family history, I do not expect to live beyond 77. For this reason, I would like to transfer my db into my dc.

Unfortunately family history alone isn't grounds for a transfer. 

Dazed_and_C0nfused

2-3% could be much cheaper than a lot are being quoted.

It all depends what your CETV value is.

Marcon

gorgeousme said:

Apologies, I have not seen it elsewhere

If you use the search box above (just above the yellow banner which starts 'Calling all Forumites'), using the search term DB transfer, you'll get links to previous threads...lots of them...and very long in some cases.

dunstonh

does anyone know of an “execution” type adviser who will charge much cheaper fees?

Doesn't exist.   There is a good reason DB transfers are expensive.  Its heavily discussed in this section. So, its worth a read of those existing threads.

I have spoken to a few ifas and the charges are 2-3%. To me, that is expensive. 

How would you price a transaction that requires higher qualification that only around 1 in 10 have.  Requires an increase in costs annually for the rest of time that the company exists.   Puts you completely on the radar of the FCA and needing third party auditing and with the risk of being shut down or going bankrupt.

Albermarle

gorgeousme said:

Based on family history, I do not expect to live beyond 77. For this reason, I would like to transfer my db into my dc. I have spoken to a few ifas and the charges are 2-3%. To me, that is expensive. I have already asked the db pension firm to give me the transfer value along with the paperwork, but as I am required to take advice from an ifa, I will lose 2-3% of the fund.
does anyone know of an “execution” type adviser who will charge much cheaper fees?

When you read the other threads , you will see that there is a good chance that the IFA will not recommend a transfer. In which case you are basically snookered and a few grand lighter in your wallet .

Malthusian

Have you looked at whole of life insurance? If family history is the only reason you think you won't live past 77, it may be feasible to get insurance and remove the risk of your family not being able to benefit if you die relatively early.

If your aim is to take the CETV and blow it before age 77, there is no realistic chance of getting a positive recommendation and you would need to transfer against advice. There are no retail pension products which will facilitate this and are known to be available, which means this would be a complex and expensive process. Defined benefit pensions aren't designed for that purpose.

xylophone

As other posters have said, there have been may posts discussing the subject of defined benefit transfers and "insistent clients".

Some links here

https://forums.moneysavingexpert.com/discussion/comment/78912402/#Comment_78912402