Royal London pension that I would like to cash in

System

This discussion was created from comments split from: Cash in Pension in one go for full amount.

Bubbagum55

I'm currently going through the same thing with a Royal London pension that I would like to cash in. Cannot choose the 'lump sum' without financial advice because it has an income guarantee (of not much per year) and is over £30k. Very frustrating not being able to access my own pension! Has anyone had any success with an IFA agreeing to fill in the 'Financial Advice Confirmation Form' as FA's approached so far will look at everything, most likely charge me thousands and still not fill in the form! Royal London's advice seems to be go on a relentless search and I'll find someone somewhere, if not I can't access my pension in this way!

dunstonh

 Has anyone had any success with an IFA agreeing to fill in the 'Financial Advice Confirmation Form'

Yes.   Indeed, I have done one myself.

 as FA's approached so far will look at everything, most likely charge me thousands and still not fill in the form! Royal London's advice seems to be go on a relentless search and I'll find someone somewhere, if not I can't access my pension in this way!

FAs are by their nature restricted in what they can do.   It is likely that many FAs would not carry the permissions or internal authorisation to do it.   It would typically have to be an IFA and not an FA.

That said, depending on the circumstances, many IFAs are not going to be interested as overriding a GAR is considered a high risk transaction.     Royal London have GARs on a range of plans from legacy providers.   For example, ex Scottish Life plans tended to have high GARs (in double digits) whereas ex CIS plans tend to be very low (indeed, lower than current open market rates).     So, the justifications for overriding can be easier with some than they are with others.

You are also entering one of the busiest times of the year for many IFAs and an existing non-customer wanting to do a one off transaction to cash in a pension with a GAR is unlikely to appeal due to the high risk nature of that advice and many will just say no to offering their services.

Bubbagum55

Thank you for your comment. It is reassuring that it is possible.  This is an old CIS policy (so lower rates than open market).  So far it is not something those I have approached will take on.  My search continues though in hope that it is possible.  If anybody can advise a direction to go in I would very much appreciate it.

xylophone

https://adviserbook.co.uk/

You might try above - tick "confirmed independent" and options required when the menu comes up.