Pension Advisor would want £21,000 for a failed transfer

michael1234

Hoenir said:

michael1234 said:

Hoenir said:

michael1234 said:

Macron: That sounds like good news for me? The IFA sent off all the signed forms last weeks which included proof I'd received advice. The CETV doesn't expire until late April so it sounds like I can relax (a bit) as it doesn't matter how long the DB scheme take .

Watching the markets in turmoil might not be a relaxing pastime. 

That's why you invest over the long term 

Unnerving though when the foundations start to crack and what you assumed to be safe isn't. 

Everyone is different. I'm very happy with the decision I made. Trade certainty for greater expected gain any day.

I was unlucky to have the markets dip 10% and then partially recover whilst my assets were being sold. In fact I think I was particularly unlucky as this would not normally be a risk transferring from a "regular" DB scheme to a DC.

I'm not moaning though. I'll drip the money back in and benefit from 10% per year over the next 40 years....oh yeah ! 

michael1234

wjr4 said:

michael1234 said:

Interesting the pension industry gives the impression of safety first to the point of overriding individuals decisions for their "own good". I was told a hundred times about the "great" benefits I'd be leaving behind and a few other risks but not once about the risks of exiting financial markets in a big way for 2 weeks during the transfer. In retrospect, it’s a pretty obvious and big risk for any transfer. That said, the IFA did almost exactly what I wanted and it would feel morally wrong to apportion any blame.

Your suitability report will say this somewhere on it. 

I'll take a look but I _think_ this risk only applies for my slightly unusual hybrid pension. A pure DB wouldn't be exposed to this risk. So if the warning is there, it would have been added bespoke to me rather than boilerplate. Not that it matters because I shan't be making a complaint about it. Its those complaints that have left us in the situation we are today.