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Insistent client pension transfer


Does anyone know a SIPP provider who will accept an insistent client transfer?
I'm asking on behalf of a friend who has a DC scheme with RST attached which makes it a DB scheme for transfer purposes
The IFA has recommended not to transfer but he has gone down the insistent client route. Pension is worth about £100k
Thanks
Comments
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As far as I know there are non currently.0
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If I remember correctly from various similar threads, no pension provider dealing direct with the public will accept a transfer from an insistent client. However I think it has been mentioned there maybe one or two that can only be accessed by an IFA. However I presume most of the well known providers will still not accept and probably most IFA's would avoid such a transaction anyway.0
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https://forums.moneysavingexpert.com/discussion/comment/78700657#Comment_78700657
There was discussion in the above.0 -
Thanks for the links. The previous thread was a good read
I have some more info
My friend says he went down the insistent client route because he believed (wrongly as it turned out) that he would be able to transfer the pension to HL
The IFA told him that as a plan B he would be able to transfer it to their own SIPP provider, and then transfer it to HL at a later dateHowever, he's now been told by the IFA that because the transfer deadline has gone, they can’t do any insistent client transfer so although they can provide a transfer certifcate to show that he's received advice he's basically on his own and will have to start all over again
In the meantime, they've presented him with a bill for nearly £5,000
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Does anyone know a SIPP provider who will accept an insistent client transfer?There are no known providers that will accept a transfer if the advice was negative unless it is processed via the IFA agency.The IFA has recommended not to transfer but he has gone down the insistent client route. Pension is worth about £100kThis shouldnt be an issue then as an insistent client means the IFA is processing it via a provider. That is unusual nowadays as the majority of PI insurers don't allow it but that is what insistent client means.My friend says he went down the insistent client route because he believed (wrongly as it turned out) that he would be able to transfer the pension to HLHL won't process applications via an IFA. They haven't accepted insistent clients on DB schemes for a long time.The IFA told him that as a plan B he would be able to transfer it to their own SIPP provider, and then transfer it to HL at a later date
However, he's now been told by the IFA that because the transfer deadline has gone, they can’t do any insistent client transfer so although they can provide a transfer certifcate to show that he's received advice he's basically on his own and will have to start all over againIFAs used to be able to transfer them on an insistent client basis. However, the PI insurer terms change at renewal and most have wont cover the IFA if they do that and that means the IFA cannot do it (or has to have sufficient self funding themselves for the extra liability (which they wont). So, what was the case years ago is no longer the case.
Starting over is unlikely to change the outcome as CETVs have fallen significantly (almost half the peak values) and its around 9 out of 10 being classed as unsuitable to transfer now. If he gets another "no" to transferring then he just has another bill to pay.
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.2 -
Bennythedog said:Thanks for the links. The previous thread was a good read
I have some more info
My friend says he went down the insistent client route because he believed (wrongly as it turned out) that he would be able to transfer the pension to HL
The IFA told him that as a plan B he would be able to transfer it to their own SIPP provider, and then transfer it to HL at a later dateHowever, he's now been told by the IFA that because the transfer deadline has gone, they can’t do any insistent client transfer so although they can provide a transfer certifcate to show that he's received advice he's basically on his own and will have to start all over again
In the meantime, they've presented him with a bill for nearly £5,000
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dunstonh said:Does anyone know a SIPP provider who will accept an insistent client transfer?There are no known providers that will accept a transfer if the advice was negative unless it is processed via the IFA agency.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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Marcon said:
Hello
Can you expand on that please?0 -
Albermarle said:Bennythedog said:Thanks for the links. The previous thread was a good read
I have some more info
My friend says he went down the insistent client route because he believed (wrongly as it turned out) that he would be able to transfer the pension to HL
The IFA told him that as a plan B he would be able to transfer it to their own SIPP provider, and then transfer it to HL at a later dateHowever, he's now been told by the IFA that because the transfer deadline has gone, they can’t do any insistent client transfer so although they can provide a transfer certifcate to show that he's received advice he's basically on his own and will have to start all over again
In the meantime, they've presented him with a bill for nearly £5,000
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Marcon said:dunstonh said:Does anyone know a SIPP provider who will accept an insistent client transfer?There are no known providers that will accept a transfer if the advice was negative unless it is processed via the IFA agency.
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.0
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