Possible Transfer Value and Advice

Albermarle · 15 January 2020 at 10:53AM

If you go ahead with the current advisor, then check in advance that if it is a negative recommendation they will be still happy to sign a declaration that you have been through the correct process.
As long as they do this , then as said above , you can still transfer out of the DB scheme , without the need for any further advice or fees. In the jargon you will be known as an 'insistent client'

Although it seems you have made your mind up , might be worth looking at this .

https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/five-good-reasons-good-with-your-money-guide-2018-edition.pdf

PlanToRetire · 15 January 2020 at 10:58AM

Dazed_and_confused wrote: »

I suspect all it will take is a significant market crash, nothing out of the ordinary, just similar to those seen in the past and we will move into "PPI" territory.
At which point people like the op (no offence intended) will start to plead they were misled. Hopefully there will be sufficient audit trail nowadays to show they were going against the professional advice to stay put.

None taken! As I’ve said, I want advice but I don’t want to be bound by it so would like to have the freedom to make my own choice if applicable, without any comeback to the Advisor obviously. I t would be my decision.

Thanks for the info.

I think I will still speak to an IFA, just to get another perspective, I don’t think the work guy is really a fit for what I want.

PlanToRetire · 15 January 2020 at 11:01AM

Albermarle wrote: »

If you go ahead with the current advisor, then check in advance that if it is a negative recommendation they will be still happy to sign a declaration that you have been through the correct process.
As long as they do this , then as said above , you can still transfer out of the DB scheme , without the need for any further advice or fees. In the jargon you will be known as an 'insistent client'

Although it seems you have made your mind up , might be worth looking at this .

Thank you. I haven't made up my mind. I just don't want to box myself in.

I will take on board all guidance, as I said I do think the recommendation will be a cautious one, which is understandable.

MallyGirl · 15 January 2020 at 11:09AM

sounds sensible. you just need to find an IFA who is a pensions transfer specialist and, during your free consult, ask whether they will still sign the advice report even if the advice is not to transfer. You need a report - not necessarily a positive report - and then you can transfer to AJ Bell as an insistent client. Once with AJ Bell you can, at a later date, transfer elsewhere if they are not the best fit - you will be out of the restriction by then.

jimi_man · 15 January 2020 at 11:41AM

Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used, other than they fit the criteria for completing the work and therefore just go for the cheapest possible.

Makes me think that there is a market opening for such a person, who will always give negative recommendations and can charge much less than other people. It doesn't seem that there would be any liability involved as it's a negative recommendation, but the criteria for taking advice has been fulfilled!

PlanToRetire · 15 January 2020 at 11:46AM

jimi_man wrote: »

Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used, other than they fit the criteria for completing the work and therefore just go for the cheapest possible.

Makes me think that there is a market opening for such a person, who will always give negative recommendations and can charge much less than other people. It doesn't seem that there would be any liability involved as it's a negative recommendation, but the criteria for taking advice has been fulfilled!

I agree - if you decide to set up such a company I am happy to be your first customer - for a small fee obvs!

MallyGirl · 15 January 2020 at 11:54AM

The problem is the cost of the insurance I believe. I am pretty sure there have been cases of negative recommendation, insistent client transfer, it all goes pear-shaped and the client still successfully claimed against the advisor who told not to transfer.

Albermarle · 15 January 2020 at 11:56AM

I think I will still speak to an IFA, just to get another perspective, I don’t think the work guy is really a fit for what I want.

Just be aware that finding the right type of IFA , with the right qualifications , who is willing to do the work can be difficult . So might be easier to stick with the work one . As already said.

Presumably, if the decision of whether to transfer is going to be the OPs alone and will be made irrespective of any professional advice, then it doesn't actually matter who is used,

Albermarle · 15 January 2020 at 11:57AM

The problem is the cost of the insurance I believe. I am pretty sure there have been cases of negative recommendation, insistent client transfer, it all goes pear-shaped and the client still successfully claimed against the advisor who told not to transfer.

Which is also why most mainstream pension/SIPP providers will not accept a transfer from an insistent client .

shortseller09 · 15 January 2020 at 12:00PM

Be careful as some advisers will not sign off on the transfer if the advice is negative, and also some ceding schemes require a positive recommendation.

Possible Transfer Value and Advice

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