Aegon s.32 Buyout Plan

brocol90

Good morning All
I have just started looking at my policy, has anyone actually accessed their enhanced tax free cash, how can they keep changing the rules years later.
Any help with options would be. Appreciated 

TheComputerGuru

I am trying to transfer a very old Aegon plan which has Protected Enhanced Tax Free Cash to ii.

They (ii) are saying that I must get a Financial Advice Declaration form signed by my financial advisor.

He is refusing to do so. Yes I have paid him.

He says PETFC is not a safeguarded right.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82114482#Comment_82114482

You've already posted about this

https://forums.moneysavingexpert.com/discussion/6680777/financial-advisor-woes

and received very helpful replies, so not sure what you're hoping for by resurrecting this very old thread and repeating the same issue?

TheComputerGuru

None of the earlier replies have given any hints on how to get past the impasse where ii are insisting that the FAD form needs to be signed and my advisor is refusing to sign it saying it's not required.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82114593#Comment_82114593

On the contrary - one of the first replies (from an experienced IFA) explained exactly what you needed to do:

Are you saying that ii are continuing to insist the form needs to be signed? If so, you need to go down the formal complaints route.

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/82114593#Comment_82114593

Are you sure that there isn't any safeguarded benefits? Many Aegon S32 plans have GARs and/or GMP. Both of which would trigger the need for advice.

If Aegon have confirmed in writing that there are no safeguarded benefits, then your problem is with ii. Not Aegon or anyone else. You would raise a complaint with ii. However, technically, providers are allowed to make commercial decisions which go beyond regulatory or legal requirements. So, if they insist on advice, then you just need a better provider.

Marcon

However, technically, providers are allowed to make commercial decisions which go beyond regulatory or legal requirements. So, if they insist on advice, then you just need a better provider.

Indeed - unless they are a stakeholder pension - but what a provider shouldn't do is claim something is a S48 requirement if it isn't.

WitsEnd101

This thread has peaked my interest again. I have just asked Aegon to confirm if my pension has any safeguarded benefits. Assuming the answer is no (based on comments from various folk above), I will ask my SIPP provider, ii, to see if they might execute the transfer without the IFA advice.

If I hit the inevitable brick wall, I still reserve the right to access my Protected Enhanced Tax Free Cash using a Fixed Term Annuity.

Marcon

I have just asked Aegon to confirm if my pension has any safeguarded benefits.

If Aegon says that you do have safeguarded benefits, ask them to confirm exactly what those safeguarded benefits are. If they come back and tell you the PTFC is a safeguarded benefit, make a formal complaint and ask them to cite a legislative or regulatory reference to support this view.

Assuming the answer is no (based on comments from various folk above), I will ask my SIPP provider, ii, to see if they might execute the transfer without the IFA advice.

If Aegon confirm there are no safeguarded benefits, you've then got that in writing to give to ii if they try to insist on a S48 certificate. Although any potential receiving scheme (other than a stakeholder pension) can impose any rules it likes, or simply decline a transfer without giving any reason, from what @TheComputerGuru cited, ii only appears to be seeking to impose an advice requirement where there are safeguarded benefits and a transfer value of £30,000+:

If I hit the inevitable brick wall, I still reserve the right to access my Protected Enhanced Tax Free Cash using a Fixed Term Annuity.

Keep in mind that a fixed term annuity (as opposed to a lifetime annuity) constitutes 'flexibly accessing' your benefits.

TheComputerGuru

I found out yesterday that my issue was primarily caused by me filling in the ii transfer request form incorrectly.
🙈🙉🙊

Hopefully all will go smoothly from here on …