100%…….the last 20 years of my career were in regulatory compliance in various roles - making fairly (or very) specific suggestions on the basis of very limited facts is a recipe for disaster. Despite my experience and qualifications I use an IFA for any major decisions.
100 yard breaststroke certificate…I’m not surprised
Great news... Mortgage rates are dropping nicely atm and so good to hear you're happy
Not even that
recovery of a brick in pyjamas?
There’s some sick people out there these days….
Not even that simple though and very much depends on what you need (what decisions you’re having to take) - for example, moving a DB pension to a SIPP over a certain value legally requires you to take independent advice.
The catch is when you try to find one who is prepared to handle a DB to SIPP transfer for you. The decent IFAs run a mile, for fear of future litigation (the indemnity required is uneconomic), while the law forces investors into taking their chances with unknown IFAs on the internet. The situation needs a root and branch overhaul.
Yep, loads of IFAs no longer offering DB to SIPP transfers. Glad I got my modest pot done while I could and transfer values were high.
and continue to do so...
£30k is the threshold. As well as that, scheme trustees are becoming ever more careful about allowing even transfers of DC schemes - will often insist on a referral to Moneyhelper (essentially a ‘sense check’ to help stop bad decisions) before allowing the transfer (will depend on individual scheme rules, plus fund content etc). One transfer I did included this requirement even though I’d been advised by an IFA (it was a pointless discussion in my case but I understand the logic of the safeguard). Costs of transfer can often be negotiated as part of any ongoing management fee - ie if you take a firm’s advice and then invest the fund with them, quite normal for the advice fee to be essentially written off as long as you stay with the firm for a period.