SIPP provider that will transfer in a final salary pension where the FA advises against it?

schema

Does anyone know a pension / SIPP provider that will transfer in a final salary pension where the financial advisor has not recommended I do it. AJ Bell used to do this but longer will. I have a small final salary pension worth just over the £30,000 so have to seek advice before attempting a transfer. This is an expensive process and from what I understand it is now very rare for an advisor to recommend that you transfer a final salary pension into a SIPP hence why I am looking for a SIPP provider that will accept transfers even when the FA advises against it. Thanks for any help.

dunstonh

Does anyone know a pension / SIPP provider that will transfer in a final salary pension where the financial advisor has not recommended I do it.

No known providers will accept a DB transfer where the adviser has not recommended it.

Theoretically, a stakeholder pension has to but there are hardly any providers left and those that require it to go through an adviser/intermediary and that allows them to block it.  You would have to hold a stakeholder pension already and it would have to be one that doesn't require an intermediary for top ups/transfers.

This is an expensive process and from what I understand it is now very rare for an advisor to recommend that you transfer a final salary pension into a SIPP hence why I am looking for a SIPP provider that will accept transfers even when the FA advises against it. 

It's not rare.   Levels on recommendations to transfer are back around the historical norm.     The fall back is because the dodgy factory line companies are no longer doing it and CETVs have been falling reducing viability.

Just wait 6-12 months or so and the CETV will be under £30,000.

Albermarle

There are numerous threads on this subject . You would be classed as an 'insistent client' and no provider will want to take your money.

NedS

dunstonh said:

Just wait 6-12 months or so and the CETV will be under £30,000.

I wondered that, and may be a cheaper option for the OP than paying large fees for a transfer of "just over" £30,000, even if it were possible to transfer against advice.

eskbanker

schema said:

I have a small final salary pension worth just over the £30,000 so have to seek advice before attempting a transfer. This is an expensive process....

Yes, fees would take care of a sizable chunk of that pot, so perhaps it would be worth outlining your rationale on here so that those who are familiar with the pros and cons, coupled with real life experience, can offer thoughts about whether there are better alternatives for you to consider, if you share enough about your circumstances?

cloud_dog

dunstonh said:

Just wait 6-12 months or so and the CETV will be under £30,000.

If the OP can get the CETV below £30k, Vanguard will accept the transfer (or rather, have accepted transfers under the £30k limit).