Please suggest a source for an IFA to complete a GAR pension transfer certificate

propatrea

I want to transfer a sub-£100k guaranteed pension to a SIPP and the pension provider requires completion of a GAR certificate by an Independent Financial Advisor, which I cannot find - they don't respond to messages or say they only deal with £250k+. Ideally I want a fixed fee and speed!

MarkCarnage

Probably because it's not an attractive proposition for them at a cost that would be acceptable to you. Unfortunate but that's the case. You haven't indicated what fixed fee might be acceptable. Speed is not a given by any means (and not always in the IFAs gift either). 

Marcon

propatrea said:

I want to transfer a sub-£100k guaranteed pension to a SIPP and the pension provider requires completion of a GAR certificate by an Independent Financial Advisor, which I cannot find - they don't respond to messages or say they only deal with £250k+. Ideally I want a fixed fee and speed!

The Financial Services Register: https://register.fca.org.uk/s/ is your best starting point. Search for advisers who have the necessary 'permissions' to advise in this area.

Completely understand why you want speed etc, but sadly the world isn't ideal - this is quite a cumbersome process.

FIREDreamer

How much is the GAR? Some are twice current annuity rates.

Ibrahim5

If the SIPP is sub £100k once an IFA has taken his fees you won't have much left.

dunstonh

propatrea said:

I want to transfer a sub-£100k guaranteed pension to a SIPP and the pension provider requires completion of a GAR certificate by an Independent Financial Advisor, which I cannot find - they don't respond to messages or say they only deal with £250k+. Ideally I want a fixed fee and speed!

Overriding a GAR is a very high risk transaction.  

Its one thing doing it for an existing servicing client as part of an overall long term plan but doing it as a one off for someone that it just wanting transactional advice is a heck of a lot of work for something that is very high risk and needs to be reported on the PI insurance renewals each year for ever more.   So, many will not be interested.  

propatrea

Thanks for the comments. To clarify, I'm 60, still working and my financial affairs are well managed and straightforward. I want to move the pension to take out 25% for building works and to put the balance into a SiPP, for as and when I need it, growing in the meantime.
The alternative is a quoted Guaranteed annuity of around £300 monthly which, after taxes, is of no material use.
I'm prepared to pay a fee of course, but no IFA is interested even in a discussion.

dunstonh

The alternative is a quoted Guaranteed annuity of around £300 monthly which, after taxes, is of no material use.

What rate is the GAR?   Do the rates change at different ages?
Context is important.    Most GARs are in double digits or thereabouts.    A small number are less valuable.   

Remember that taking a GAR gives you security and allows you to draw less from your SIPP.  So, the SIPP will be higher because you are taking less.

propatrea

The GAR is £63 per £1,000, according to the pension fund. The company selling the annuity is offering a £3528 index-linked annual payment, £294 monthly

Linton

propatrea said:

The GAR is £63 per £1,000, according to the pension fund. The company selling the annuity is offering a £3528 index-linked annual payment, £294 monthly

Is the GAR inflation linked or fixed and at what age can you take it?

QrizB

propatrea said:

The GAR is £63 per £1,000, according to the pension fund. The company selling the annuity is offering a £3528 index-linked annual payment, £294 monthly

£3528 annually, index-linked, is IMHO quite a useful amount on top of the State Pension.