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Scottish Widows exit fees?
Giraff
Posts: 44 Forumite
Is anyone aware of how much they charge to transfer out a pension.
I am considering transferring into a sipp.
I am considering transferring into a sipp.
2010 Mortgage OP total £875
2011 Mortgage OP total £1985
0
Comments
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Scottish Widows have issued dozens of pensions over the years and have inherited others through mergers and acquisitions. Some will have penalties, some not.
To be brutally blunt, if you cannot tell if yours does then perhaps a SIPP isnt right for you.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 -
A simple phone call will reveal this information.
Call Scottish Widows, ask for a fund value and transfer value and the difference is the current penalty. It is becoming more and more usual for these two figures to be the same, however some older contracts, for example those with capital units, may still have penalties. Of course if you are in a With Profits fund you could also have an MVA to contend with.
Out of interest, which SIPP are you using? What's wrong with your Scottish Widows pension?
The Canny SaverAlways looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.0
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