Transfer out of pension with one provider

excited

I have a pension pot with Scottish Equitable worth around £38000, from contibutions by myself and the employer. I have changed employer and they provide a pension with Standard Life.

The pension pot is now worth £20000 and has a transfer value of £17000.

If i transfer the pension from a with profits fund to a non profits fund, How long would I have to wait untill I can then transfer the money from Scottish Equitable out to Standard Life. That way hopefully the transfer value will be closer to the £20000


thanks

dunstonh

If i transfer the pension from a with profits fund to a non profits fund, How long would I have to wait untill I can then transfer the money from Scottish Equitable out to Standard Life. That way hopefully the transfer value will be closer to the £20000

Changing the investment fund will have no impact on the speed of the transfer.

Is the Standard Life pension better than the Scot Eq? Out of those two, I would prefer Scot Eq personally if its got access to the full fund range.

excited

Its not realy speed of trnasfer that bothers me, I dont pay into Scot Eq any maore and the pot is slowing getting less. With the funds being in a With profits fund the transfer value is less than the real value. So if I can move it to a non with profits for a month say the transfer value is much closer to the actual value. Anyway within a few hundred pounds.


Management charges are less with Standard life.


thanks

EdInvestor

Actually it is the transfer value which is the real value in this case - the other amount is just a paper value that would only apply at maturity.The fund will not suddenly bounce back in a month if you move it unless there is a massive run up in equity markets and you happen to be invested in exactly the right funds.

You will pay the same penalty for switching out of WP whether to another fund at ScotEq or to Standard life - there is no benefit to moving in two steps.