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Ditching IFA Drawdown Pension using Elevate Platform
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mexicano54 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 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.1
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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.0
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mexicano54 said: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.
As you will be transferring 'in specie ' - means transferring the actual investments then it will take longer , possibly a lot longer ....0 -
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.0
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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 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.1 -
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.
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.0 -
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
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mexicano54 said:...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
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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