Pension Transfer without using Financial Services Advisor

mariyah100

Hello

My previous employer swapped pensions schemes during my employment.
I was employed with this company for 3.5 years.
This means I have 2 years company+personal pension contributions with Standard Life and 1.5 years company+personal pension contributions with Scottish Equitable.

I want to consolidate the 2 pension policies from my previous employer. I want to transfer funds from Standard Life to Scottish Equitable. However, Scottish Equitable say they are unable to accept these funds from Standard Life without the authority of a Financial Services Advisor. Is this true?

Why should I have to pay a third party to action a decision for me that I have already made? Seems like a load of bureacracy and red tape!

Is there a way of getting round this?

Are there any other alternatives? (besides not consolidating the pensions!)

Thanks all in advance for your advice,

Mariyah

dunstonh

Is this true?

yes it is.

Why should I have to pay a third party to action a decision for me that I have already made? Seems like a load of bureacracy and red tape!

Its to stop you from complaining later on when you find out what you are doing is wrong. Blame the compensation culture.

Is there a way of getting round this?

Are there any other alternatives? (besides not consolidating the pensions!)

Use a provider that doesnt stipulate it (nearly all do on final salary schemes and many do on occupational pensions. None do on personal pensions). Or use an IFA.

mariyah100

Thanks DunstonH...not the answer I wanted, but at least now I know. :rolleyes:

DavidLaGuardia

Why not use an IFA but say you have made up your mind andf it willl be little work for them so you expect a deal on the commission

EdInvestor

Try getting these people to do it:

https://www.cavendishonline.co.uk

They may even rebate any charges to you.

Is there any particular reason for doing this?I'd have thought if you did want to combine the two pensions, it would be better to do it the other way.

wotsthat

I want to consolidate the 2 pension policies from my previous employer. I want to transfer funds from Standard Life to Scottish Equitable.

This would tidy things up but would it enhance your retirement income?

Scottish Equitable don't want to face a mis-selling claim in the future for helping to trade what, although we don't know, a company pension with guarantees for a fund without any.

They don't care if you are doing the right thing as long as they are blameless i.e. they can prove it wasn't their advice that led you to do this.

Apologies for offering an opinion rather than answering the question.

I have used Cavendish in the past and found them to be ok. However, I did have to chase them up a few times to keep things moving.