Standard Life Stakeholder - DB transfer

eddiedog

Hi
I’ve just been on the phone with standard life attempting to open a stakeholder pension in preparation for maybe transferring a db pension over (I’m sure I won’t get a recommendation to do so from an IFA).  I’m still gathering info to make a decision on whether or not to do it but I thought for the sake of £20 I’d get the stakeholder pension set up just in case they were withdrawn or closed to new customers while I’m deciding.

Anyway I eventually got through (can’t seem do it online has to be over the phone) and was asked why I wanted to open a Stakeholder pension in particular, and maybe naively, I told them to I wanted to transfer a db scheme maybe with or without a recommendation to do so from an IFA, the lady on the other end of the phone said that they would not under any circumstances accept that, I argued back a bit, and said legally a stakeholder pension has to accept it if I’ve had IFA, she went to speak to a supervisor who also said no they won’t transfer it under those circumstances.

So a couple of things….
have I completely misunderstood?
was I wrong to tell them what I’m doing, if so what should I have said?
was she actually incorrect and should I open it anyway?

many thanks

p.s still researching the whole cashing in a db scheme and the advice and comments on here are invaluable, thank you to those that share their knowledge and time with complete strangers

dunstonh

So a couple of things….
have I completely misunderstood?
was I wrong to tell them what I’m doing, if so what should I have said?
was she actually incorrect and should I open it anyway?

The stakeholder pension is legally required to accept a transfer from a DB pension.

However, the retailer of that pension can block it if they retail their product via intermediaries.   That can include their in-house team. This is because the intermediary takes on liability for the transfer.  This was the crux of the many discussions years ago.      If the product is directly available to the consumer with no intermediaries, they cannot block it.         

I believe someone tested Aviva, and they got it through, but no one ever posted a success with Standard Life.  At least none that I saw.

eddiedog

Thanks. Maybe I’ll try my luck with Aviva. I have a workplace pension with Aviva so was trying not to create issues there but it seems I did that anyway by being truthful :-/

dunstonh

eddiedog said:

Thanks. Maybe I’ll try my luck with Aviva. I have a workplace pension with Aviva so was trying not to create issues there but it seems I did that anyway by being truthful :-/

It would still be an issue if any transfer in or payment in is processed via the in-house intermediary team.
Aviva will accept top ups/transfer ins without that.

eddiedog

dunstonh said:

eddiedog said:

Thanks. Maybe I’ll try my luck with Aviva. I have a workplace pension with Aviva so was trying not to create issues there but it seems I did that anyway by being truthful :-/

It would still be an issue if any transfer in or payment in is processed via the in-house intermediary team.
Aviva will accept top ups/transfer ins without that.

Sorry, I’m not sure I understand that. Please would you explain that a bit more. 

Thanks

xylophone

That can include their in-house team

That seems a stretch! 

From  Standard Life T&C

It is important that you take advice from a Pension Transfer Specialist before you consider transferring out of a Defined Benefits scheme.

Transferring other pensions will not be right for everyone. You need to consider all the facts and decide if it is right for you.

You can make a transfer from another pension scheme at any time.

I can't find anything about not accepting transfers from defined benefit schemes......