I need a IFA

[Balham123]

I need a IFA

I wish to transfer a Final salary Scheme with a transfer value of £33k to my SIPP just seeking the best quote

The Personal Finance Society has a directory of all qualified members. Look for one local to you who is a Retirement Specialist as they have the necessary licences to advise on final salary pension transfers.

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You should think really hard about transferring out of a final salary pension. They can be a very valuable pension and not related to market conditions.

Another voice suggesting that you reconsider cashing in your final salary pension. Having a guaranteed pension from that investment is very useful when you are planning retirement. It provides some small point of certainty for your provision of income after retirement. You would not get that, if it were all put into a fund. Hope you find what works for you.

Transferring a DB to a SIPP?! It's a psychiatrist you need!

For what reason, out of interest? It's unusual.

Depending on the individual scheme member's circumstances and objectives there can be sound reasons for a transfer to be the most suitable course of action.

For example, they may be single with dependents but the scheme death benefits might only pay a spouse's pension. Or the scheme could be in some financial funding difficulties. Or the member might be an experienced investor with significant other assets for retirement income and this pot is a minor component of their overall planning which could be put to better use.

Whatever the reasons, as the transfer value is over £30k there is a legal requirement for the OP to seek independent financial advice.

You should think really hard about transferring out of a final salary pension. They can be a very valuable pension and not related to market conditions.

Absolutely and you'll be hard pressed to find a quality IFA that would recommend it in my experience.

Any IFA who supports you leaving a final salary scheme
Other than in a non listed company
Needs reporting

I have had great difficulty finding an IFA recently. Many of them aren't interested in doing work with sums of less than £100,000 - I was (not very kindly) dismissed by the first two IFAs I approached and the third is kindly helping me a little, for free out of good will but without taking the responsibility of being my official IFA (which would require him to charge a massive fee and open him up to be sued if things don't work out)

It can be a perfectly reasonable decision to transfer money out of a final salary pension depending on its value and your own circumstances. If you didn't work somewhere for that long and your expected income from the salary is only £2k per year for example - but because that is index linked and guaranteed that £2k per year income is valued for a transfer value of £40,000. If your health situation means that you are unlikely to live to enjoy 20 years of retirement then transferring that into a defined contribution scheme (with an income-drawdown facility and a residual value transfer to your legatees on yoir death) can be a very sensible thing to do.