Is anyone an Independent Financial Adviser please?

[FrogFairy]

I am hoping that someone can advise me how long it would normally take to transfer a pension. I will try to keep it brief.

I approached an IFA last December. After some fobbing off they eventually asked for my details full name address etc five months after my initial approach.

It has now been another five months since then and I have heard nothing.

Is this a normal time scale? Since contacting him I have been told by a mutual acquaintance that IFA is known for being flaky and unreliable. Even allowing for COVID this seems to be taking a long time.

Could the reason be because I want to do something that is not normally recommended.

Briefly I have a final salary pension that will pay £6k per annum from age 60. This is not enough to live on but more than I would need once I get state pension.

The CETV is £240k and I would like to retire as soon as possible after 55, taking the tax free lump sum and an income of approx £10k per year up to age 67 when I will get full state pension. Pension could then reduce greatly to just £1k or £2k per annum until it runs out. If I die I would like any funds left to go to my son but would forgo this if it affected my income.

I know there is a pension forum on MSE but I am concerned that he might read it and recognise me. Plus a lot of what they talk about goes over my head.

Do I need to manage my expectations or is it time to look elsewhere?

[BeepBoopBop]

I would look for a decent firm of accountants and ask them for an IFA recommendation. There is no way on Gods green earth I would wait for five months for an IFA to answer me so I could spend money with them.

[ItsReallyOnlyMe]

The IFA sounds as if he is not interested in helping you.

Please contact the Pensions Advisory Service at www.pensionsadvisoryservice.org.uk/about-us/our-services

They give free impartial advice regarding your plans, and if it is possible with the Final Salary scheme you are in.

[Obviouspretzel]

It's been ten months ! I would have moved on from this IFA long ago, they are clearly not interested.

[Treeballarae]

Yes I would recommend getting a new IFA, they don't sound very professional. There could be a delay within the pension provider too, because of covid market fluctuations previously quoted CETVs are often being referred back to the trustees of final salary schemes, but the IFA should have got in touch to tell you if that was the case.

[FrogFairy]

Thank you all for confirming my gut feeling.

So disappointing as I worked with this guy in a different career 30 years ago so felt he was someone I could trust. You here about people getting conned out of their pension funds so felt safe with him.

Hopefully it will be possible to transfer the pension. It was another ex colleague who suggested it as they have already done it with this IFA and have retired at 55 on a decent pension.

[NeedingCoffee]

As an accountant I don’t know a single FA I could recommend (note, I haven’t even tried to say IFA). Their main excuse (which is true) is that govt shot itself in the foot with the amount of paperwork they have to do to take someone on - aiming at preventing mis-selling - such that they just won’t make anything from transactions such as yours.

[laudemio]

If the final salary pension is index linked you would be mad to cash out. Why do you need to retire at 55?

[FrogFairy]

Thank you for your honesty. So I might struggle to get anyone to help me and transfers over £30k must be handled via an IFA. Bugger.

[FrogFairy]

I don’t need to retire but my health is not great. Over the past decade I seem to acquire a new health problem every couple of years.

[FrogFairy]

Sorry that should have said I don’t need to ‘but want to’ due to my health.

[Sassparilla]

I would suggest looking on VouchedFor.Com or Unbiased.Com

I work with IFAs and strongly disagree with the comments above about there being no good Advisers around. I know a lot of bloody good ones.

[FrogFairy]

Thank you very much, I will have a look at those links.

Really hoping I can work something out and be able to retire.