Problems with Aegon pension transfer

mania112

Due to the age of the PP it was originally set up as a Retirement Annuity Contract.

Those quite often contained guaranteed Annuity rates.

dunstonh

Personal pensions did not exist in 1980. They started in 1988. The term here being used is a marketing term. It does not indicate the type of contract it is (not uncommon with section 226 retirement annuity contracts as a few of those used to have personal pension as a marketing name.

If it is a Section 226 retirement annuity contract then there is probably valuable guarantees built into it that would be lost on transfer. If it is section 23 buy out bond or transfer plan (as they were sometimes called) then there could be transitional reliefs and guarantees. Again, lost on transfer.

okydoky

dunstonh wrote: »

Personal pensions did not exist in 1980. They started in 1988. The term here being used is a marketing term. It does not indicate the type of contract it is (not uncommon with section 226 retirement annuity contracts as a few of those used to have personal pension as a marketing name.

If it is a Section 226 retirement annuity contract then there is probably valuable guarantees built into it that would be lost on transfer. If it is section 23 buy out bond or transfer plan (as they were sometimes called) then there could be transitional reliefs and guarantees. Again, lost on transfer.

Sincere apologies for the typo, it should read 1990, not 1980.
(Doing this on an iPhone and sometimes thumb too big!)

Appreciate your feedback so look forward to any further comments.

Thanks

dunstonh

If it is a personal pension then Aegon would not require a transfer to be signed off by an IFA unless it is going to a scheme they have on their internal blacklist. Typically that is one that is thought to be using pension liberation or dodgy assets.

okydoky

dunstonh wrote: »

If it is a personal pension then Aegon would not require a transfer to be signed off by an IFA unless it is going to a scheme they have on their internal blacklist. Typically that is one that is thought to be using pension liberation or dodgy assets.

I have just spoken with Aegon and they now accept that the transfer can proceed without IFA involvement as it's going to Sippdeal.
Given that, and the info I have provided about the guarantees on bonuses (NOT annuity rates), what is the consensus on whether the transfer is or is not a bad idea?

Many thanks in anticipation.