Transfer of Royal London pension by insistent client route.

njkmr

Marcon said:

njkmr said:

Marcon said:

njkmr said:

Any help.is greatly appreciated. She will have to go insistent client route to move it as well.
Regards
Rob.

Not if she sets up a stakeholder pension and transfers to that. Both can be done on a DIY basis (ie no intermediary involvement required). 

njkmr said:

Really not clued up on pensions to be honest hence my questions as not wanting to lose money on a wrong decision.

She'll still need to receive regulated advice because the pot is over £30K and has 'safeguarded benefits'  but she doesn't have to follow it - although you might both do well to pay heed to what you are told if the advice is not to transfer, given your comment above.

Marcon said:

njkmr said:

Any help.is greatly appreciated. She will have to go insistent client route to move it as well.
Regards
Rob.

Not if she sets up a stakeholder pension and transfers to that. Both can be done on a DIY basis (ie no intermediary involvement required). 

njkmr said:

Really not clued up on pensions to be honest hence my questions as not wanting to lose money on a wrong decision.

She'll still need to receive regulated advice because the pot is over £30K and has 'safeguarded benefits'  but she doesn't have to follow it - although you might both do well to pay heed to what you are told if the advice is not to transfer, given your comment above.

Hi Marcon
We have been told we were not able to transfer without using a specialist company due to the benefits attached to this pension. Our IFA could not do it for us but referred us to a specialist.
Regards
Rob.

You need to take advice from a specialist (i.e. someone with the necessary 'permissions' to advise on such transfers), because the old scheme won't be able to transfer the funds until they know you've received advice from such a person. But you can certainly do the actual transfer yourself if the receiving scheme will accept it without the adviser supporting such a transfer - and as I've said above, a stakeholder must accept it.

Hi Marcon,
Yes we have had several discussions with our financial advisor on what our plans are. Detailing our current spends and our expected spends in retirement. Covering all expenses and the standard of living we are hoping for in the future.
We spoke to Grove ( one of a few companies who are able to do the transfer) again yesterday and have now been given the green light to transfer, bar a final check by whoever signs them off in their company. They have  acknowledge the fact we have spoke at length with our FA and have looked at all benefits , losses in switching. 
Regards
Rob.

dunstonh

We spoke to Grove ( one of a few companies who are able to do the transfer) again yesterday and have now been given the green light to transfer, bar a final check by whoever signs them off in their company.

Not one of a few.  As I said, pretty much all IFAs can override a GAR.      It doesn't require a pension transfer specialist.     Your referral came about as you are using an FA/Sales rep and they are restricted in what they do (and usually more expensive than IFAs - so that may be the next thing to look at).

At least you have the outcome you want though.