I have a DB pension from my last permie job. I asked for a transfer quote and it was a lot higher than expected. Transfer value was about £139,000, benefit at retirement would be about £3800 pa. I was thinking about moving this to my SIPP, which currently only has a few hundred in it. My reasons for this is that I want to be in control of it myself and the company I used to work have been losing money for years now and I'm not confident they'll survive much longer.
As this is DB pension over £30k in value, I have to take out financial advice to transfer out (and it seems many SIPP provided won't accept the transfer unless the advice is to transfer - link). I was hoping to avoid financial advisor fees, but if I have to I'd rather do it as cheaply as possible.
I don't want advice on where to put it - I want to be in control of it myself - so my question is if anyone has done this themselves and what it cost for an IFA to provide the advice to enable the transfer.
As this is DB pension over £30k in value, I have to take out financial advice to transfer out (and it seems many SIPP provided won't accept the transfer unless the advice is to transfer - link). I was hoping to avoid financial advisor fees, but if I have to I'd rather do it as cheaply as possible.
I don't want advice on where to put it - I want to be in control of it myself - so my question is if anyone has done this themselves and what it cost for an IFA to provide the advice to enable the transfer.
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