DB Advice - Any platforms/providers who will accept a DB transfer with a non-positive advice?

We have a client who we have provided advice for. The advice is to retain his defined benefit pension, but he wants to go ahead and transfer anyway. My question is, are there any platforms or providers who would actually accept this? I think AJ Bell used to allow this but chaaged this in August and will only accept on a positive recommendation. We can confirm that he has taken advice and he has copies of our suitability reports and follow up letters, but obviously we cannot sign to say we have given a positive recommendation.

Comments

  • I know Pension Bee take non-advised transfers, but I can't tell you if they take transfers against the advice of a non-transfer. Worth checking out.

    Other than that, the best of luck with finding a home for it. I had one recently where it was clearly in the client's best interests not to transfer and still they wanted to proceed. They had to do it on their own as the IFA don't deal with insistent clients.

    As soon as the provider finds out it's against advice, they normally run a mile. It never used to be the case, but now they are such a hot potato the providers don't feel they can take the risk and carry the can for when the client blows all their money and complains, as more than likely FOS will rule in the client's favour

  • Hi - Aegon can take DB transfers from pension transfer specialists and doesn’t have to be a positive recommendation for the transfer to go ahead. We can accept the transfer on an insistent client basis provided we’re satisfied that the client received financial advice from a suitably qualified pension transfer specialist. There’s a couple of sections that need to be completed on the transfer authority to collect the relevant info and for client to confirm they understand the implications of what they’re doing. If you would like to discuss it further, feel free to contact me on 07740 897993

  • Thank you so much guys. Really helpful!

  • GaryHGaryH Member

    I believe that Royal London now allow this

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