09 Mar 2015

A question about : DB scheme transfer?

yes yes yes I know most on here will say not to do it. But regardless of this, does anyone know of a SIPP provider which will actually accept transfers still from a DB Scheme, either with advice or on an insistent customer basis?

Thanks all.

Best answers:

  • HL seems favourite......?
    http://forums.moneysavingexpert.com/...?t=5053691post 11
    http://forums.moneysavingexpert.com/...5156538&page=3 post 43.
  • AJ Bell will too - but only after IFA sign off
  • Standard life will accept without IFA sign off but you'd have to be quick. They can't after 6/4/2015.
  • in my experince quite a few SIPP Providers will accept Benefits from a DB Scheme but as in the case with my company our compliance department require a copy of the suitbailty report recommending the transfer. HL, A J Bell, to name a few.
  • Another thing you should keep your eye on is the number your DB scheme puts on your CETV.
    There is much talk of scammers who are looking to receive your pension cash, but I have not yet seen much discussion of DB pension schemes may deliberately be looking to underpay you for giving up your rights to a DB promise.
    The question is, exactly how do they arrive at the number they tell you they owe you?
    It isn't as simple as you might expect and there are conflicts of interest to be monitored.
    Better be quick? Better be smart, I think. Fools and their money are easily parted, and you may be surprised at who is taking you for a fool.
  • But the CETV is always a "we promise to pay you the scheme amount of pension until you die or we can pay you ЈЈЈЈЈ if you can buy something else elsewhere".
    So what is the scope for scamming? Oh yes - people want to be given ЈЈЈЈ so they can buy a Lamborghini, leave money to the kids, go on a world cruise etc because the governments change of the rules says I can.
    These people want "my pot" of "my money" from "my contributions" from "my hard earned money" even if it was a non contributory scheme and, at the end of the day the schemes generally never offered this as an option when people were paying in anyway.
    The world has gone mad!
  • The directors don't call themselves a trustee.
    That is why they refer to "the trustee" or "the trustees". I dont think I have ever come across a pension scheme that has a person / people as trustee, they are all corporate. Do you think that a single person should be personally responsible for a scheme which could have hundreds of millions or billions of funds?