Transfer ex employers DC to Personal Sipp.

Dandytf

Whilst rbs state I'll be notified if Paper Doc is required from prev provider (aka lfs)
I had already printed multi 'transfer from paper docs) via Lfs website.
Does this mean I'm waiting on rbs re directing me to these Lfs docs.
I'm hoping it could be shortened paper conf, considering rbs advise against returning lfs conf.

Dandytf

Lots of forms from LFS, though easily split down to 2 which being client to Sign.i.e. Transfer Out Forms.
Though other forms are for Rec' pension provider to complete.
Why send them to me the Client or are does receiving provider already have a copy  as part of Transfer from LFS to RBS.

Dandytf

Forms tracked today to rbi pensions.
Made one call during week as LFS still require paperwork to be filled.
rbi advise they can fill any non person doc's.
Hopefully the next few weeks to completion starts very soon.

Dandytf

Afternoon Mser's

It's taking many months of my attempts at DC to RBI Sipp Transfer
I need final re check of the following questions please....

question 3 and for questions 5, 10, 11,12,33 you have answered both yes and no. 

Therefore we would request you to please review...

3 I'll be taking benefits before age 55  I'm going to select No

5 I have taken impartial advice regarding Transfer

I Could answer Yes If this can be last months Pensionwise Tel Session?

10 There is more than One Company invoked in the. Advice to Transfer Pension

I'm going to Answer No as any other 'Advice' between DC+RBI has been Admin Docs advice only

11 I'm making Offshore Investments through the receiving Scheme 

I'm going to Answer No= as per Pension wise advice as this question is Not related to  receiving scheme Funds/Stock choices.

12  Some or All Investments are an offshore Bond.

I'm going to Answer No -Pensionwise Confirmed this Answer

33 Transfer requests to the receiving Plan have been refused Prouder or Trustees for other Providers or Admins

I had chosen No via original returned Form.

RBI have Never Refused transfer to them from DC though DC Providers Have Refused to Accept myTransfer request.

Maybe I should select Yes as DC Providers did refuse until all my transfer Docs have been completed correctly by myself.

Should I continue to Answer No

One Wet Sig away from Transfer being granted, please advise if my intended Answers are Correct.

Thanks mser's pre transfer RBI Balanced Fund is 13.30% it's been decent start.

dunstonh

5 I have taken impartial advice regarding Transfer
I Could answer Yes If this can be last months Pensionwise Tel Session?

No.  pensionwise is not advice.    

10 There is more than One Company invoked in the. Advice to Transfer Pension
I'm going to Answer No as any other 'Advice' between DC+RBI has been Admin Docs advice only

Have you actually had advice?  If no, then you say no.    Advice means an FA or IFA giving you regulated advice.  It does not mean anything else.

11 I'm making Offshore Investments through the receiving Scheme 
I'm going to Answer No= as per Pension wise advice as this question is Not related to  receiving scheme Funds/Stock choices.

It can be related. And its a very common blocker that needs to be addressed but some schemes are very petty on this front.   If the funds are domiciled in the UK then its ok.  However, many funds are domiciled in Luxembourg or Dublin, and they are classified as offshore.   

12  Some or All Investments are an offshore Bond.
I'm going to Answer No -Pensionwise Confirmed this Answer

I would think this needs context.  Onshore bond is a tax wrapper that has nothing to do with pensions.  So, I suspect this means they are querying your offshore bond fund selection.  For example, Vanguard bond funds are typically domiciled in Dublin.  So are classed as offshore funds.

33 Transfer requests to the receiving Plan have been refused Prouder or Trustees for other Providers or Admins
I had chosen No via original returned Form.
RBI have Never Refused transfer to them from DC though DC Providers Have Refused to Accept myTransfer request.
Maybe I should select Yes as DC Providers did refuse until all my transfer Docs have been completed correctly by myself.
Should I continue to Answer No

You should tell the truth. If they find out otherwise, it just makes them dig their heels in deeper.

Dandytf

Thanks mser's
From latest call to DC.
5. Whilst  Pension-wise Are Not Financial Advisers 1st Box is Yes as I have taken Impartial Advice.
Pension-wise Are official Gov body and Can provide Impartial Advice
2nd box is No I have Not rec' written financial advice report.
10 Is No
11/12 Is No DC rep states No as RBI  are u.k. based. i.e. u.k. based Pension providers.
33. Is No

It sounds as though I need new Printer Ink again! 60 gbp since June.
DC views some miss-aligned Tick Box Answers which hasn't helped.

Thanks Mser's Appreciated.

dunstonh

5. Whilst  Pension-wise Are Not Financial Advisers 1st Box is Yes as I have taken Impartial Advice.

Answering yes would be a lie.   Pensionwise does not give advice.    If you answer yes to that question, the next thing they will ask is the name and address of the adviser.   They will then verify that against the FCA register

Pension-wise Are official Gov body and Can provide Impartial Advice

No they cannot.   Pensionwise gives guidance.  It does not give advice and cannot be used as a substitute for advice.

2nd box is No I have Not rec' written financial advice report.

Which will trigger an amber warning as advice on pension transfers requires a report.

11/12 Is No DC rep states No as RBI  are u.k. based. i.e. u.k. based Pension providers.

It's not the pension provider but the domicile of the funds you are using that matters.

Dandytf

Thanks mser's

That would suggest Pensionwise+RBI tel reps to be wrong.
I'll update once RBI respond.

Thanks
Stephen

dunstonh

That would suggest Pensionwise+RBI tel reps to be wrong.

There is no excuse for Pensionwise to get it wrong as they drilled into avoiding the "advice" word and point out it is guidance.   In pension/investments terms  "advice" has a specific meaning.   The receiving scheme doesn't have to deal with that questionnaire.  I doubt the call centre staff would know what is needed or why.

The flag system is pretty much a defined process where the providers ask the same questions. However, they interpret answers in different ways.  Sometimes bizarre ways.  For example, Legal & General thinks Vanguard funds not domiciled in the UK are high risk and forces a moneyhelper meeting.  Whereas others have those Vanguard funds on their green list and don't flag them.

There should have been a question asked whether you have had a pensionwise meeting.   This would be in addition to the questions asking if you have sought advice.   So, you would say yes to pensionwise but no to advice.    

The flag system is detailed here:  https://www.plsa.co.uk/Portals/0/Documents/Policy-Documents/2021/Combating-Pension-Scams-A-Code-of-Best-Practice-0421.pdf

As it stands, if they do it correctly, with the information you have given, they should reject your request to transfer the pension but ask additional questions before deciding to proceed or refer you to a moneyhelper meeting.

3.1.2 Step 1:  If you say you have received advice, then they have to check the FCA register to verify that the adviser you used has the regulatory permissions.  So, you would expect them to come back to you and ask for the adviser details and FCA number.

3.12 Step 1:  Has a suitability report been provided to the member (for transfers from defined benefit schemes where the transfer value is in excess of £30,000)? -  you have said no, despite saying you have received advice.   That is an amber flag

3.12 Step 5  is the one that many get stuck on because SIPPs, by default, have overseas domiciled investments available.   And if the receiving scheme is not on the green list, then this will go to an amber flag and they will ask your investments.   If the investments you give them are UK domiciled, then they can accept that but if any are ETFs or Dublin or Luxembourg domiciled then they can flag it if those funds are not on their green list.

Marcon

Dandytf said:

Thanks mser's
From latest call to DC.
5. Whilst  Pension-wise Are Not Financial Advisers 1st Box is Yes as I have taken Impartial Advice.
Pension-wise Are official Gov body and Can provide Impartial Advice

Look again: https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/understanding-what-pension-wise-is-and-how-to-use-it

Guidance is NOT advice.