Fat Larrys Band
Well-Known Member
- Joined
- 26 Jan 2018
- Messages
- 180
Does anyone know what is the going rate for IFA's to advise/action the transfer of £100k + DB pension, into a SIPP?
Likely in the region of £3-5,500 I would think.Does anyone know what is the going rate for IFA's to advise/action the transfer of £100k + DB pension, into a SIPP?
The IFA I used had to get permission from his Indemnity Insurer to go ahead and transfer.Likely in the region of £3-5,500 I would think.
But bear in mind if the IFA - taking in to account FCA guidance on DB advice - decides a transfer from the DB scheme is not the best outcome for you, it's likely any SIPP would decline to accept the transfer whether you still want to proceed or not.
Yeah, divide the transfer value (150k) by the annual income (4.4K) and it will last you for 34 years if you make (only) CPI on your investments and draw down the same amount - plus of something happens to you then your beneficiaries receive 100% of the pot free of tax*Mine is an old works pension, which was transferred out (when the company, closed down) and ended being transferred to various Insurance companies.
It is now with Aviva - they charge £1,525 for a report and a percentage for advice fee. They quote a combined cost of £4,400 for a £150k pension.
They can only recommend their products.
As the actual pension is only worth £4k a year - it seems like a no-brainer to me to take the cash.
Any thoughts? Cheers
I’ve pretty much stopped giving pension transfer advice now unless the multiple (transfer value divided by annual guaranteed pension income) is very high (25-30+ times).Does anyone know what is the going rate for IFA's to advise/action the transfer of £100k + DB pension, into a SIPP?
I went through this earlier this year trying to assess costs for transfer of a DB scheme to Fidelity DC scheme. They wanted me to pay £1500 upfront fee for ‘advice’ but stated they might recommend the pension to stay where it is....Likely in the region of £3-5,500 I would think.
But bear in mind if the IFA - taking in to account FCA guidance on DB advice - decides a transfer from the DB scheme is not the best outcome for you, it's likely any SIPP would decline to accept the transfer whether you still want to proceed or not.
Over 30k requires an IFA is this definite hammo?Over 30k requires a IFA, if it’s a defined contribution the IFA needs permission from their Indemnity Insurer to give the advice. From recent experience it can be frustrating transferring pensions and beware of the charlatans out there.
Over 30k requires an IFA is this definite hammo?