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  • FIRST POST
    • johndough
    • By johndough 6th Feb 18, 10:27 AM
    • 654Posts
    • 252Thanks
    johndough
    How much
    • #1
    • 6th Feb 18, 10:27 AM
    How much 6th Feb 18 at 10:27 AM
    Hi

    What would a ball park figure be for the transfer of a DB pot, just under 30k into an existing fund for drawdown.

    YES I know what a DB pension is.

    The scheme only accepts via IFA, and our current IFA aint qualified to do it apparently.
    He declined to take it on at our brief meeting yesterday.
Page 1
    • cloud_dog
    • By cloud_dog 6th Feb 18, 10:46 AM
    • 3,687 Posts
    • 2,186 Thanks
    cloud_dog
    • #2
    • 6th Feb 18, 10:46 AM
    • #2
    • 6th Feb 18, 10:46 AM
    Hi

    What would a ball park figure be for the transfer of a DB pot, just under 30k into an existing fund for drawdown.
    Originally posted by johndough
    You need to be a bit clearer on what 30k relates to?

    You have the benefit you will receive at NRA, and there should be a figure for that benefit as of today/statement date.

    YES I know what a DB pension is.
    Originally posted by johndough
    A DB scheme does not have a pot.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • Malthusian
    • By Malthusian 6th Feb 18, 10:52 AM
    • 4,090 Posts
    • 6,408 Thanks
    Malthusian
    • #3
    • 6th Feb 18, 10:52 AM
    • #3
    • 6th Feb 18, 10:52 AM
    Very expensive compared to the fund value. North of 1k.

    You don't actually need advice because it's under 30k, and you say it's the provider that wants advice. You could transfer to another provider that will accept the transfer without advice, and then do a DC to DC transfer to your preferred scheme.

    Why do you need to transfer the DB pension?
    • cloud_dog
    • By cloud_dog 6th Feb 18, 10:56 AM
    • 3,687 Posts
    • 2,186 Thanks
    cloud_dog
    • #4
    • 6th Feb 18, 10:56 AM
    • #4
    • 6th Feb 18, 10:56 AM
    Are we assuming 30k is the CETV?
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • xylophone
    • By xylophone 6th Feb 18, 2:51 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #5
    • 6th Feb 18, 2:51 PM
    • #5
    • 6th Feb 18, 2:51 PM
    The value of the benefits is under 30,000?


    https://adviser.royallondon.com/technical-central/pensions/transfers/safeguarded-benefits/

    An individual doesn't need to take financial advice where their benefits under the scheme are valued at 30,000 or less.


    It seems that the OP's current drawdown scheme will not accept even a sub 30,000 transfer unless advice has been taken.

    Presumably he could transfer to a pension provider that does not take this position and then transfer to his existing scheme.
    • johndough
    • By johndough 8th Feb 18, 3:51 PM
    • 654 Posts
    • 252 Thanks
    johndough
    • #6
    • 8th Feb 18, 3:51 PM
    • #6
    • 8th Feb 18, 3:51 PM
    Hi

    The amount is my wife's and along with a coupla others, it is was hoped to go into her Royal London for Drawdown.

    They are UNlikely to accept it, so 29K CETV.

    Getting another IFA is posible as is taking it to another provider like Lansdown Hargreaves who I expect to readily accept it, and the costs would be relatively speaking high if they did.

    So it may just have to be put into payment unfortunately.

    Thanks for all responses.
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