Site Logo
Site Logo

I would like to transfer my DB pension pot to a private pension. Which financial advisors would be best placed to advise on this?

13 September 2021

Got a question?We'll put your question to our panel of helpful advisers

Question by Mohammad

I would like to transfer my DB pension pot (around £250,000) to a private pension scheme. Which financial advisors would be best placed to advise on this?


Answered by James Greenly

Hi Mohammad

Thank you for your question.

I would suggest you use the 'find an adviser' tool from the Boring Money website and filter to show 'Chartered Financial Planners' who work on a fixed fee only.

A Chartered Financial Planner is someone that has achieved a higher level qualification than is necessary, has at least 5 years industry experience, and also adheres to a code of ethics as set out by our professional body.

The reason I suggest you go for an adviser that will charge you a fixed fee is that you then know there is no potential conflict of interest. If an adviser is only remunerated if you transfer your scheme, then they may have a slight subconscious bias towards transferring you, even if this is not in your best interest. A fixed fee adviser will agree the fee with you before any work starts, and this will often be paid regardless of the outcome of the advice. Please note that there may then be a further fee if they implement the transfer for you, and you should also agree this as a fixed fee at outset.

Defined benefit transfers are a complex and highly regulated area, so it is really important that you seek proper independent financial advice from someone qualified and experienced in this area.

Good luck.

James

Answered by

James Greenly

Chartered Financial Planner

I am a Chartered Financial Planner at Capital Asset Management, a boutique financial planning and wealth management firm based in the City of London.