Your Client, our risk


Frequently asked questions for introducing IFAs. Information about our process can be found in the Defined Benefit Pension Transfer section of our website.

If you have any other questions, please feel free to either call us, or complete the Get in Touch form at the bottom of this page.

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FAQ’s – Defined Benefit Pension Transfer Service For IFA’s

Does Grove accept Insistent Clients?

In a word, yes. For more details please read our Guide to Insistent Clients.

Does Grove have a minimum fee?

Yes – our minimum fee is £3,950 for Full Advice. However, prior to getting to this point, clients receive both Triage information and then Abridged Advice free of charge. This helps them understand whether to proceed to Full Advice.

What is the maximum initial fee I can take?

This is dependent on the size of the transfer value (CETV); you can take up to 1% on the first £250,000, 0.6% on the next £750,000 and then 0.5% on the balance, up to an absolute maximum of £13,000 (the same as our maximum).

It should be noted that because our minimum fee takes priority, the CETV must be at least £131,666 for us to facilitate a fee. However, you can arrange a fee directly with your client.

Is there a minimum CETV Grove will look into?

The legal requirement for anyone with a CETV of more than £30,000 is to receive Full Advice prior to transferring, so this is the minimum that we will advise on.

Some ceding / receiving schemes still require proof of advice even when the value is less than £30,000 and, in these circumstances, we are prepared to provide this.

Of course, you should discuss our minimum fee prior to referring them to us, as they may not wish to proceed.

Should I request a current transfer value (CETV) before I send a new case to Grove?

Ideally not, as we prefer to request these ourselves.

Transfer values (CETVs) are only guaranteed for three months so we always prefer to have the maximum time to provide our full advice before the CETV runs out (avoiding the potential risk of a recalculation meaning it drops in value).

However, In the event that your client has already received a current transfer value, please pass the case to us as soon as possible. This will give us the best chance to complete matters before the value expires.

Does Grove help with just DB transfers, or will they help with other types of pensions?

We can provide advice on any type of UK pension – including those with safeguarded benefits such as GMP – as long as the transfer is to another UK-based private pension or workplace personal pension.

How long does it take to switch the agency back to me once Full Advice has been given?

We will do this as quickly as possible, which normally means once all the client’s transfers are complete and any initial benefits such as PCLS, UFPLS etc have been paid out / initial fees settled.

As such, this depends on the receiving provider and how quickly they process this. We would generally expect this to take 2-3 weeks.

If I charge an initial fee, when will this be paid and how?

If you have asked us to facilitate a fee within the limits above, we include this amount with our initial fee and will pay this to you once the receiving scheme have paid us, on completion of the transfer.

We will ask you for an invoice and this is normally settled within about a week. If the client has chosen to take Full Advice but then does not transfer, under FCA rules our fee must still be paid and the client will need to pay this to us.

However, we obviously don’t facilitate any fee that you have agreed with your client, so you will need to arrange this separately.


What our IFA clients say

Get in touch

If you would like to find out more about our DB pension transfer service for IFA's or visit us, get in touch below and one of our IFA Support Team will contact you.

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