Can you 'transfer' a pension to the same provider?

edinburgher

My wife currently has 2 pensions with Scottish Widows for small amounts. Both are group personal pension plans.

For ease of management and clarity, it seemed to make sense to transfer her first Scottish Widows pension into the second (current) scheme.

This has caused so much confusion with Scottish Widows that I'm starting to think that we're doing something that nobody has ever considered before. They have (finally) sent her a quotation to transfer the first scheme, but the form to transfer only mentions other providers.

I think she's articulate and will have explained clearly what she wanted, but she's not having much luck.

Is this such an unusual request?

quotememiserable

Only SW themselves can really answer that, but maybe they don't see any advantage in doing it and they don't have a process for it. What advantage do you see?

dunstonh

This has caused so much confusion with Scottish Widows that I'm starting to think that we're doing something that nobody has ever considered before. They have (finally) sent her a quotation to transfer the first scheme, but the form to transfer only mentions other providers.

For an internal transfer, a discharge form is not required.

Ironically, I have a SW on the go at the moment which is being a pain. That is a group scheme too. The problem is that SW will not accept transfer in business directly into a group scheme without the advising firm signing off on it. It has to be the agent for the receiving scheme.

edinburgher

The problem is that SW will not accept transfer in business directly into a group scheme without the advising firm signing off on it. It has to be the agent for the receiving scheme.

That had been mentioned as well, but it just added to our confusion. My wife has a number for them (the advising firm) - are they likely to charge for signing off on the change?

dunstonh

are they likely to charge for signing off on the change?

Possibly depending on whether the pension is an old one or a new one. It also depends on whether she is an active member of the current one (i.e. same employer).

edinburgher

Thanks for your comments dunstonh.

To get things right in our heads - are you saying that the advising firm for the *current* (active) scheme needs to approve/sign off the transfer of the *old* (not active) scheme into the current/active scheme?

I'm sure this is all elementary for you, but pensions aren't something we consider very often

dunstonh

To get things right in our heads - are you saying that the advising firm for the *current* (active) scheme needs to approve/sign off the transfer of the *old* (not active) scheme into the current/active scheme?

Correct.

not with all providers is that the case but with SW it is.

edinburgher

Thank you for all your input, it is much appreciated.