Transfer of (small) Barclays DB Pension
Discussion
JulianPH said:
I couldn't agree more. In the case above though there was no DB pension transfer involved, it was just a run of the mill new contribution into an existing SIPP.
The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
You're lucky he didn't try charging you for his advice.The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
Jasey_ said:
JulianPH said:
I couldn't agree more. In the case above though there was no DB pension transfer involved, it was just a run of the mill new contribution into an existing SIPP.
The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
You're lucky he didn't try charging you for his advice.The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
JulianPH said:
I couldn't agree more. In the case above though there was no DB pension transfer involved, it was just a run of the mill new contribution into an existing SIPP.
The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
How on earth would someone who claims to be a "senior IFA" have the brass neck to do that? The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
JulianPH said:
I couldn't agree more. In the case above though there was no DB pension transfer involved, it was just a run of the mill new contribution into an existing SIPP.
The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
Hopefully as he is a regulated individual the Ombudsman, if it gets that far, would consider that he should have known what he was doing. Was it a UK stock he invested in?The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
Edited by Stay in Bed Instead on Sunday 26th January 09:54
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hstewie said:
hstewie said:JulianPH said:
I couldn't agree more. In the case above though there was no DB pension transfer involved, it was just a run of the mill new contribution into an existing SIPP.
The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
How on earth would someone who claims to be a "senior IFA" have the brass neck to do that? The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
Stay in Bed Instead said:
Hopefully as he is a regulated individual the Ombudsman, if it gets that far, would consider that he should have known what he was doing. Was it a UK stock he invested in?
Yes, he was (and still is) a regulated individual and yes, it was a UK stock.Edited by Stay in Bed Instead on Sunday 26th January 09:54
We have absolutely nothing to worry about, it is just the incredible cheek of it!
troika said:
What a sorry state of affairs when it seems nobody is allowed to take any responsibility for their own actions.
Yes, I'm going through this process at the moment and finding the whole thing very frustrating.I don't even want to type out what's gone on as it'll just wind me up but a summary is that, despite my circumstances being very simple and having several very solid reasons for the transfer to be preferable, I'm 5 months down the line with no end in sight (my initial CETV about to expire) and current cost estimates about 4x what I was originally advised.
Like you said, I'd have gladly signed a disclaimer right at the start to declare that I wouldn't take legal action against any advice. All I want is to transfer my pension into an IM SIPP but it's proving incredibly difficult, complicated and expensive.
Stay in Bed Instead said:
JulianPH said:
Yes, he was (and still is) a regulated individual and yes, it was a UK stock.
We have absolutely nothing to worry about, it is just the incredible cheek of it!
Would you have done anything differently if he wasn't?We have absolutely nothing to worry about, it is just the incredible cheek of it!
So whilst I felt sorry for Berkeley Burke (as referenced above) and think the court decision was terrible, had they had the common sense not to take such ridiculous investments (land lease in Cambodia to grow jatropha tress for biofuel - seriously!!!) then this would have never happened.
Our complaint is just ridiculous though and will go nowhere. He obviously had a hot tip on a stock that he wanted to keep to himself (none of his clients with us held it) and when he got burned he tried to blame his own incompetence on us.
Pathetic really.
Jasey_ said:
Wouldnt surprise me if the Gov are making this difficult because they want to start means testing the state pension against other guaranteed pension income !
Probably. Pensions are a very politically motivated subject.However, it really all stems from the sheer number of pension issues over the years where individuals have given up/lost guaranteed pensions either through ignorance/mis-selling or companies going into bankruptcy and the individuals have lost out. The FCA deems that individuals deserve the upmost protection and their default position is essentially correct - that unless it can be proven otherwise through a detailed assessment of someones whole circumstances, then they shouldn't transfer and give up potentially valuable guaranteed benefits for unguaranteed benefits
However, what is essentially correct for most people isn't the same for others, hence this situation where you as a client are being asked to jump through hoop after hoop.
Equitable Life and g'td annuity rates, British Steel pension transfers, BHS deficit, Mirror Group & Robert Maxwell are just a few of pensions scandals in living memory
mids said:
troika said:
What a sorry state of affairs when it seems nobody is allowed to take any responsibility for their own actions.
Yes, I'm going through this process at the moment and finding the whole thing very frustrating.I don't even want to type out what's gone on as it'll just wind me up but a summary is that, despite my circumstances being very simple and having several very solid reasons for the transfer to be preferable, I'm 5 months down the line with no end in sight (my initial CETV about to expire) and current cost estimates about 4x what I was originally advised.
Like you said, I'd have gladly signed a disclaimer right at the start to declare that I wouldn't take legal action against any advice. All I want is to transfer my pension into an IM SIPP but it's proving incredibly difficult, complicated and expensive.
I know this is out of our hands, but if there is anything we can do to assist please do not hesitate to contact Nik.
mids said:
Yes, I'm going through this process at the moment and finding the whole thing very frustrating.
I don't even want to type out what's gone on as it'll just wind me up but a summary is that, despite my circumstances being very simple and having several very solid reasons for the transfer to be preferable, I'm 5 months down the line with no end in sight (my initial CETV about to expire) and current cost estimates about 4x what I was originally advised.
Like you said, I'd have gladly signed a disclaimer right at the start to declare that I wouldn't take legal action against any advice. All I want is to transfer my pension into an IM SIPP but it's proving incredibly difficult, complicated and expensive.
Sounds a nightmare. How can costs spiral 4X? That’s the other thing of course, the Barclays CETV is valid for 3 months so could find a situation of increasing costs and reducing value. I’m thinking for such a relatively small pot, it’s just not worth the agro. I don't even want to type out what's gone on as it'll just wind me up but a summary is that, despite my circumstances being very simple and having several very solid reasons for the transfer to be preferable, I'm 5 months down the line with no end in sight (my initial CETV about to expire) and current cost estimates about 4x what I was originally advised.
Like you said, I'd have gladly signed a disclaimer right at the start to declare that I wouldn't take legal action against any advice. All I want is to transfer my pension into an IM SIPP but it's proving incredibly difficult, complicated and expensive.
WhiskyDisco said:
I am no expert, but wanted to mention that an Aviva pension I've just joined charge nothing to transfer in/consolidate another pension.
If the value is small, could it be an option for her.
Thanks but unfortunately not that simple, you need an IFA involved. Many personal pensions also won’t accept transfers in from a DB Scheme. Her personal pension, administered by WTW (who also run the Barclays Scheme) won’t accept it but her SIPP provider (HL) will. If the value is small, could it be an option for her.
Jasey_ said:
Wouldnt surprise me if the Gov are making this difficult because they want to start means testing the state pension against other guaranteed pension income !
I’m convinced this will happen, give it 10 - 15 years. Technology will enable HMRC to know everyone’s net worth to an accurate enough level to means test everything, including state pension. If you are over a certain wealth threshold, you can look after yourself.JulianPH said:
Stay in Bed Instead said:
Hopefully as he is a regulated individual the Ombudsman, if it gets that far, would consider that he should have known what he was doing. Was it a UK stock he invested in?
Yes, he was (and still is) a regulated individual and yes, it was a UK stock.Edited by Stay in Bed Instead on Sunday 26th January 09:54
We have absolutely nothing to worry about, it is just the incredible cheek of it!
JulianPH said:
bhstewie said:
hstewie said:JulianPH said:
I couldn't agree more. In the case above though there was no DB pension transfer involved, it was just a run of the mill new contribution into an existing SIPP.
The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
How on earth would someone who claims to be a "senior IFA" have the brass neck to do that? The senior IFA instructed us to invest this contribution into shares in a particular (listed) company and when they fell massively in value he used a CMF to demand we compensated him for the loss of his own "professional" decision making, saying we shouldn't have followed his instructions!
They obviously don't have a leg to stand on, but it just shows the entitled compensation culture that is growing in this country.
Or are there simply that many "senior IFA's" that the title becomes a little meaningless?
JulianPH said:
Sorry to hear you are still experiencing problems with this transfer and it must obviously be seriously tarnishing your experience of moving to IM.
I know this is out of our hands, but if there is anything we can do to assist please do not hesitate to contact Nik.
Thanks Julian. I definitely under-estimated what was involved so I probably shouldn't complain too much about what's happening. I know this is out of our hands, but if there is anything we can do to assist please do not hesitate to contact Nik.
There is also no rush and I'm in no hurry to have the money transferred but I'm concerned that by having the CETV expire that by subsequently having to go get another valuation it runs the risk of the updated transfer total being reduced. Just one percent difference would be thousands of pounds. I know that the 2nd CETV could also be a higher valuation than the 1st but I'd rather not roll the dice.
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