SIPP Platform to Receive a Partial DB Transfer

FelphamFella

My Wife has approval to transfer £30K from her DB Pension which will leave a small amount in the DB (Sub £10K). Her problem is finding a SIPP/MP Platform/Supplier that will accept the Transfer. My Question is has anyone found a company that will accept a transfer under similar circumstances? and if yes who are they?
Many Thanks

cloud_dog

I am aware that Vanguard have previously accepted a DB CETV transfer below the £30k limit, but I am unsure if your wife's situation falls in to that category TBH, as it appears the the actual CETV is over £30k, yes?

LHW99

It has been said that stakeholder pensions are required to accept transfers of DB pensions, and if successful the funds could then be transferred on to a SIPP. There are plenty of threads here discussing this.

Marcon

FelphamFella said:

My Wife has approval to transfer £30K from her DB Pension which will leave a small amount in the DB (Sub £10K). Her problem is finding a SIPP/MP Platform/Supplier that will accept the Transfer. My Question is has anyone found a company that will accept a transfer under similar circumstances? and if yes who are they?
Many Thanks

Approval from whom...? Even if a scheme has the facility to allow partial transfers (few do), formal advice is needed from a regulated adviser where the whole transfer value is £30K+. If she has received advice and been given the green light to transfer (and you use the word 'approved'), it's unclear why you are having a problem. Which SIPP providers have rejected her?

FelphamFella

Thanks for the quick responses. to address the points made:

Will look int Vanguard - thanks

Sorry i did search for a thread that addressed my Question, couldn't find one using the search tool.

The DB Scheme company has confirmed that it will transfer £30K and because it is below the threshold an Adviser is not required. Surprisingly & annoyingly they will not allow a transfer into a SIPP of theirs. Sorry don't have the list of rejectors to hand. I am assuming that because there isn't an Advisor involved (we would have liked to transfer the lot, but the charges involved are for a low transfer value eye watering) they see it as a risk of future litigation.

dunstonh

My Wife has approval to transfer £30K from her DB Pension which will leave a small amount in the DB (Sub £10K).

That will require financial advice.    The rules are that you cannot split the pensions to avoid the £30k+ advice requirement.    Is that what you mean by approval? i.e., the adviser has said it is good to transfer?

if the advice is good to transfer then pretty much all SIPPs will accept the transfer.   If the advice was not to transfer then many SIPPs will not accept the transfer.   As mentioned, Stakeholder pensions will accept it in that scenario but they will still need the adviser to sign the advice given declaration.

Marcon

FelphamFella said:

Thanks for the quick responses. to address the points made:

Will look int Vanguard - thanks

Sorry i did search for a thread that addressed my Question, couldn't find one using the search tool.

The DB Scheme company has confirmed that it will transfer £30K and because it is below the threshold an Adviser is not required. Surprisingly & annoyingly they will not allow a transfer into a SIPP of theirs. Sorry don't have the list of rejectors to hand. I am assuming that because there isn't an Advisor involved (we would have liked to transfer the lot, but the charges involved are for a low transfer value eye watering) they see it as a risk of future litigation.

They're wrong - at least in terms of advice not being required. If you could circumvent the legislation that easily, many more people would be 'avoiding' the advice requirement.

You can't split out a DB pension into 'chunks' to avoid the advice requirement - and it could be that the providers you've approached have spotted the fly in the ointment. Could also be why they won't let you transfer into one of 'their' SIPPs. 

xylophone

Partial DB Transfer

How is this possible?

dunstonh

The DB Scheme company has confirmed that it will transfer £30K and because it is below the threshold an Adviser is not required. Surprisingly & annoyingly they will not allow a transfer into a SIPP of theirs

This is a weird scheme.  The following are the weird bits:
a) it will allow a partial DB transfer 
b) it will allow an unlawful transfer out (you cant split a pension to avoid the 30k rule).
c) The DB scheme also operates a SIPP.  

FelphamFella

xylophone said:

Partial DB Transfer

How is this possible?

Partials Transfers are possible from My Wife's DB Provider cant speak for all of them.

FelphamFella

dunstonh said:

The DB Scheme company has confirmed that it will transfer £30K and because it is below the threshold an Adviser is not required. Surprisingly & annoyingly they will not allow a transfer into a SIPP of theirs

This is a weird scheme.  The following are the weird bits:
a) it will allow a partial DB transfer 
b) it will allow an unlawful transfer out (you cant split a pension to avoid the 30k rule).
c) The DB scheme also operates a SIPP.  

a) so the DB Provider is Aon (sorry i cant post links - google Aon Partial Transfers)  so weird though it is :-) it is possible.

b) So i claim no expertise but the advise from the Regulator (at least to me) is unclear regarding a £30K transfer see pension regulator document library. So far at least the Company has interpreted it as being OK, but as others have suggested this may be the issue.

c) Sorry i don't understand your point.