A word of warning, Norwich Union's missing word is worrying! Blog Discussion

Former_MSE_Andrea

This is a chat forum discussion on Martin's 'A word of warning, Norwich Union's missing word is worrying!' blog which you can read here.

ptmoore

One thing that annoys me about IFAs:

I have two (or three) different pension plans.

One is a decent personal pension which I use to "consolidate" any work-related pensions which I have (I've had lots of jobs!).

In the past couple of years, it would appear that the law has changed. It is now impossible to transfer a frozen occupational pension plan without consulting an IFA (and therefore getting hit by fees of between £100 and £500).

When I try asking either pension company to initiate the transfer, they tell me that I must take "Independent financial advice". I tell them that I don't need to. I've already taken that advice, that's how I got my personal pension. But they say they are only allowed to take pension transfer instructions from IFAs.

The biggest con I've yet come across in the financial world - being forced to pay an IFA to fill in a form that I could fill in myself to conduct a transaction that I could conduct myself and to give advice that I've already been given.

EdInvestor

ptmoore wrote:

It is now impossible to transfer a frozen occupational pension plan without consulting an IFA (and therefore getting hit by fees of between £100 and £500).

Is this pension in a final salary scheme? There's a bit of a fuss about transfer values from these schemes at present: before, the actuaries were allowed to give guidance about how to work them out, but now responsiblity has been transferred to the DWP and there could be a bit of delay as a result.

Shouldnt affect money purchase (or GPP) company pensions though.