AVC into SIPP?

Hi,
I'm the OP of this thread. Since posting I've done some more research.. My DB scheme doesn't require any IFA advice for me to transfer my AVC to a SIPP. My plan had always been to leave my DB pension in place and use the AVC to fund 5 years before my drawing my DB pension. I contacted a number of SIPP providers and all of them said that they wouldn't accept the AVC transfer without an IFA review, even if my plan had been never to use the AVC as part of my DB pension.

The only company who have said they would not need an IFA review was the company that I would have my AVC with - Fidelity. Even they at first said they'd want an IFA review, but on closer explanation have said that as the AVC is invested through them and I have written confirmation from my DB scheme that they don't need the IFA review they would be OK to accept the transfer without an IFA review - I just need to get that in writing from Fidelity now!

It's a real minefield!

caveman8006 wrote: »

Ah...hadn't seen this thread when I started my similar one earlier today. But there does seem some confusion over the ordering of taking a DB pension and transferring an associated AVC pot in order to avoid the need for an IFA review. My scheme administrators (Willis Towers Watson) told me that there would not be any need for a review, but that the transfer away has to be completed before the Main Scheme pension can be brought into payment, which seems to be the opposite of the advice given above...Although there are no Guaranteed benefits granted to the AVC, the fact that it could be used to fund the PCLS for the Main DB Scheme pension is sufficient for HL to insist on a positive independent review - are you sure AJ Bell do not insist on this?