Insistent client pension transfer

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
«134

Comments

  • Prism
    Prism Posts: 3,845 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    As far as I know there are non currently.
  • Albermarle
    Albermarle Posts: 27,013 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    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.
  • 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 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

     


     

     

  • dunstonh
    dunstonh Posts: 119,173 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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 £100k
    This 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 HL
    HL 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 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.


    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.
  • Albermarle
    Albermarle Posts: 27,013 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    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 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

     


     

     

    Looks like £5K down the drain unfortunately.
  • Marcon
    Marcon Posts: 13,746 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Combo Breaker
    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.



    A stakeholder scheme has to accept it and that doesn't have to be done via an IFA.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Marcon said:

    A stakeholder scheme has to accept it and that doesn't have to be done via an IFA.

    Hello

    Can you expand on that please? 
  • Marcon
    Marcon Posts: 13,746 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Combo Breaker
    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 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

     

    Looks like £5K down the drain unfortunately.
    How and why was the deadline missed, and by whom?
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • dunstonh
    dunstonh Posts: 119,173 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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.



    A stakeholder scheme has to accept it and that doesn't have to be done via an IFA.
    Name one that is currently open for business?


    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.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.8K Work, Benefits & Business
  • 619.6K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.