Standard life GMP

plumb1_2

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

dunstonh

plumb1_2 said:

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

Nope.  The stakeholder method will not work as you still need an adviser to sign the advice declaration for the ceding scheme.

plumb1_2

dunstonh said:

plumb1_2 said:

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

Nope.  The stakeholder method will not work as you still need an adviser to sign the advice declaration for the ceding scheme.

Ok thanks, will using a ifa get me a better annuity rate  rather that just accept what SL offer me, with this policy transfer value being £33k

Marcon

plumb1_2 said:

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

Just to clarify - if you have a transfer value of £30K+ and the scheme has some sort of 'safeguarded benefits', you don't need the 'agreement' of an adviser; you just need to demonstrate to the ceding (paying) scheme that you have received advice, not that you've followed that advice.

Yes, a stakeholder pension has to accept a transfer in from any UK registered pension scheme - but the paying scheme can't pay over the transfer until they have established that you've had regulated advice where this is needed.

plumb1_2

Marcon said:

plumb1_2 said:

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

Just to clarify - if you have a transfer value of £30K+ and the scheme has some sort of 'safeguarded benefits', you don't need the 'agreement' of an adviser; you just need to demonstrate to the ceding (paying) scheme that you have received advice, not that you've followed that advice.

Yes, a stakeholder pension has to accept a transfer in from any UK registered pension scheme - but the paying scheme can't pay over the transfer until they have established that you've had regulated advice where this is needed.

So would a meeting with Pensionwise be classed as regulated advice? Even if they advise not to transfer it.

dunstonh

plumb1_2 said:

Marcon said:

plumb1_2 said:

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

Just to clarify - if you have a transfer value of £30K+ and the scheme has some sort of 'safeguarded benefits', you don't need the 'agreement' of an adviser; you just need to demonstrate to the ceding (paying) scheme that you have received advice, not that you've followed that advice.

Yes, a stakeholder pension has to accept a transfer in from any UK registered pension scheme - but the paying scheme can't pay over the transfer until they have established that you've had regulated advice where this is needed.

So would a meeting with Pensionwise be classed as regulated advice? Even if they advise not to transfer it.

No.
a) it is not advice
b) it is not regulated

Marcon

plumb1_2 said:

Marcon said:

plumb1_2 said:

As this policy is over £30k and needs agreement by a ifa/fa to transfer it, which 99% won’t happen, plus fees would be ott.
I been reading that if I have a Stakeholder pension with another company ( I do with RL under £100) they have to accept the transfer? Or have I not understood this correctly?

Just to clarify - if you have a transfer value of £30K+ and the scheme has some sort of 'safeguarded benefits', you don't need the 'agreement' of an adviser; you just need to demonstrate to the ceding (paying) scheme that you have received advice, not that you've followed that advice.

Yes, a stakeholder pension has to accept a transfer in from any UK registered pension scheme - but the paying scheme can't pay over the transfer until they have established that you've had regulated advice where this is needed.

So would a meeting with Pensionwise be classed as regulated advice? Even if they advise not to transfer it.

No. Regulated advice has to be given by an individual authorised and insured to give such advice.

Pensionwise gives generic guidance only - which, for many people, is extremely valuable/helpful. 

xylophone

See

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

https://www.mandg.com/pru/adviser/en-gb/insights-events/insights-library/pension-transfers-conversions

The FCA rules require that advice on pension transfers or conversions (from a scheme with safeguarded benefits or potential safeguarded benefits). must be provided by, or checked by, a pension transfer specialist and firms wishing to provide advice on pension transfers and pension opt outs must apply for and obtain special permission to carry out that activity.

Incidentally, it appeared  from one of your earlier posts that your SL policy carries the right to a PCLS higher than 25% - this could well be lost on transfer.

It also appears that the policy carries benefits in excess of the GMP - what are they?

If you wish to proceed with exploring a transfer out

https://adviserbook.co.uk/

You would tick "confirmed independent" and "Pension Transfer".

The cost of the advice may well be high when considered in relation to the size of the transfer value.

PaulCooper

Just to throw something into the pot here.
I had a Section 32, similar amount going in, similar timescale & similar wording as far as I can make out. After reading a fair amount on these boards, I asked the provider (Aviva) if there was a GAR (Guaranteed Annuity Rate) as it wasn't mentioned anywhere and I had all the paperwork from the 80s---------- oh yes they said, equating to 9.8ish%-- my words there. They obviously didn't publicise this, but somewhere unbeknown to me they had a legal obligation to pay me 9.8% on the fund value (£5k pa as opposed to the GMP of £1100ish pa in all the original paperwork) The key question for me was 'is there a GAR'-------- I realise there are other questions and several incredibly pension wise people on here to help you, but that question (or the answer) alone made a huge amount of difference to my pension planning
Paul
PS thanks to all the people that make fantastic contributions on here

plumb1_2

PaulCooper said:

Just to throw something into the pot here.
I had a Section 32, similar amount going in, similar timescale & similar wording as far as I can make out. After reading a fair amount on these boards, I asked the provider (Aviva) if there was a GAR (Guaranteed Annuity Rate) as it wasn't mentioned anywhere and I had all the paperwork from the 80s---------- oh yes they said, equating to 9.8ish%-- my words there. They obviously didn't publicise this, but somewhere unbeknown to me they had a legal obligation to pay me 9.8% on the fund value (£5k pa as opposed to the GMP of £1100ish pa in all the original paperwork) The key question for me was 'is there a GAR'-------- I realise there are other questions and several incredibly pension wise people on here to help you, but that question (or the answer) alone made a huge amount of difference to my pension planning
Paul
PS thanks to all the people that make fantastic contributions on here

Thanks for sharing, it does have a GMP of £1100 ish, so I’ll have to ask if it also has a GAR.
can I ask if you were allowed to take more than the standard 25% tfls also.