We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can't find IFA who will take my DB case

fuzzynavel
Posts: 28 Forumite


Hello,
I have a Project Consulting business and a BTL property business and have used my consulting business to set up a SSAS pension with a view to consolidating my pensions in one location.
I have a SIPP worth £60k and another pension which is worth around £1.5k per year after 65.
The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k. Because of this I need to get an IFA to give me advice and I can't find one. Most are wary due to my age as I am "only" 43...All I want is the report. From my understanding if it advises against the idea, which nullifies any come back on the IFA, then I can ignore it and proceed anyway.
I will probably regret saying that £1.5k per year isn't exactly going to be the difference between a miserable and a comfortable retirement.
That annual £1.5k could be turned into £1k per month without any stretching of imaginations in one property purchase and then recycled multiple times over the coming years. That 1k+ per month would be paid directly into the pension which would grow the pot even further alongside my regular monthly contributions. If I lent part of the pot to my property business then I would pay interest + the capital back into the pension pot....I would say that this is a pretty solid pension plan.
How do I find a DB specialist IFA who can assist me?
I did look through the various DB pension threads but couldn't locate anyone with a similar issue.
Thanks in advance for any assistance.
I have a Project Consulting business and a BTL property business and have used my consulting business to set up a SSAS pension with a view to consolidating my pensions in one location.
I have a SIPP worth £60k and another pension which is worth around £1.5k per year after 65.
The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k. Because of this I need to get an IFA to give me advice and I can't find one. Most are wary due to my age as I am "only" 43...All I want is the report. From my understanding if it advises against the idea, which nullifies any come back on the IFA, then I can ignore it and proceed anyway.
I will probably regret saying that £1.5k per year isn't exactly going to be the difference between a miserable and a comfortable retirement.
That annual £1.5k could be turned into £1k per month without any stretching of imaginations in one property purchase and then recycled multiple times over the coming years. That 1k+ per month would be paid directly into the pension which would grow the pot even further alongside my regular monthly contributions. If I lent part of the pot to my property business then I would pay interest + the capital back into the pension pot....I would say that this is a pretty solid pension plan.
How do I find a DB specialist IFA who can assist me?
I did look through the various DB pension threads but couldn't locate anyone with a similar issue.
Thanks in advance for any assistance.
1
Comments
-
fuzzynavel said:The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Ripple Kirk Hill Coop member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 34 MWh generated, long-term average 2.6 Os.5 -
The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
Are you sure that the £1500 pa was not the pension at Date of Leaving rather than the projected pension at Normal Scheme Pension Age?
1 -
QrizB said:fuzzynavel said:The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.1
-
xylophone said:The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
Are you sure that the £1500 pa was not the pension at Date of Leaving rather than the projected pension at Normal Scheme Pension Age?
1 -
fuzzynavel said:QrizB said:fuzzynavel said:The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.0
-
Dazed_and_C0nfused said:fuzzynavel said:QrizB said:fuzzynavel said:The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.0
-
So basically worth £2,400 per year then. Based on CPI index linked. Is it fully indexed? I mean, it is still 66x after all, still very uncommon.0
-
fuzzynavel said:Dazed_and_C0nfused said:fuzzynavel said:QrizB said:fuzzynavel said:The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.I left my old DB scheme in Nov 2015 & was told the estimated income was £3200pa. When i got a new valuation about a year ago it was £3600pa. It is index linked, meaning it goes up with inflation (most of it at RPI up to 5%pa).By the time I get to age 65 it’ll be worth a lot more & from age 68 it’ll form the basis of my income when added to state pension, so I can comfortably retire a bit early & spend a bit more knowing I’ll have a guaranteed income in my proper elderly years & will never run out of money.This is why DB income is so valued & requires advice.1
-
You are an "early leaver" from your DB Scheme.
Do you have a copy of the Scheme Guide for your deferred pension?
What does it have to say concerning revaluation in deferment?
Statutory minimum here.
https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/
0 -
I did look through the various DB pension threads but couldn't locate anyone with a similar issue.
Buy you must have seen how difficult it is to get a positive recommendation, and that if you get a negative recommendation , then it is still difficult to transfer, even though you are legally allowed to?
1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards