Defined Benefit Pension Transfer - Help!

The Govr probably rightly requires independent advice before transferring out but there are a number of problems with getting objective, affordable advice:

Historically 9 out of 10 DB pensions would be best left where they were. So, yes, there is good reason to require advice.

1) FCA default posiition is that a transfer is generally bad for you.ie 'we know better'
2) Only 10pct IFA advisers can get PO insurance to do the work;
3) Most IFA's want to be involved post transfer rather than simply to recommend to a transfer
4) Moat IFA's charge on % CETV ie transfer value rather than fixed fee which is.ofd for a time driven service.

1 - Best approach given that it is the right one
2 - Not correct. Only 1 in 10 advisers hold the regulatory permissions to give the advice. It is not PI insurance that is preventing it. It is choice. If an IFA chooses to do it, they need further qualifications and the PI insurance will be higher for them forever more. So, when this window closes and normality returns, PTSs will still be paying higher PI to cover all the historic stuff.
3 - This is partly to reduce risk as most people with DB schemes have never invested before and to suddenly have £500,000 or so being invested is a shock to most of them. They have little or no understanding and being on an ongoing basis makes common sense. It also makes the advice easier as the FCA themselves do not like bespoke portfolios being set up where there is not ongoing servicing. Most IFAs will do transactional if you wish. Just some won't as it isnt their business model.
4 - Percentage is by far the most common model and the one that most consumers like and want. Many firms will tier their initial charge or cap it. There is logic in percentage as well because the larger the value, the larger the liability and risk.

I know this is specialised work.- has anyone used an IFA that charged a fix fee for rhe recommendation and was not involved in either the transfer itself or post transfer?

Yes they have. However, you are pushing the risk up and eliminating a large number of advisers who wont do it because of the risk.

Please PM me.if you are able to recommed someone at a competitive price and who did not in your opinion "milk" the scarcity factor of this service.

That is against board rules.

First Equitable for me - fixed fee quoted upfront advice offered as part of the [low] price.
I called to FCA to make sure they are correctly qualified to offer advice (the individual requires one qualification, the company another) https://www.first-equitable.co.uk/

My only association being that I've used them

Yoi have not told me anything I dont know but seeked to validate the IFA position

I did tell you something you didnt know as some of your assumptions were wrong. I have not sought to validate anything. Understanding reasons behind things helps.

This is a consumer forum - so why reply to posts that you neither can help not intend to help with?

Unhelpful and unecessary.

And the forum removes posts from people who are being argumentive and rude. I suggest you improve your tone if you are looking for people to be helpful.

And its quite reasonable to share who we have had experience without interference.

Yes it is. However, please do tell us how someone PMing you that information is sharing it with others?

edit: And if you PM me again, I will report you to the board admin for harassment. Your attitude stinks.

BengtLagander wrote: »

Dunston

Further I explained to you in my PM why your assertion that most DB should not be transferred is entirely wrong; it depends on bond yield curve, deferred benefit per annum, CETV multiple and actuarial assumptions around growth rates and inflation.

Oh, I would love to see that argument. Any chance of posting that dunstonh?