Transfer penalties advice???

jackojacko46

I have a pension that I started contributing into about 9 year ago but it was with an old employer so when I stopped working there I also stoppped pension payments. I think i must have stopped paying about 8 year ago. But now I would like to transfer my old pension into my current one. I asked Equitable, who my old pension is with if there would be a penalty and they tell me that it would be 8%. But I have also been told that if the pension is more than 6 years old, there should be no transfer penalty. Can somebady plaese shed some clearer light on this for me. Cheers

EdInvestor

There's no rule involving 6 year old policies. The Equitable MVA of 8% is payable on transfers.