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Company Pension transfer advice please
chris057
Posts: 51 Forumite
Left co. after paying into new Final Salary co. pension scheme (contracted in with no protected rights) for just a few months. I now have the foll. options:
cash refund minus tax = aprox £200 - (don't like this option)
or
cash trf sum = aprox £1200 to new employer/insurance pol/personal pension.
Advisory fee to trf to existing HL SIPP = £500 aprox - so too expensive.
Cannot trf to new employer - as now 'retired'
Can I trf to stakeholder and then to HL Sipp? Which would be my cheapest option? Any alternatives/drawbacks?
All info gratefully received.
Thanks in advance.
Chris
cash refund minus tax = aprox £200 - (don't like this option)
or
cash trf sum = aprox £1200 to new employer/insurance pol/personal pension.
Advisory fee to trf to existing HL SIPP = £500 aprox - so too expensive.
Cannot trf to new employer - as now 'retired'
Can I trf to stakeholder and then to HL Sipp? Which would be my cheapest option? Any alternatives/drawbacks?
All info gratefully received.
Thanks in advance.
Chris
0
Comments
-
You will find many pension providers will not accept a final salary pension transfer without advice been given.
Have you not got the usual option of leaving it where it is?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks Dunstonh for your reply. I have checked letter and found I do not have the option of leaving it with the company.
Rgds
Chris0 -
I do not have the option of leaving it with the company.
I cannot see how H-L can require you to take advice on the transfer if this is so.Go back and explain this to them.Trying to keep it simple...
0
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