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How much
Legacy_user
Posts: 0 Newbie
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.
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.
0
Comments
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You need to be a bit clearer on what £30k relates to?Hi
What would a ball park figure be for the transfer of a DB pot, just under 30k into an existing fund for drawdown.
You have the benefit you will receive at NRA, and there should be a figure for that benefit as of today/statement date.
A DB scheme does not have a pot.YES I know what a DB pension is.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
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?0 -
Are we assuming £30k is the CETV?Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
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.0 -
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.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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