Defined Benefit Pension

supat

Hi if anyone can advise, my husband has a DBP with a national grid, we went through their preferred IFA and we were rejected, however we feel our answers were naïve as we had not really been prepped or understood that is was an analyse whether he would be accepted. So after further research we have found an advisor who  would be prepared to take us down the route of insistent customer however am i right in saying we could still b rejected and pay the £4K fees? also advise on where best to transfer , i have read Stakeholder Pension, it is a mind field? 

Marcon

supat said:

Hi if anyone can advise, my husband has a DBP with a national grid, we went through their preferred IFA and we were rejected, however we feel our answers were naïve as we had not really been prepped or understood that is was an analyse whether he would be accepted. So after further research we have found an advisor who  would be prepared to take us down the route of insistent customer however am i right in saying we could still b rejected and pay the £4K fees? also advise on where best to transfer , i have read Stakeholder Pension, it is a mind field? 

I'll spare you the warnings about the wisdom or other wise of transferring, but allow me to suggest you think hard before doing so.

You don't need adviser 'approval', or be an 'insistent client' - your husband simply needs to demonstrate to the ceding (paying) scheme that he has received advice. Provided this is full advice (as opposed to abridged), the adviser must provide the relevant certificate to confirm the advice has been given. The DB scheme cannot transfer the funds (if the transfer value is at least £30K) without this evidence.

£4K sounds very cheap for full advice - are you sure that's what's on offer, especially linked to being an insistent client, which normally ups the cost considerably?

A stakeholder pension is the only type of scheme required to accept transfers from any UK registered pension scheme.

This whole area has been covered in detail and ad nauseam, so use the search facility (above) to find threads which already go into it in great detail eg https://forums.moneysavingexpert.com/discussion/6556908/pension-advisor-would-want-21-000-for-a-failed-transfer#latest

Albermarle

As above type 'DB transfer' into the search box at the top of the page for many interesting threads on the subject.

However one point worth noting when looking at the threads is the date, as up until a couple of years ago, rather large transfer values were on offer for people to transfer out of DB schemes.
The values are a lot less now, so normally it is better to stay in the scheme and get the guaranteed pension.

dunstonh

 however we feel our answers were naïve as we had not really been prepped or understood that is was an analyse whether he would be accepted. 

Excellent. That is how it should be.    Prepping you to give answers that you think you should be giving is not a good way to do things.

 So after further research we have found an advisor who  would be prepared to take us down the route of insistent customer however am i right in saying we could still b rejected and pay the £4K fees? 

yes

also advise on where best to transfer , i have read Stakeholder Pension, it is a mind field? 

If you have found an adviser that will transact on insistent client basis then you don't have to worry about that.