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Ditching IFA Drawdown Pension using Elevate Platform

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  • dunstonh
    dunstonh Posts: 119,705 Forumite
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    dunstonh said:
    You may be able to get your adviser to earn his last fee by transferring your investments in specieto a platform of your choice. 
    No. The receiving platform controls the process.

    He then might  be able to recommend a platform and I can do the transfer paperwork myself!
    Unlikely as DIY providers do not make their data available to IFAs.   So, he would not be in a position to know which is best for you.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • That’s disappointing to hear but I didn’t think that it would be easy. I’ll just have to check the other platforms recommended here and see if they also have the same portfolios like fidelity and elevate. I’d like to keep the ones that my adviser recommended. 
  • Albermarle
    Albermarle Posts: 27,909 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    That’s disappointing to hear but I didn’t think that it would be easy. I’ll just have to check the other platforms recommended here and see if they also have the same portfolios like fidelity and elevate. I’d like to keep the ones that my adviser recommended. 
    Just to be aware that setting up a new pension online is normally quick and easy . Then just ask the new provider to transfer your other pension in to them. If it was in cash it would probably take a couple of weeks . Can be quicker or slower.
    As you will be transferring 'in specie ' - means transferring the actual investments then it will take longer , possibly a lot longer ....
  • GeoffTF
    GeoffTF Posts: 2,044 Forumite
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    dunstonh said:
    You may be able to get your adviser to earn his last fee by transferring your investments in specieto a platform of your choice. 
    No. The receiving platform controls the process.
    I had an IFA transfer a pension from Equitable Life to AJ Bell about seven years ago. I opened the AJ Bell account. The IFA did the rest (he insisted on it in fact - I would have been happy with just a letter). I have no doubt that I had to confirm my instructions with AJ Bell. The process was much the same for a friend's transfer from an IFA to iWeb. His IFA was not as helpful as he might have been, but the job got done. My point was that the intermediate stage of orphaned account may not be necessary, but I do not know anything about the platform concerned.
  • dunstonh
    dunstonh Posts: 119,705 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    GeoffTF said:
    dunstonh said:
    You may be able to get your adviser to earn his last fee by transferring your investments in specieto a platform of your choice. 
    No. The receiving platform controls the process.
    I had an IFA transfer a pension from Equitable Life to AJ Bell about seven years ago. I opened the AJ Bell account. The IFA did the rest (he insisted on it in fact - I would have been happy with just a letter). I have no doubt that I had to confirm my instructions with AJ Bell. The process was much the same for a friend's transfer from an IFA to iWeb. His IFA was not as helpful as he might have been, but the job got done. My point was that the intermediate stage of orphaned account may not be necessary, but I do not know anything about the platform concerned.
    An IFA cannot log into the DIY providers as they do not facilitate IFA access.  So, how did these IFAs do it?

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • GeoffTF
    GeoffTF Posts: 2,044 Forumite
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    edited 24 February 2022 at 5:41PM
    dunstonh said:
    GeoffTF said:
    dunstonh said:
    You may be able to get your adviser to earn his last fee by transferring your investments in specieto a platform of your choice. 
    No. The receiving platform controls the process.
    I had an IFA transfer a pension from Equitable Life to AJ Bell about seven years ago. I opened the AJ Bell account. The IFA did the rest (he insisted on it in fact - I would have been happy with just a letter). I have no doubt that I had to confirm my instructions with AJ Bell. The process was much the same for a friend's transfer from an IFA to iWeb. His IFA was not as helpful as he might have been, but the job got done. My point was that the intermediate stage of orphaned account may not be necessary, but I do not know anything about the platform concerned.
    An IFA cannot log into the DIY providers as they do not facilitate IFA access.  So, how did these IFAs do it?
    By phone, post and email. I filled in AJB's transfer form. I remember scanning it and emailing it. The IFA did the same with his letter. Equitable was not a DIY platform, of course. I chased all three parties relentlessly, because there was a time limit for the transfer. Equitable was happy to take my instructions. AJB wanted a letter from an IFA, because of a new FCA ruling, which did not entirely apply in my case. I have to say that the IFA did a lot of work for £300.

    Prior to this I spoke to a Chartered Financial Planner. I was hoping to get some help with the rules applying to my Equitable Life Section 32, but he was not interested in that. I had to do my all own research. He had his eye on my much bigger assets. He had some unattractive proposals for moving money off shore and setting up a charitable trust. He wanted a Power of Attorney. That is the sledge hammer method.

    In my friend's case, I think the IFA just sorted out the transfer at the adviser platform end. (That may have just been confirming the transfer.) My friend would have opened the iWeb account and filled in their transfer form.
  • mexicano54
    mexicano54 Posts: 43 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    edited 3 March 2022 at 10:03PM
    Hi folks, I'm back with a few more questions.
    I have officially parted with my advisor and he is sorting out the paperwork with Standard Life Elevate so that I can self-manage my funds.
    I have decided to transfer the funds to Fidelity for greater flexibility but I just don't understand which application to apply? The advisor transferred my money purchase pension from Aviva to Standard Life and I took the 25% tax free lump sum and he invested the balance over 4 funds via the Elevate platform with Standard Life.
    Now I understand that these funds are called "SIPPS" where I can withdraw funds on a regular basis or one-off drawdowns, so which form do I have to use to transfer "in specie" my funds from Elevate to Fidelity?
    I downloaded a form which the website said I had to complete and return by post, but when I read the instructions it said that I couldn't use that specific form if I had already taken the 25% tax free sum!
    It's quite confusing, and I know what some of you are going to say; I should have stayed with my IFA!!
    But I know that once I get over this hurdle then I will be fine.
    Can someone who has/is using Fidelity please direct me to the right page and form to register my SIPP transfer?

    Thanks

  • Notepad_Phil
    Notepad_Phil Posts: 1,558 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    ...
    I downloaded a form which the website said I had to complete and return by post, but when I read the instructions it said that I couldn't use that specific form if I had already taken the 25% tax free sum!
    ...
    Can someone who has/is using Fidelity please direct me to the right page and form to register my SIPP transfer?

    Thanks

    I'm not sure there is a specific form for pensions already in drawdown.

    The page at https://www.fidelity.co.uk/retirement/changing-income-drawdown/transfer-your-drawdown-pension/ says:

    "If you want to transfer a pension to us that is already in drawdown, please contact our retirement specialists to start the process. Transferring a pension is a big decision, so they will explain what happens and offer any guidance or advice you may need.

    Call us on 0800 368 6882, Monday to Friday, 9am - 5pm."

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