Retirement

[PNWokingham]

The point is they have to provide the full advise, it's the law. No matter how smart you are. It stops people making bad decisions

So it's a good thing. Would you rather be told too much or not enough?

i totally disagree. The almost impossible hoops to jump through to move a defined benefit to a SIPP that you can control and pass on through inhertitance that is even outside inheritance tax (at least for another 2 days!!) is beaurocratic madness. I transfered one a few years ago and it cost thousands and even then it was hard to get the ok - and i am a fund manager with nearly 30 years experience. When rates were zero for a few years the transfer values were massive and for most people it would have been the right choice, especially if combined with an IFA managing the outcome for those that need it. You could have just lived off the income of decent yielding equities/ equity income funds and got more than the annual DB amount and kept full ownership of the entire pie of money and anycapital growth

 

[PJ87]

i totally disagree. The almost impossible hoops to jump through to move a defined benefit to a SIPP that you can control and pass on through inhertitance that is even outside inheritance tax (at least for another 2 days!!) is beaurocratic madness. I transfered one a few years ago and it cost thousands and even then it was hard to get the ok - and i am a fund manager with nearly 30 years experience. When rates were zero for a few years the transfer values were massive and for most people it would have been the right choice, especially if combined with an IFA managing the outcome for those that need it. You could have just lived off the income of decent yielding equities/ equity income funds and got more than the annual DB amount and kept full ownership of the entire pie of money and anycapital growth

However that's you with experience in the field

What if it's your average Joe who gets blinded by the cash and makes a poor decision, I'd prefer all decisions were explained and time taken than rushed through

 

[Tom Ferras]

I agree that there's real value in getting expert advice, especially when it comes to something as complex as transferring defined benefit pensions to SIPPs. For those with experience, though, I get why a streamlined option could be appealing — having that flexibility in managing investments directly could open up more opportunities. It really does come down to balancing the benefits of guidance with the freedom some prefer in retirement planning.

 

[Red devil]

i totally disagree. The almost impossible hoops to jump through to move a defined benefit to a SIPP that you can control and pass on through inhertitance that is even outside inheritance tax (at least for another 2 days!!) is beaurocratic madness. I transfered one a few years ago and it cost thousands and even then it was hard to get the ok - and i am a fund manager with nearly 30 years experience. When rates were zero for a few years the transfer values were massive and for most people it would have been the right choice, especially if combined with an IFA managing the outcome for those that need it. You could have just lived off the income of decent yielding equities/ equity income funds and got more than the annual DB amount and kept full ownership of the entire pie of money and anycapital growth

Unfortunately those hoops were put there because a scurrilous minority who'd probably never worked a day in their life relieved a number of hard working individuals of their lifetime savings.
It's as normal a minority spoil it for the majority.

 

[Crazyface]

The point is they have to provide the full advise, it's the law. No matter how smart you are. It stops people making bad decisions

So it's a good thing. Would you rather be told too much or not enough?

Have you received any advice on a pension yet? Call me when you have. The average person, no actually, even the above averagely intelligent person will not be able to fully understand it. Also it's far too long winded. It's all about justifying their bill. £5k and upwards. What a crock of poo. All we need it the basic stuff. I could put something together in a week for someone. They take 4 to 6 weeks!!!!!! Utter cobblers. And also you have to sit down and pick out the relevant bits.

 

[PJ87]

Have you received any advice on a pension yet? Call me when you have. The average person, no actually, even the above averagely intelligent person will not be able to fully understand it. Also it's far too long winded. It's all about justifying their bill. £5k and upwards. What a crock of poo. All we need it the basic stuff. I could put something together in a week for someone. They take 4 to 6 weeks!!!!!! Utter cobblers. And also you have to sit down and pick out the relevant bits.

Yes as I have my pension scheme from my company which I get a statement from every year

 

[Crazyface]

Bumpity bump.

Well.....the dosh that was sent out to the company that was going to deal with the draw down but then decided they didn't want anything to do with it has returned the money. I rang the company that has now got the money, the original pension company, on Friday to check if they had got it and where they had put it. Surely they couldn't put it back in to the original fund? So if they hadn't done that where was it. I spoke to someone on the phone. She didn't know, but she went away to find out, and this is what she came back with.
They, the admin team of the original pension company, were going call the receiving pension company who returned the money back, to try and resolve the matter for me. Well, that's what she said. Do I believe her? No I don't. I think it is, yet again, another left hand not knowing what the right is doing situation. I think it's a historical note on my file, where they were trying to sort it last time. Confusion reigns!!!!!!

Current odds:-

The money is lost Evens
The money cannot be swapped 11-10
Everything will be sorted on Monday to my satisfaction by the crack admin team 10-1

 

[Red devil]

Bumpity bump.

Well.....the dosh that was sent out to the company that was going to deal with the draw down but then decided they didn't want anything to do with it has returned the money. I rang the company that has now got the money, the original pension company, on Friday to check if they had got it and where they had put it. Surely they couldn't put it back in to the original fund? So if they hadn't done that where was it. I spoke to someone on the phone. She didn't know, but she went away to find out, and this is what she came back with.
They, the admin team of the original pension company, were going call the receiving pension company who returned the money back, to try and resolve the matter for me. Well, that's what she said. Do I believe her? No I don't. I think it is, yet again, another left hand not knowing what the right is doing situation. I think it's a historical note on my file, where they were trying to sort it last time. Confusion reigns!!!!!!

Current odds:-

The money is lost Evens
The money cannot be swapped 11-10
Everything will be sorted on Monday to my satisfaction by the crack admin team 10-1

Only 10/1 for the 3rd option? I'd stick another zero on that and put me in for £20

 

[nickjdavis]

30 working days to go.

 

[IanM]

30 working days to go.

Hooray! It's a great day, as long as you have enough for essentials such as green fees and ProVs

 

[nickjdavis]

Hooray! It's a great day, as long as you have enough for essentials such as green fees and ProVs

The greatest thing I'm going to get is.....time.

 

[IanM]

The greatest thing I'm going to get is.....time.

And we all pray for that!

 

[Crazyface]

Only 10/1 for the 3rd option? I'd stick another zero on that and put me in for £20

Well......I don't want to temp fate, so won't, but things have taken a turn in my favour today. I received an e mail from the receiving company, as I had put a complaint in against them. A long apologetic e mail that. although on the surface explained things, it didn't, fully. So, I replied, explaining what I knew was happening and asking why, it things weren't going in my favour, and what could be done.
I got a reply........I will let you know..........

 

[Crazyface]

Another little step in the right direction this afternoon.

 

[Red devil]

Another little step in the right direction this afternoon.

Good lad

 

[Crazyface]

Beware!!!!! The wife has just been told her transfer value on a pension has dropped by £50k. It wasn't that big of a pension either.

 

[Lord Tyrion]

Beware!!!!! The wife has just been told her transfer value on a pension has dropped by £50k. It wasn't that big of a pension either.

Wow, Something has gone badly wrong there. The markets are doing very well right now, that has bucked the trend.

 

[Crazyface]

Wow, Something has gone badly wrong there. The markets are doing very well right now, that has bucked the trend.

Yes. I was a little taken back when she told me this. I think they are being very dodgy.

 

[SwingsitlikeHogan]

Yes. I was a little taken back when she told me this. I think they are being very dodgy.

Not sure...I'll just repost if I may what a Financial Advisor told me a few weeks ago on transfers from a Defined Benefit Pension...I'll check if I understood what I was told and if I did if it still holds.

They are hardly happening at the moment…in fact over the last three years they have become quite rare. The problem is that the Cash Equivalent Transfer Value being offered by the DBP providers just isn’t enough…the transfer factors that drive the CETV are too low at the moment (and have been for a few years) for a Sustainability Assessment to be able to recommend a transfer. As a result a Drawdown provider simply will not accept any transfers - the FCA just won’t let them even if they were willing. The risk is just too high that the CETV won’t deliver a pension over a reasonable period.

ETA...If a full Sustainability Assessment is done by an appropriately qualified Financial Advisor (not all FAs are so qualified) and the individual personal circumstances surrounding the transfer request that de-risk the transfer are set out in detail, then I guess that there is a chance that a transfer might be accepted by the drawdown provider.

 

[The Fader]

Wow, Something has gone badly wrong there. The markets are doing very well right now, that has bucked the trend.

If it's a transfer value from a defined benefits scheme, then to the best of my knowledge the market's position has little,
if anything, to do with the transfer valuation calculation.