DB Pension Release - Recommended Companies for Review

[tighnamara]

As title, looking for recommendations on a reputable firm to perform a review of a DB pension scheme.

Will do own due diligence on chosen company but any recommendations (or ones to avoid) would be appreciated. Seems a minefield out there.

I understand there will be charges and releasing from a DB may not be the best option but looking at what would be available.

Value is over £30k.

[anonymous-user]

Your problem is going to be finding a firm to do the work. For a number of reasons it's seen as very risky by advice firms.

It used to be that a firm would look at your details and produce a report for free, then only charge you if you went ahead with the advice (known as contingent charging). The FCA have outlawed this for DB advice. Now firms charge a 'triage' fee for the work whether you wish to transfer or not. This will be a 4 figure sum approaching 10% of your fund, if it were £30k.

Depending on your age, but certainly the low value, it would have been before and will continue to be fairly difficult to get any reasonable value advice on your DB pension.

Thank the government and regulator!

[Meeten-5dulx]

I exited a db scheme in late 2019.
My IFA has since increased his charges (higher insurance premiums).
I have friends that moved used him at the start of this year, so I know he is (or was at least) active in this area.

At the lower level around 30k you may find you are throwing away considerable value.

If much higher it may be worthwhile,

Happy to pass on details if you want them. PM me.

[malks222]

i’ve looked into this in the last year or so, I struggled to find anyone who would even look at mine because of my age. But one of the most competitive quotes I was given was by Hargreaves: £1,500 for the report and 2% of the transfer value (up to £250k)

I didn’t go through with it at the time, but maybe worth speaking to them.

[PorkInsider]

I'm also (halfheartedly) looking into this at the moment.

I can't currently see that keeping the old small DB pension I have from a previous employment makes much sense, given the transfer value.

I'm sure I'll be told something different, however.

[tighnamara]

Thanks for the replies.

The fund is over £30k (requires advice) and the offer (x40) so well worth looking at as other retirement plans are in place.

Have been looking at using Groves and will most likely progress so far up to the abridged point, then review.

4. ABRIDGED ADVICE
This is also a free service
We can provide a significant amount of
information to help clients make an
informed decision before committing to
paying our fee.
Unlike Triage, at this stage we will have received
back most of the information we need from the
pension provider so we can give more detailed
advice specific to the client and their pension.
The outcome of this advice can either be
transferring their pension is not advisable or, we
are unable to ascertain suitability and can only
do so by proceeding to the next stage of Full
Advice.

[CarlosFandango11]

I used Tideway and would recommend them:
https://www.tidewaywealth.co.uk/

[PorkInsider]

CarlosFandango11 said:

I used Tideway and would recommend them:
https://www.tidewaywealth.co.uk/

Googling them gives this:

https://www.moneymarketing.co.uk/news/db-transfer-...

So might not be an option now.