DB Advice - Any platforms/providers who will accept a DB transfer with a non-positive advice?
amelia1983
Member
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!
I believe that Royal London now allow this
Please note that Aegon will only accept business that has been submitted by a financial adviser and will not deal with customers directly.
I m probably one of many ,that is struggling to complete a DB scheme transfer.
Where as i understand the reason for the FCA guidance, id be interested to know what % of Transfers became regarded as 'against the clients interest', as FCA guidance became a 'sledgehammer to crack a nut' simply because it failed to provide the correct guidelines to its Industry prior to the mis selling scandal.
From my perspective FCA guidance removes my 'right to choose' and is a restrictive practice ,in relation to Freedom of Choice and the Pensions Freedom Act
With Annuity rates increasing i would like to be able to consider transferring to a Personal Pension with part of the solution being an Annuity which would provide a 'better fit 'whilst still offering part guarantee
There does not appear to be any discussion around individuals familys who have 'lost out; as a result of their early death, and the resulting dissolution in benefits when compared to what their family would have received had a Transfer been allowed
If anyone has any advice in relation to obtaining a Transfer it would be much appreciated.
Hopefully then i may be able to retrain, reduce my levels of work stress, enjoy a level of security and carry on with what i had planned from 2016 when i could have completed my transfer.
Probably worth adding that i had made big financial decisions knowing that i had my transfer available when i was ready to retrain/partially retire.
I can fully empathise with anyone that had been given incorrect advice, and has suffered both in Financial and Health Terms, given the level of stress involved in feeling that their future has been taken away 'and i sincerely hope that their circumstances are rectified