Pension transfer problem!!!

edmond

My wife has been paying into two pensions
1 through work,
and 1 through the abbey Nat.
she decided to close the one with the abbey nat and take the money,
however when she called the abbey nat she was told because the pension was over a year old it could not be taken as hard cash, it would have to be transfered.

Her work pension will not allow her to transfer the pension from the abbey nat. (council pension)

so the only thing she can do is transfer it into another pension plan.
the problem is we hard finding it hard to find other banks who will transfer it,

the pension is only worth about £4000, but i dont like the idea of it been in an account for the next 40 years.

is there anything i can do?
would it be possibale to transfer the pension into another plan and withdraw the money within the first year

dunstonh

Tied agents can rarely get involved in pension transfers because, technically, tied agents are not allowed to compare their product with another provider. As most banks operate tied agents, there is no surprise you cannot do it. IFAs can do pension transfers and occupational pension transfers require a higher qualification known as G60.

So, your choice is do it yourself and take the liability of getting it wrong or missing out on potential benefits of leaving it where it is or take it to an IFA that has G60 qualifications.