Pension Transfer

matt4504

So, I want to transfer two HSBC pensions to my Scottish Widows stakeholder.

Last time I tried to transfer once I had so many forms/both banks were asking for forms that they had already received/sent me loads of different HMRC forms that I didn't even need so I just gave up and left them at they are.

But I'm going to try again. One of the HSBC pensions has such a high charge on it, I need to get it moved.

Should I try and tackle it myself or is the best route to go an IFA for help or CAB? The banks are not really trying to stop me, they're just not very helpful.

Thanks!

Matt

Loughton_Monkey

Try again.

It is a slow process, as evidenced by standards that say they are 'obliged' to complete the transfer within 6 months! A lot of HMRC form-filling I expect.

dunstonh

Should I try and tackle it myself or is the best route to go an IFA for help or CAB?

CAB wont give pension advice. An IFA can. Any reason you are picking a SW stakeholder? Its not the cheapest option, its not the best option for most people. However, its not a bad option.

The banks are not really trying to stop me, they're just not very helpful.

You are doing a transaction that is basically outside of their branch staff remit.

matt4504

dunstonh wrote: »

CAB wont give pension advice. An IFA can. Any reason you are picking a SW stakeholder? Its not the cheapest option, its not the best option for most people. However, its not a bad option.



You are doing a transaction that is basically outside of their branch staff remit.

I am just transferring from my HSBC pensions to the SW one as it's cheap compared to my current ones. My HSBC stakeholder is 1.5% and my HSBC personal pension is something like 3-4% whereas my SW is 0.8%.

I just want a cheap stakeholder pension to look after my money before I transfer it into my occupational pension in a few years.

dunstonh

I am just transferring from my HSBC pensions to the SW one as it's cheap compared to my current ones. My HSBC stakeholder is 1.5% and my HSBC personal pension is something like 3-4% whereas my SW is 0.8%.

I think you have made an incorrect calculation there. HSBC personal pensions would not cost 3-4% p.a. You typically find their most expensive ones (older ones) are around 1.9%. Their awful world selection based PPP is around 1.2%.

SW Stakeholder at 0.8% is not cheap. Or in context, its cheaper than the 1.0% benchmark but cheap today is 0.2%-0.4%. However, noting your next requirement of transferring it again in a few years, then it is probably about right as most of the cheapest plans are priced for the long term, not the short term.

matt4504

dunstonh wrote: »

I think you have made an incorrect calculation there. HSBC personal pensions would not cost 3-4% p.a. You typically find their most expensive ones (older ones) are around 1.9%. Their awful world selection based PPP is around 1.2%.

SW Stakeholder at 0.8% is not cheap. Or in context, its cheaper than the 1.0% benchmark but cheap today is 0.2%-0.4%. However, noting your next requirement of transferring it again in a few years, then it is probably about right as most of the cheapest plans are priced for the long term, not the short term.

Ahh sorry about the 3-4% thing, I don't know where I got that figure from. I just checked and it's 2.15% which still isn't great. I'm not sure if the 0.8% is high because I got it pre-interest rate cuts?

Anyway, I just wanna move them to the SW one, leave it for a bit and then i'll be sorted