Pension transfer - anyone used a financial advisor?

[YogaLite]

I want to transfer my old deferred defined benefit pension to a different government approved provider to have more flexibility to access it.

There is a (totally unnecessary in my view) obligatory requirement to obtain a financial advice which apparently is expensive.

I had sent some enquiries online and I am waiting to hear.

Has anyone done it? How expensive was it? I just need a one-off waffle from them confirmed by a letter to my pension provider.

Anyone has been through similar? How did u find the "advisor" and what was the cost?

NEST is listed as registered master trust with my provider so I expect they will accept.

@YogaLite

NEST is listed as registered master trust with my provider so I expect they will accept.

Did you read the link I posted? It says We don’t accept transfers from defined benefit schemes unless they’re early leaver cash transfers or pension credit transfers.

@Mia85 - You are wasting your time, OP wants to transfer, and thinks she can.
However she wants to transfer to a scheme that does not accept trasnfers in from DB schemes, she has poor rationale to transfer, she has little understaning of the risks involved, she is not willing to pay for advice, and she is unlikely to find an adviser that will do a DB scheme

NEST will not take the liability for such a transfer. They also charge 1.8% on contributions on top of their AMC. Who is the shark now?

[quote fromdownwest]@Mia85 - You are wasting your time, OP wants to transfer, and thinks she can.
However she wants to transfer to a scheme that does not accept trasnfers in from DB schemes, she has poor rationale to transfer, she has little understaning of the risks involved, she is not willing to pay for advice, and she is unlikely to find an adviser that will do a DB scheme

Would the same advice be given if it was NOT a DB pension? (I understand advising to speak to an IFA) f it was an old pension lump sum/amount (from 20 years ago OP said )that wasn't going to grow?

I'm curious, not trying to mix it up.

The advice might be different because DC/money purchase schemes don’t have the same guarantees as DB schemes.

Thanks.

@billyt

Would the same advice be given if it was NOT a DB pension? (I understand advising to speak to an IFA) f it was an old pension lump sum/amount (from 20 years ago OP said )that wasn't going to grow?

I'm curious, not trying to mix it up.

Not my area of expertise, but why not check out an investment platform like AJ Bell Youinvest:

www.youinvest.co.uk/pensions-and-retirement/accessing-your-pension/consolidating-your-pension

They are fairly low cost and quite helpful on the phone.

Also look at MoneySavingExpert and/or Lemonfool for information.

@billyt

Would the same advice be given if it was NOT a DB pension? (I understand advising to speak to an IFA) f it was an old pension lump sum/amount (from 20 years ago OP said )that wasn't going to grow?

I'm curious, not trying to mix it up.

The discussion on this thread is specifically about DB pensions because there are stringent regulations about transferring them www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/transferring-your-defined-benefit-pension

If you are just looking at transferring an old DC pension to another then it's not a requirement to get advice, though of course you might want to do so depending on your circs.

@FlowerArranger, thank u, some of the big companies only consider transfers for over 250k, haven't checked AJ Bell yet.

There is someone on mse website going through the same pain which is useful.

I haven't given up yet...