Low value DB pension transfer? Please sign a petition

[Tinsey]

Having battled unsuccessfully the problem of my low value pension transfer, I have created a government petition to allow an opt-out of the financial advice for low value DB pensions transfers.

There has been something in the news they are trying to simplify consolidation in 2030 but not sure I will live long enough as I am in my 60s (my pension transfer is about £100k but I was also told that most providers don't accept new funds under £250k).

Can I please ask you to sign and share if possible. I will also post it on MSE at some point but any ideas where else to go with it gratefully received.

petition.parliament.uk/petitions/652230

And how privileged you are that you can afford to dismiss an income of £4 - 6k per year for life as being relatively trivial.

So I can imagine you are also in a position to afford to pay for advice.

I have mostly DC pensions but one small DB which might give me around £3-4K each year depending on the age I take it.

It doesn't 'seem' much until you look at how much you would have had to have paid into a DC to get that same guarantee. It will be paid until I die and although it forms a small percentage of my overall pension investments I look at it as guaranteeing it pays my energy bill or council tax each year as it will be linked in some part to inflation measurements,

Given the amount of 'no win, no fee' type adverts for 'bad investment advice' I totally understand why it is expensive and hard to get someone to agree that transferring a DB however small into a DC figure, which can be lost (stock market) or spent so easily, is in someone's best interest.

I am glad pensions are heavily regulated.

Mine wouldn't pay for a council tax or food bill for a month.

Yes, there are many ways to approach it, eg, have the advice cost capped at a sensible level and eg even having a published list of authorised advisors. When I wrote to FCA asking for a list, I was told it's not available to the public.

And how do I know, picking up someone from the internet that they are who I hope they are? Have we not heard of any discredited advisors?

Anyone can call themselves anythng online with a fake website and scam me of £10k.

My circumstances and plans today could be different next week - have any advisors been sued by the ghosts of people they advised to keep DB pensions and died prematurely?

And how have I ever got to 60 without a need for one eh?

**PS. The petition went live a day before Christmas and it closes in June 2024 so please feel free to share so we can get some answers from the government.

Or set up a different one and I would be happy to add my signature to it**