Pension terminology - Help needed !

PParka

Hi,

I'm in the middle of a pension transfer and have been asked to provide the following:
1. Non-protected rights transfer value
2. Protected rights transfer value pre-6 April 1997
3. Protected rights transfer value post-5 April 1997

My old pension company has given me the following information:
a. GMP Protected Rights £xxxxx
b. Members contribution included in transfer £xxxxx
Of which post 97 are £xxxxx
c. Post 5 April 1997 rights £xxxxx


Does anyone know which figures I need to give the new pension company??
The questions they have asked seem slightly different to the information I've been given.

Many thanks

dunstonh

Does anyone know which figures I need to give the new pension company??

All of the them. You should provide the whole discharge form and pension details form to them. The new provider may refuse to accept the pension transfer if there is GMP. Especially if you are attempting a final salary scheme transfer. This is to prevent you doing something that is almost certainly the wrong thing to do.

Is it a final salary scheme or a section 32 buy out bond you are transferring from?

PParka

dunstonh wrote: »

Is it a final salary scheme or a section 32 buy out bond you are transferring from?

Hi,
It's a final salary scheme. The more I look into this, the more complicated it gets.

I've decided to speak to an IFA as I don't want to make a mistake.

Thanks for your help as always.

dunstonh

You would probably have found that the receiving scheme would have refused to complete the forms the minute they found out it was a final salary scheme and tell you to go to an IFA anyway.

There was an FSA announcement last year that basically said that it would consider final salary scheme transfers as mis-sales as the starting point unless there was proof otherwise. This included non-advice transfers. Statistically, 9 out 10 final salary pensions should not be transferred.