Crystallised pension transfer
Discussion
Morning, O founts of all knowledge.
I have an inherited pension that is crystallised due to the age of my mother when she passed. I HAD thought that I had a solution in PensionBee, who were very adamant that they could accept inbound transfers, only to discover more than a year of badgering later that they couldn't (but they paid the introductory bonus, so who is the idiot now, ha)
I am aware of IM,and thanks for the confirmation that you would consider it for a trivial sum, but am very reluctant to hand over a percentage of the capital (and the current holder, Quilter, want even more, and its apparently too complex for me to open an online account, it must go through an IFA)
Am I missing something that makes this more complicated than I think it is? The money is not enormous, and will be split three ways to me and my sisters, but I fail to see why it's right that around 10 per cent (inbound x 3) is an acceptable figure for money that's just going to sit there for a decade or so, in a sensible investment pot.
I have an inherited pension that is crystallised due to the age of my mother when she passed. I HAD thought that I had a solution in PensionBee, who were very adamant that they could accept inbound transfers, only to discover more than a year of badgering later that they couldn't (but they paid the introductory bonus, so who is the idiot now, ha)
I am aware of IM,and thanks for the confirmation that you would consider it for a trivial sum, but am very reluctant to hand over a percentage of the capital (and the current holder, Quilter, want even more, and its apparently too complex for me to open an online account, it must go through an IFA)
Am I missing something that makes this more complicated than I think it is? The money is not enormous, and will be split three ways to me and my sisters, but I fail to see why it's right that around 10 per cent (inbound x 3) is an acceptable figure for money that's just going to sit there for a decade or so, in a sensible investment pot.
When I, my siblings & our kids inherited my Dad's SIPP between us, we each needed a SIPP to transfer our share into.
The adults already had them, the kids needed to open them. Then it was just a straight transfer. Ours came from AJ Bell & went to various new providers.
We each needed to complete a transfer request & return to AJ Bell and it took a month or so but was quite straight forward.
I don't recall the fees - but 10% sounds outrageous.
The adults already had them, the kids needed to open them. Then it was just a straight transfer. Ours came from AJ Bell & went to various new providers.
We each needed to complete a transfer request & return to AJ Bell and it took a month or so but was quite straight forward.
I don't recall the fees - but 10% sounds outrageous.
Carbon Sasquatch said:
I don't recall the fees - but 10% sounds outrageous.
That's times three , rather than one provider taking all ten, but I seem to have been voted into sorting this out for them - one airy fairy, one NHS worker, so no clue about things like this. My chosen pension holder doesn't accept crystallised funds, damn their eyes, thus the approach to PensionBee.My big sis could probably just take as income, i.e. ten grand a year over four years, as she's not earning, but I do earn, and would be hammered for tax. Little sister ha a decade or so to 55, so it might as well sit somewhere active, rather than sitting as cash on Quilter's books (though thats not such a bad place right now)
I'm still not clear on the fees.....
You can open a SIPP with IM & use the PH code to waive the initial fee - https://www.pistonheads.com/gassing/topic.asp?h=0&...
Then submit a transfer request to Quilter, for which they may charge something, but should be clear in their T&C's somewhere. Can they force / require an IFA recommendation to move ? I thought you could just request a transfer to another provider.
You can open a SIPP with IM & use the PH code to waive the initial fee - https://www.pistonheads.com/gassing/topic.asp?h=0&...
Then submit a transfer request to Quilter, for which they may charge something, but should be clear in their T&C's somewhere. Can they force / require an IFA recommendation to move ? I thought you could just request a transfer to another provider.
Carbon Sasquatch said:
I'm still not clear on the fees.....
You can open a SIPP with IM & use the PH code to waive the initial fee - https://www.pistonheads.com/gassing/topic.asp?h=0&...
Then submit a transfer request to Quilter, for which they may charge something, but should be clear in their T&C's somewhere. Can they force / require an IFA recommendation to move ? I thought you could just request a transfer to another provider.
I think the missing piece of the puzzle is the PH code bit. Her old IFA wanted 3.5% to advise, Quilter are insisting on an IFA led pension, and the IM fees without the code are (if memory serves) around 2%. One bite for me, one for each sister...You can open a SIPP with IM & use the PH code to waive the initial fee - https://www.pistonheads.com/gassing/topic.asp?h=0&...
Then submit a transfer request to Quilter, for which they may charge something, but should be clear in their T&C's somewhere. Can they force / require an IFA recommendation to move ? I thought you could just request a transfer to another provider.
Thankyou very much indeed
Hmm - I'm not sure Quilter can.... maybe worth pushing a bit. There's not that much that absolutely requires advice.
Unless you have entered into an agreement with them, then it should be fairly straight forward.
They confirm you are the beneficiary, then it's your money, so you just instruct them where to transfer it to.
They may want you to use an IFA & ideally leave it with them, but that should be entirely up to you.
Unless I'm missing something......
Unless you have entered into an agreement with them, then it should be fairly straight forward.
They confirm you are the beneficiary, then it's your money, so you just instruct them where to transfer it to.
They may want you to use an IFA & ideally leave it with them, but that should be entirely up to you.
Unless I'm missing something......
Right, life got in the way. Am I being a bit slow, and the IM "PH Code" is obvious to anyone who isnt a blind old buffer?
The Quilter thing - they currently have the money, so the obvious thing would be to leave it there, and open an online IFAless account with Quilter, right? They have said "has to be IFA led", so yah boo sucks to them, they money is off to IM once I find the darned code.
The Quilter thing - they currently have the money, so the obvious thing would be to leave it there, and open an online IFAless account with Quilter, right? They have said "has to be IFA led", so yah boo sucks to them, they money is off to IM once I find the darned code.
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