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  • FIRST POST
    • NorthernGeezer
    • By NorthernGeezer 11th Jan 18, 9:20 PM
    • 34Posts
    • 5Thanks
    NorthernGeezer
    Pension Transfer
    • #1
    • 11th Jan 18, 9:20 PM
    Pension Transfer 11th Jan 18 at 9:20 PM
    I have £60k in closed funds with Phoenix and i'm looking to transfer this in to my employee investement fund with L&G.
    Unfortunatley L&G will only do this if i use an IFA as the funds in Phoenix are 'with profits'
    the lowest price i've been quoted by an IFA is £1000 which seems excessive for what is generally an admin function.
    I was initially thinking of using Pensionbee as the transfer vehicle but they have a one year minimum requirement to keep the funds with them, plus as a new venture there is no history of 'transfering out' to a new fund.
    Any advice on an alternative quicker/safer route would be gratefully accepted.
Page 1
    • MallyGirl
    • By MallyGirl 11th Jan 18, 9:43 PM
    • 2,253 Posts
    • 7,256 Thanks
    MallyGirl
    • #2
    • 11th Jan 18, 9:43 PM
    • #2
    • 11th Jan 18, 9:43 PM
    It isn’t just admin. The IFA will be required to advise on whether it is the right move for you and will be liable for that advice in the future if you later decide to sue because it didn’t work out
    • dunstonh
    • By dunstonh 11th Jan 18, 9:46 PM
    • 90,283 Posts
    • 57,061 Thanks
    dunstonh
    • #3
    • 11th Jan 18, 9:46 PM
    • #3
    • 11th Jan 18, 9:46 PM
    the lowest price i've been quoted by an IFA is £1000 which seems excessive for what is generally an admin function.
    An admin function? That would be nice. You better let the regulator know its just an admin function as they dont treat it that way.

    Any advice on an alternative quicker/safer route would be gratefully accepted.
    Why do you want to transfer it out?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • NorthernGeezer
    • By NorthernGeezer 11th Jan 18, 10:53 PM
    • 34 Posts
    • 5 Thanks
    NorthernGeezer
    • #4
    • 11th Jan 18, 10:53 PM
    • #4
    • 11th Jan 18, 10:53 PM
    Mally
    I understand there's a bit more involved than 'just admin' but i'm happy doing the transfer myself rather than pay £1000.

    Dunstonh
    I'm looking to consolidate both Phoenix pots with the employee fund at L&G.
    I'm finishing work in April 18 due to an underlying medical condition but i wont crystalize and drawdown on this consolidated pot till probably March 19.
    • badmemory
    • By badmemory 12th Jan 18, 5:30 AM
    • 1,188 Posts
    • 1,289 Thanks
    badmemory
    • #5
    • 12th Jan 18, 5:30 AM
    • #5
    • 12th Jan 18, 5:30 AM
    Surely if the original pensions know of your medical condition that may allow you to do what you wish without any other requirements!
    • PeacefulWaters
    • By PeacefulWaters 12th Jan 18, 5:42 AM
    • 7,510 Posts
    • 9,375 Thanks
    PeacefulWaters
    • #6
    • 12th Jan 18, 5:42 AM
    • #6
    • 12th Jan 18, 5:42 AM
    What do you see as the benefits of transferring it?

    If they're negligible, there's no need to do it.
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 8:14 AM
    • 34 Posts
    • 5 Thanks
    NorthernGeezer
    • #7
    • 12th Jan 18, 8:14 AM
    • #7
    • 12th Jan 18, 8:14 AM
    Bad memory
    The issue isn't with Phoenix, other than the fact they can only offer me annuities not drawdown, they are quiete happy to transfer out at no charge.
    Unfortunately L&G will not accept a transfer in request of a 'with profits' fund from an individual, only via an IFA.

    Peaceful
    I can't access the fund whilst it's with Phoenix, I have to transfer out and I'm looking for the cheapest and easiest way to do this, which on paper looked something like what Pensionbee are offering.
    • dunstonh
    • By dunstonh 12th Jan 18, 10:17 AM
    • 90,283 Posts
    • 57,061 Thanks
    dunstonh
    • #8
    • 12th Jan 18, 10:17 AM
    • #8
    • 12th Jan 18, 10:17 AM
    I'm finishing work in April 18 due to an underlying medical condition but i wont crystalize and drawdown on this consolidated pot till probably March 19.
    Does the L&G pension allow you to do that? Most L&G schemes do not. They require a transfer to an alternative plan within L&G to do it.

    What makes you think that L&G is the best place for you to do drawdown? For a DIY investor, it almost would not be (they are not really up there on the advice side either).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 12:05 PM
    • 34 Posts
    • 5 Thanks
    NorthernGeezer
    • #9
    • 12th Jan 18, 12:05 PM
    • #9
    • 12th Jan 18, 12:05 PM
    Dunston
    Does the L&G pension allow you to do that? Most L&G schemes do not. They require a transfer to an alternative plan within L&G to do it.
    I spoke with L&G yesterday and explained what i wanted to do and why and they never raised any objections.

    What makes you think that L&G is the best place for you to do drawdown? For a DIY investor, it almost would not be (they are not really up there on the advice side either).
    Been looking at SIPPs but i'm still trying to work out if i can start one with the money i want to transfer out of from Phoenix.
    HL seem to get a lot of mentions on this forum but their site isnt that easy to understand.
    • xylophone
    • By xylophone 12th Jan 18, 12:23 PM
    • 23,973 Posts
    • 13,994 Thanks
    xylophone
    HL seem to get a lot of mentions on this forum but their site isnt that easy to understand.
    Seems clear enough?

    http://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp

    Have you phoned the help desk?
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 12:34 PM
    • 34 Posts
    • 5 Thanks
    NorthernGeezer
    Not even got that far yet xylophone, i'm still trying to make my mind up what to do with the 3 pots
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 12:42 PM
    • 34 Posts
    • 5 Thanks
    NorthernGeezer
    xylophone
    Looked at the link you sent me, seems easy enough, thanks.
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