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Help with Nuvos pension transfer!
roopaherein
Posts: 4 Newbie
I need to transfer my NUVOS pension from Civil service into a pension provider arrangement asap as I am not employed at the moment and don't have any other company pension. I worked there under 2 years so that is the case. Otherwise I will get only a refund and lose all employer contributions. The pension is worth 4320.01pounds. Please advise who accepts transfers of civil service pensions, have low or no charge for transfers, low or no exit fee if I start work again, offer a good deal like low AMC and can they do it quick? Should I go for a SIPP, repensioning, stakeholder or personal pension? I have less than 4 days to do all this! Please help! Thanks!
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Comments
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Anyone out there to help??0
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You need an IFA asap, as only they can sign off on a FS pension transfer.
Find one today via unbiased.co.uk0 -
Why would an IFA be needed as there is no option other than transferring (apart from pocketing part of the cash)0
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Why would an IFA be needed as there is no option other than transferring (apart from pocketing part of the cash)
because the default position of the FSA is that defined benefit transfers are considered bad unless proven otherwise. This includes non advice cases.
As non-advice cases cant prove anything (as if they start asking questions and considering options it could fall under advice) most, if not all, have stopped taking defined benefit transfers without the IFA signing off on it first.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 -
because the default position of the FSA is that defined benefit transfers are considered bad unless proven otherwise. This includes non advice cases.
As non-advice cases cant prove anything (as if they start asking questions and considering options it could fall under advice) most, if not all, have stopped taking defined benefit transfers without the IFA signing off on it first.
Does this count as a transfer if the OP has no choice?Always looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0 -
CannySaver wrote: »Does this count as a transfer if the OP has no choice?
Daftly, yes. It falls under pension transfer regs. Its a doddle to justify for an IFA but the transaction is still a pension transfer.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 -
Gosh, does that mean I was right lol? Not like Molerat will thank me ;-)0
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