Defined Benefit Transfer Block by IFA

LindseyLula

About £40k in my DC pots and my annual DB pension from age 65 is projected at £10k. thanks

Marcon

LindseyLula said:

And just for clarification I haven't paid any IFAs anything and won't be doing so if there is a risk that I won't be able to transfer!!!

In that case you won't get the advice, although in your first post you refer to having received it, so I'm now totally confused. Contingent charging was outlawed several years ago to protect the customers (removed the incentive for an adviser to recommend a transfer).

LindseyLula

I've had free abridged advice which came out as insufficient evidence. Think I'm just going to give up soon.

LindseyLula

I'll try to summarise what I am asking.
I have a DB scheme with a current transfer value of £370k which i wanted to transfer to a SIP. I have received abridged free advice that says insufficient evidence but when i have spoken with the IFA they will not give an indication of whether i will be recommended for a transfer and have quoted me £10k to get full advice. I am obviously not going to take the full advice and pay £10k when the answer could be no, durrrr! I was told when I first started the whole process that I would be able to go down the insistent claimant route and still transfer, but now at the eleventh hour in the small print the IFA is saying that even on the insistent claimant route I still may not be able to go ahead with the transfer. this all seems like one big mess and swizz to me! I thought I had pension freedoms at 55! 
I do not want to touch my DC schemes until NRA.
What I am asking is has anyone had any success with this type of situation? And if so where/who/signposts please?

Many thanks

Thrugelmir

What do you plan to do with the £370k in your DB "pot" ? 

Cheese1990

LindseyLula said:

About £40k in my DC pots and my annual DB pension from age 65 is projected at £10k. thanks

Do you have any other savings, how much do you earn and how much could you put into a pension over the next 2 years? I would also say that the CETV of 370k doesn't appear to be very good value 

dunstonh

LindseyLula said:

I've had free abridged advice which came out as insufficient evidence. Think I'm just going to give up soon.

Abridged advice can only result in two outcomes.  Either unsuitable to transfer or insufficient information.   The former means you cannot go on to full advice (with that adviser).  The latter means you can.   So, as it stands, you haven't been told you cant transfer it.

LindseyLula

All the indications are after speaking with two different IFAs that they may not recommend a transfer for the three reasons I have stated in a previous post. I think I'm going around in circles with my posts and your replies, so will probably leave it there. Thanks for all of your help especially to those that have suggested I contact my DB scheme provider directly to see what my benefits would be if I should retire early at 55, I've done this. And also to who signosted me to DeadlyD's thread; I have contacted UKPensionHelp which was mentioned in this thread. Thanks and goodnight.

Kim1965

Another db cetv satisfied customer

LindseyLula

I certainly wouldn't class myself as a cetv satisfied customer!!!