Advisor recommendation - CETV transfer from DCS

[AC2022]

Hi

DH has a DCS pension due out in 2026. We requested a CETV in 2020 but the valuation was low and our FA advice was not to proceed. We have to take advice because the pot is worth over £30k. We have applied for another CETV but don’t want to use our FA because they declined before. We know that we want to cash it in and are happy to go against advice.

Can anyone recommend a FA they’ve used to transfer out of a DCS?

Thanks

Should be DBS. It’s a final salary pension. Sorry.

You will struggle to find one I’m afraid. You’ll see other people on here have been bitterly complaining. The FCA don’t want you to do it and so they are shutting down many advisers to prevent it.

With gilt rates having climbed the probability of getting a recommendation has dropped.

Try Aviva Direct, or Fidelity International. Both did, but again only if it exceeds certain hurdles.

Unless it’s a big one (I’ve only transferred those exceeding £1M) I think you’ll struggle.

Thanks @Sunsetintheeast

It’s for around £130k and it’s surplus to requirements really, post 60. We could use it now to save a similar amount in interest on a mortgage we have. After 60 most would be lost in tax.

I’ll give Aviva a try probably.

how old are you? That will
make a difference.

This guy, christian name is Duncan, might be able to help.
[email protected]

It is possible to get out of DB schemes, but it's really not so economic to do so now that interest rates have risen so sharply in the last 12 months.

Don’t bother right now. Transfer values right now have decreased by about 36% on average. It’s a bad time to transfer out.

Be a waste of £5k of fees for an advisor to tell you that right now. And since the FCA banned contingent fees. it’s created this madness.

Only exceptions that im aware of is in financial services where they are still offering multiples of about 30+.