Recommend an IFA for a simple request

[brickwall]

Short version:
I need a registered IFA to give me very quick formal advice. Can anyone recommend one (London, SW).

Longer version:
I was a civil servant for a year. In that year I accrued a defined benefit pension entitlement. After a year as a civil servant, I left and returned to the private sector, where I have a defined-contribution pension scheme with my employer.

Under civil service rules, you cannot get your pension if you've worked in the civil service for less than two years. You must therefore either:
a) Transfer the benefits to another scheme
b) Get a refund of contributions

I have picked option a), because the transfer value is approximately twice what my contributions were.

In going through the transfer process, I have to confirm that I have had an IFA give me advice on this issue, and they have to write who they were, and that they were insured to provide such advice etc. etc.

It's a no-brainer decision, and I wouldn't take the advice if I didn't have to. But since I have to, can anyone recommend a good, reasonably priced IFA, who can help me with this? I'm based in SW London.

[IanMorewood]

Good luck with that one, it's a question of what's the potential liability to them going forward.

[LeoSayer]

That's nuts - it sounds like a blanket rule for all transfers which shouldn't apply in your 'no brainer' circumstances.

Speak to a trustee of the and see if they can waive that requirement.

[rattyuk2000]

I'll be interested to hear how this plays out OP.

I was in the same position a couple of years back, albeit with 2/80ths of a DB scheme. Couldn't find any IFA to sanction a move to my SIPP as, aside from me wanting "one pot", it's fundamentally bad advice and they were all adverse because of a potential mis-selling claim.

The irony is that the scheme demands this level of scrutiny if you want to move the money to another pension wrapper, but is un-concerned if you take the cash and buy a holiday or a white Audi. Madness.

[Ginge R]

Brick,

This won't be cheap or easy, the cost of regulation prohibits it. Coincidentally though, this new service may be useful to you; something I saw in the pinks earlier today. You could either approach them directly (assuming they take d2c business), or if you experience pushback from an adviser, why not suggest it (if they're not already aware of it)?

http://www.ftadviser.com/2015/12/11/ifa-industry/c...

[brickwall]

LeoSayer said:

That's nuts - it sounds like a blanket rule for all transfers which shouldn't apply in your 'no brainer' circumstances.

Thanks. It definitely sounds like a blanket rule.

I may well do this (especially if the advice will be costly).

[audi321]

The cost of the advice by an IFA refers to doing a comparison between what you are giving up (i.e. guarantees), and the projections for what you are transferring to.

Given that there is no benefits from the scheme (due to the under 2 years rule) there is no comparison to calculate, so there's no liability on the IFA in future for complaints etc. I reckon we could do it via email/post for a nominal fee.

PM me if interested.