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  • FIRST POST
    • teflontinker
    • By teflontinker 28th Nov 17, 7:18 PM
    • 2Posts
    • 3Thanks
    teflontinker
    Transfering a DB pot of less than 30K, is it possible without an IFA and a TVAS?
    • #1
    • 28th Nov 17, 7:18 PM
    Transfering a DB pot of less than 30K, is it possible without an IFA and a TVAS? 28th Nov 17 at 7:18 PM
    I know the rules state that a DB pension can be transferred into a SIPP ( for example) if its CETV value is less than 30,000. but I can't find any pension scheme or SIPP provider that will accept the transfer without me having advice from an ISA, who understandably would want to undertake a TVAS calculation to support any transfer.

    My basic circumstance are, I have 2 DB pensions one with a CETV value of 250k, which i intend to keep and another with a value of 29,500, a British Steel one which I would like to transfer to a SIPP or other pension scheme and then maybe draw on it when i'm 55, I'm currently 48.

    Is the IFA and TVAS a definite requirement, i understand it helps manage any further claims against the pension company for poor advice but can it be done?
Page 1
    • dunstonh
    • By dunstonh 28th Nov 17, 8:09 PM
    • 92,657 Posts
    • 59,982 Thanks
    dunstonh
    • #2
    • 28th Nov 17, 8:09 PM
    • #2
    • 28th Nov 17, 8:09 PM
    Transfering a DB pot of less than 30K, is it possible without an IFA and a TVAS?
    Theoretically yes. Commercially no.

    Is the IFA and TVAS a definite requirement
    Legally no. Commercially yes.

    firms are allowed to protect their backsides and refuse to accept business that is statistically unlikely to be suitable. The historic position of the regulator is to treat DB transfers as being missold unless proven otherwise and more recent trends has seen the regulator and FOS target providers where no adviser was used.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • xylophone
    • By xylophone 28th Nov 17, 10:18 PM
    • 25,374 Posts
    • 14,970 Thanks
    xylophone
    • #3
    • 28th Nov 17, 10:18 PM
    • #3
    • 28th Nov 17, 10:18 PM
    Have you tried AJ Bell?


    https://www.youinvest.co.uk/faq/do-you-accept-final-salary-transfers


    Do you accept final salary transfers?

    Yes, we do accept final salary transfers. But before you go ahead and transfer to us, you!!!8217;ll need to seek advice from a suitably qualified financial adviser if your transfer value is 30,000 or above.
    • drphila
    • By drphila 29th Nov 17, 5:01 PM
    • 78 Posts
    • 18 Thanks
    drphila
    • #4
    • 29th Nov 17, 5:01 PM
    • #4
    • 29th Nov 17, 5:01 PM
    I'm pretty sure you'll be able to find a SIPP provider that will accept the transfer without advice or a TVAS
    • thetimewill
    • By thetimewill 29th Nov 17, 5:30 PM
    • 54 Posts
    • 8 Thanks
    thetimewill
    • #5
    • 29th Nov 17, 5:30 PM
    • #5
    • 29th Nov 17, 5:30 PM
    My spouse has recently completed a transfer to AJ Bell, who were very helpful. Defined benefit pension under 30000. No advice requirement. The transfer was done on a DIY basis and did not incur any fees.Please do as much homework and gather as much info as possible before you proceed,
    Regards,
    Billy
    Last edited by thetimewill; 29-11-2017 at 5:32 PM. Reason: spelling
    • iro
    • By iro 8th Dec 17, 8:12 PM
    • 281 Posts
    • 1,446 Thanks
    iro
    • #6
    • 8th Dec 17, 8:12 PM
    • #6
    • 8th Dec 17, 8:12 PM
    I have a lot of time for AJ Bell 'execution only' a SIPP for adults!
    • teflontinker
    • By teflontinker 11th Apr 18, 11:51 AM
    • 2 Posts
    • 3 Thanks
    teflontinker
    • #7
    • 11th Apr 18, 11:51 AM
    • #7
    • 11th Apr 18, 11:51 AM
    An oldish thread I know but thanks to everyone who answered my questions. I have completed the transfer to AJBell's SIPP. Without the advice given on here I wouldn't have proceeded and that just goes to show that giving some of your time to helps others really does make a difference.

    I now have the hard bit of where and when to invest the money. ETF's are looking favourable.
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