Being forced to use a Financial Advisor to transfer pension to pension.

HappyHarry

MeteredOut said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

Thanks for coming back with quotes - I'm sure this will be of interest to many others.

What I don't get (and if I was in your position, would probably preclude me from choosing this IFA) is why is the cost a % of CETV. Would the advice be any less time consuming/complex/risky/difficult if it was a £40K CETV?

MeteredOut said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

Thanks for coming back with quotes - I'm sure this will be of interest to many others.

What I don't get (and if I was in your position, would probably preclude me from choosing this IFA) is why is the cost a % of CETV. Would the advice be any less time consuming/complex/risky/difficult if it was a £40K CETV?

It may be a low minimum fee of £3000 for DB transfer advice? 

scoobyjones1

HappyHarry said:

MeteredOut said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

Thanks for coming back with quotes - I'm sure this will be of interest to many others.

What I don't get (and if I was in your position, would probably preclude me from choosing this IFA) is why is the cost a % of CETV. Would the advice be any less time consuming/complex/risky/difficult if it was a £40K CETV?

MeteredOut said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

Thanks for coming back with quotes - I'm sure this will be of interest to many others.

What I don't get (and if I was in your position, would probably preclude me from choosing this IFA) is why is the cost a % of CETV. Would the advice be any less time consuming/complex/risky/difficult if it was a £40K CETV?

It may be a low minimum fee of £3000 for DB transfer advice? 

No. Fixed fee. We would not consider open ended fees. Way too high already. 

HappyHarry

scoobyjones1 said:

HappyHarry said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

I think your wife may be disappointed if she is hoping for DB transfer advice for under £3000. That cost is lower than should be expected. 

40 days would be a long time if the IFA had all the required information on day 1. Unfortunately, what tends to happen is that the DB administrator does not send all necessary information to the IFA when requested, and there are then delays in getting the required information from the administrator. The 3 month deadline from the date of the CETV sounds a long time, but in reality it is frequently found to be quite a tight deadline due to delays in getting all the required information together.

We will see Harry. We feel it's way too much,,,though less than the 5-10k many wrongly said we would have to pay, on here. One thing though, we have all of the paperwork the IFA needs ready for him to fill in and it is up to the client to provide it, not the DB holder. No way they should need 40 days.

It is usual for the IFA to get your wife’s permission to contact the DB administrators directly in order to get the required information. Are you sure that you have all the information about the DB scheme that the IFA requires? 

scoobyjones1

HappyHarry said:

scoobyjones1 said:

HappyHarry said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

I think your wife may be disappointed if she is hoping for DB transfer advice for under £3000. That cost is lower than should be expected. 

40 days would be a long time if the IFA had all the required information on day 1. Unfortunately, what tends to happen is that the DB administrator does not send all necessary information to the IFA when requested, and there are then delays in getting the required information from the administrator. The 3 month deadline from the date of the CETV sounds a long time, but in reality it is frequently found to be quite a tight deadline due to delays in getting all the required information together.

We will see Harry. We feel it's way too much,,,though less than the 5-10k many wrongly said we would have to pay, on here. One thing though, we have all of the paperwork the IFA needs ready for him to fill in and it is up to the client to provide it, not the DB holder. No way they should need 40 days.

It is usual for the IFA to get your wife’s permission to contact the DB administrators directly in order to get the required information. Are you sure that you have all the information about the DB scheme that the IFA requires? 

Yes. We have spoken many times to the DB holders. We have all of the forms, links for the IFA and pension valuation. The IFA does not need to contact the DB Holder, they only have to advise on the move and the pensioner has to supply all the info, which we have in hand. It's a pretty draconian DB fund, capped growth at 5 % and with zero death benefit. We are wanting to find a friendly IFA that will at least indicate that they agree with our feelings and would be inclined to agree that a transfer would be a good thing, all risks considered...ie including accidental death or sudden illness, God forbid.

MeteredOut

HappyHarry said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

I think your wife may be disappointed if she is hoping for DB transfer advice for under £3000. That cost is lower than should be expected. 

Not sure why she'd be disappointed. From reading this thread, the expectation should be that the IFA will advise against the CETV transfer, but I'm sure at least one person said they can still take that advice to a SIPP provider and say "look, i've had advice, but I don't agree, I still want to transfer".

So, the OP is effectively paying to be able to do the transfer, so the cheapest he can get an IFA to do that, the better. It doesn't matter one jot who the IFA is, or what experience they have.

scoobyjones1

MeteredOut said:

HappyHarry said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

I think your wife may be disappointed if she is hoping for DB transfer advice for under £3000. That cost is lower than should be expected. 

40 days would be a long time if the IFA had all the required information on day 1. Unfortunately, what tends to happen is that the DB administrator does not send all necessary information to the IFA when requested, and there are then delays in getting the required information from the administrator. The 3 month deadline from the date of the CETV sounds a long time, but in reality it is frequently found to be quite a tight deadline due to delays in getting all the required information together.

Not sure why she'd be disappointed. From reading this thread, the expectation should be that the IFA will advise against the CETV transfer, but I'm sure at least one person said they can still take that advice to a SIPP provider and say "look, i've had advice, but I don't agree, I still want to transfer".

So, the OP is effectively paying to be able to do the transfer, so the cheapest he can get an IFA he can get to do that, the better.

No, the SIPP will not take the transfer against IFA advice.

JoeCrystal

And importantly make sure you got stakeholder beforehand. Worth getting that arranged asap. Providers does and do refused to allow customer stakeholder pension if told the main reason was to transfer DB pension into it.

There is a reason why most providers don't provide them anymore or make it difficult as possible to get them. And that is because they want to avoid the liability of dealing with DB pension transfers in.

HappyHarry

scoobyjones1 said:

HappyHarry said:

scoobyjones1 said:

HappyHarry said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

I think your wife may be disappointed if she is hoping for DB transfer advice for under £3000. That cost is lower than should be expected. 

40 days would be a long time if the IFA had all the required information on day 1. Unfortunately, what tends to happen is that the DB administrator does not send all necessary information to the IFA when requested, and there are then delays in getting the required information from the administrator. The 3 month deadline from the date of the CETV sounds a long time, but in reality it is frequently found to be quite a tight deadline due to delays in getting all the required information together.

We will see Harry. We feel it's way too much,,,though less than the 5-10k many wrongly said we would have to pay, on here. One thing though, we have all of the paperwork the IFA needs ready for him to fill in and it is up to the client to provide it, not the DB holder. No way they should need 40 days.

It is usual for the IFA to get your wife’s permission to contact the DB administrators directly in order to get the required information. Are you sure that you have all the information about the DB scheme that the IFA requires? 

Yes. We have spoken many times to the DB holders. We have all of the forms, links for the IFA and pension valuation. The IFA does not need to contact the DB Holder, they only have to advise on the move and the pensioner has to supply all the info, which we have in hand. It's a pretty draconian DB fund, capped growth at 5 % and with zero death benefit. We are wanting to find a friendly IFA that will at least indicate that they agree with our feelings and would be inclined to agree that a transfer would be a good thing, all risks considered...ie including accidental death or sudden illness, God forbid.

You won’t find an IFA willing to give an indication beforehand. It goes against the FCA guidance. If you do find one that does, then you need to ask yourself what other corners they may be cutting. 

MeteredOut

scoobyjones1 said:

MeteredOut said:

HappyHarry said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

I think your wife may be disappointed if she is hoping for DB transfer advice for under £3000. That cost is lower than should be expected. 

40 days would be a long time if the IFA had all the required information on day 1. Unfortunately, what tends to happen is that the DB administrator does not send all necessary information to the IFA when requested, and there are then delays in getting the required information from the administrator. The 3 month deadline from the date of the CETV sounds a long time, but in reality it is frequently found to be quite a tight deadline due to delays in getting all the required information together.

Not sure why she'd be disappointed. From reading this thread, the expectation should be that the IFA will advise against the CETV transfer, but I'm sure at least one person said they can still take that advice to a SIPP provider and say "look, i've had advice, but I don't agree, I still want to transfer".

So, the OP is effectively paying to be able to do the transfer, so the cheapest he can get an IFA he can get to do that, the better.

No, the SIPP will not take the transfer against IFA advice.

All SIPP providers, or just your current one? I thought someone had said up-thread that it was the getting of the advice that was the blocker. I must admit, I do feel for you on this one - you're willing to accept the consequences of your your decisions and should be allowed to do so IMO.

eastcorkram

scoobyjones1 said:

HappyHarry said:

MeteredOut said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

Thanks for coming back with quotes - I'm sure this will be of interest to many others.

What I don't get (and if I was in your position, would probably preclude me from choosing this IFA) is why is the cost a % of CETV. Would the advice be any less time consuming/complex/risky/difficult if it was a £40K CETV?

MeteredOut said:

scoobyjones1 said:

First IFA / PTS quote received. They want 5% of the CETV, so £3000 in this case. That's for the advice/work as they called it and no idea if they would approve the transfer or not. So could be money wasted. At least that would satisfy the DB holder that she had taken the correct advice and maybe then she could transfer into a stakeholder pension. However she is pretty adamant that £3k is way too much to pay...and they also said they would need 40 days. We will keep looking.

Thanks for coming back with quotes - I'm sure this will be of interest to many others.

What I don't get (and if I was in your position, would probably preclude me from choosing this IFA) is why is the cost a % of CETV. Would the advice be any less time consuming/complex/risky/difficult if it was a £40K CETV?

It may be a low minimum fee of £3000 for DB transfer advice? 

No. Fixed fee. We would not consider open ended fees. Way too high already. 

Would there be VAT added to that?