The team at Tideway have been providing the specialist advice in this area for a number of years. In that time Tideway has handled over 1700 enquiries from deferred members of more than 60 different Final Salary (FS) schemes, we have engaged with over 600 deferred members for detailed advice on their DB Pension transfer offers, noting that Tideway’s approach is to use free of charge guidance to help filter out sensible and suitable transfer candidates.
Tideway’s view is that it is not for advisers to explicitly say yes or no to transfers but to explain the choice, the pros and cons and key risks of each option and help the customer make a good decision as to which route they prefer. Assuming schemes are offering sensible transfer values there should be no need for ‘insistent’ customers. All our customers are required to read our free guide to DB Pension transfers to help them understand the risks involved and the importance of seeking good quality professional advice.
The majority of our Introducers are IFAs (and other financial advisers) or Accountants and Solicitors who are not regulated to offer pension transfer advice. However, some advisers who have the AF3 qualification and could give advice will refer clients to Tideway as this is a specialist area.
An adviser must be AF3 qualified and their firm must have the FCA’s special permission to give advice on pensions transfers and opt-outs. Professional Indemnity Insurance is more difficult to obtain and therefore more expensive and the FCA charges an extra annual fee!
As the Introducer you should not give any advice to the client on the merits of the transfer in question. However, we are happy to keep you updated with the progress of the transfer.
Whilst Tideway must initially act as agent for your client to be able to act for them in respect of their Pension Transfer, this is the only advice we will be involved in. The introducer’s agreement incorporates a no cross selling guarantee. At the end of the transfer process you can transfer the client to your agency provide the ongoing financial planning advice.
Yes, however we reserve the right to refuse an application from the Introducer where the total level of adviser remuneration to the Client exceeds 2%.
The product recommendation is part of the service provided by Tideway, and this is limited to a panel of providers chosen by us.
The transfer advice process can take anywhere between 8 weeks and five months (it can be shorter or longer in some cases) to complete depending upon how helpful the scheme administrators are. We chase the scheme administrators regularly and find that most transfers complete within four to five months.
Yes, we can provide you with a copy of the client’s appraisal report and full pension transfer report.
Yes, you can speak to Tideway at any time by calling 020 3178 5982.
A 1% adviser charge based on the transfer value received on completion.
Yes - £200,000, and we do have a minimum fee of £2,000.