Insistent client pension transfer

4 Posts

Sorry if this has been brought up before
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
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
0
Latest MSE News and Guides
Replies
There was discussion in the above.
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 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 again
In the meantime, they've presented him with a bill for nearly £5,000
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 again
IFAs 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.
Hello
Can you expand on that please?