Originally posted by hgllgh
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Setting up the SSAS was relatively easy going through the process with HMRC took about 6-8 weeks to get the PSTR number and be declared a "proper" pension scheme.
Getting the money into the SSAS was the problem.
I had an AJBell SIPP...there were a few hurdles but once I satisfied them it was done within days.
The problem came when I tried to get my Defined Benefit pension transferred in. There are guidelines saying that you MUST get the advice of an IFA to transfer a DB pension. I took a while to find an IFA that was suitably qualified and willing to create the report.
I knew what the report would say and so did the IFA...we had a good laugh about it before we started but he said he was still going to charge £8k for the advice...this was paid out of the pension pot on transfer. He advised against the transfer btw.
I also had to have a call with some random dude who had received a days training on pensions at the pensions helper service to make sure that I wasn't being scammed or under duress....He didn't understand that I had set up the pension and I was in 100% control of the pension...It took 2 x 1hr calls before he was able to issue me the reference number that I needed to prove that I had talked with them
Being a company controlled SSAS I decided to transfer anyway....The actual transfer was delayed by the company holding the DB pension but we got there about 6-8 weeks later.
In all it took me about 8 months to set up the SSAS and get the money transferred in for use in my property co.
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