Pension value halved

Kelso44

You also need to keep in mind that transferring a DB pension is expensive and very very difficult to do:

I agree it’s expensive, but it isn’t difficult. My partner transferred a DB pension himself last year when the adviser didn’t support it. It’s easy to do if you have something called a ‘stake holder pension’ - he had one from an old job and they confirmed they had to accept it. I might decide to transfer if transfer values rise again in the future, but couldn’t open one with his company because they aren’t offering new stake holders. Aviva is and you can DIY by filling in their application form and sending a cheque, you don’t need an IFA to do it for you and charge you for the privilege! They said they accept DB transfers, which you can also DIY if the adviser says not to transfer.

MallyGirl

Kelso44 said:

You also need to keep in mind that transferring a DB pension is expensive and very very difficult to do:

I agree it’s expensive, but it isn’t difficult. My partner transferred a DB pension himself last year when the adviser didn’t support it. It’s easy to do if you have something called a ‘stake holder pension’ - he had one from an old job and they confirmed they had to accept it. I might decide to transfer if transfer values rise again in the future, but couldn’t open one with his company because they aren’t offering new stake holders. Aviva is and you can DIY by filling in their application form and sending a cheque, you don’t need an IFA to do it for you and charge you for the privilege! They said they accept DB transfers, which you can also DIY if the adviser says not to transfer.

If you manage to do this then please let us know. The stakeholder pension solution to insistent client transfers is often raised but no one has actually managed to do it and reported back.

Albermarle

Kelso44 said:

You also need to keep in mind that transferring a DB pension is expensive and very very difficult to do:

I agree it’s expensive, but it isn’t difficult. My partner transferred a DB pension himself last year when the adviser didn’t support it. It’s easy to do if you have something called a ‘stake holder pension’ - he had one from an old job and they confirmed they had to accept it. I might decide to transfer if transfer values rise again in the future, but couldn’t open one with his company because they aren’t offering new stake holders. Aviva is and you can DIY by filling in their application form and sending a cheque, you don’t need an IFA to do it for you and charge you for the privilege! They said they accept DB transfers, which you can also DIY if the adviser says not to transfer.

Interesting post.
Until a year or two ago, there still a couple of SIPP providers who accepted insistent clients, but they closed their doors.
There have been a number of debates on the forum about stakeholder pensions having to accept them in theory, but maybe in practice made it difficult. Until now no actual examples of it working. So very interesting to see that your partner was successful, and that you have had confirmation from Aviva that they will still accept them.
One issue though is finding an advisor to do the initial assessment. The number interested has dropped off a lot and/or there are very high charges of £10K +. Not saying you can not find anyone easier/cheaper, but it is increasingly difficult.

dunstonh

MallyGirl said:

Kelso44 said:

You also need to keep in mind that transferring a DB pension is expensive and very very difficult to do:

I agree it’s expensive, but it isn’t difficult. My partner transferred a DB pension himself last year when the adviser didn’t support it. It’s easy to do if you have something called a ‘stake holder pension’ - he had one from an old job and they confirmed they had to accept it. I might decide to transfer if transfer values rise again in the future, but couldn’t open one with his company because they aren’t offering new stake holders. Aviva is and you can DIY by filling in their application form and sending a cheque, you don’t need an IFA to do it for you and charge you for the privilege! They said they accept DB transfers, which you can also DIY if the adviser says not to transfer.

If you manage to do this then please let us know. The stakeholder pension solution to insistent client transfers is often raised but no one has actually managed to do it and reported back.

It would certainly give us an answer that no previous poster has found worked despite all the times that they have been told to try them. 

LHW99

There is a thread on a different site about this

https://moneyforums.citywire.com/yaf_postst15702_SIPP-Insistent-Client-Transfers.aspx

 Post #12 suggests a route that is stated to have been followed "recently". It may offer a way for someone determined to transfer, but DYOR (I have no information as to the reliability of the thread) and as said above DB transfer probably not a good idea anyway.