Which IFA for a pension transfer

[DavidA]

I wish to transfer a DB pension in to an existing SIPP held with YouInvest/Sippdeal. I have just requested a CETV and assume I will need a report from an IFA to allow the transfer to happen. From reading here and various other forums I understand that this might be quite difficult to obtain. Not sure why as I have made my decision I am a sophisticated investor and the money is not going to impact that much on my future.
Who or which companies are people using for this any recommendations? Thanks

[tacpot12]

https://pensionhelp.co.uk/ can help, but in theory, so can any IFA with a pension transfer specialist qualification. You need to go into the advice process with an open mind. I would certainly tell your IFA that you are open minded, and want their advice. Make sure you tie them into signing what ever your scheme needs to receive to say you had had the advice as part of the fee for providing the advice. Then, even if the advice is not to transfer, they must sign the papers to say you have the advice.

Do try to listen to the IFA advice with an open mind.

If the advice is not to transfer, you need to found out if your scheme will accept the transfer. AJ Bell will accept a transfer even if the IFA advice was not to transfer.

[vrdiver]

Mrs VRD used Better Retirement Group Ltd for her DB to SIPP transfer. Efficient and easy, but you'd need to review their charges for your own situation to decide if they were a good deal or not for you.

VRD

(no connection to BRG other than spouse of satisfied customer!)

[DavidA]

thanks for your help, all in motion now.

[bofh]

thanks for your help, all in motion now.

As someone in a similar situation, I'm curious to hear how your transfer is going - particularly with regard to the IFA

Cheers

[yorkshirelad1]

I wish to transfer a DB pension in to an existing SIPP held with YouInvest/Sippdeal. I have just requested a CETV and assume I will need a report from an IFA to allow the transfer to happen. From reading here and various other forums I understand that this might be quite difficult to obtain. Not sure why as I have made my decision I am a sophisticated investor and the money is not going to impact that much on my future.
Who or which companies are people using for this any recommendations? Thanks

This may be of interest (if you haven't already seen it or similar), from the FT a couple of weeks ago

'40 per cent of advisers lift fees to pension transfer clients'
https://www.ft.com/content/0cc71a89-6eb7-4325-b126-95833a5b067f

FT has a paywall, but you can work round it by going to the article via Google, and clicking on the link for the article
https://www.google.co.uk/search?q=site%3Aft.com+advisers+lift+fees+pension+transfer&oq=site%3Aft.com+advisers+lift+fees+pension+transfer

[taken2often]

There are only few reasons to stay in a DB pension. If the first one applies then you would not even consider it. That is You are not interested in investing and looking after your money. This is the position of the majority.

The pension will be indexed or may have a special annuity rate which you don't think you could beat. It will be more secure. If these are very important to you don't even think about. If you just wished to empty the fund or you are being pressured. Then don't do it.

If you still want to do it then you should perhaps use Pension Wise to start with. When you meet with the IFA look them in the eye and recite the above and tell them that these benefits are of no interest to you. You then quote some of the following.

You have no idea how long you will live. Your spouse or partners pension will half on your death with a DB
You have other income and investments to cover your needs
You wish to create your own annuity and control what you will draw and when. It may be the pension would throw you into higher tax.
You think that you can grow the fund and obtain a higher amount of PCLS
In the end a DB pension will be totally lost where as nominated persons could use your fund for many years.

You have to appear knowledgeable about the subject be very clear that you do not wish to spend any more than a few hundred for a letter.

A recent report stated that thousand had ignore IFA's advise. The cost can reach up to about 7k so beware.