Pension Transfer

Golfoneliners

I have an "old" pension that I have not paid into for a number of years with a transfer value of around £55k. I was thinking of transferring the benefits held under this policy to another type of policy which would allow me to draw down 25% of this.

The pension company concerned have advised that I contact an IFA to do so; is this really necessary as the last time I used an IFA they charged me £1000 for around a couple of hours work, if that; any thoughts?

greenglide

Have you established whether the pension has any valuable benefits such a GAR etc?

Does it have any GMP etc (been contracted out)?

What are the current charges? They could be very low or very high.

The process is very simple, find a scheme to move it to who will accept a DIY transfer and give them the details of the old scheme.

xylophone

What type of pension policy is this?

atush

Unless of course, this is an old Final salary pension and has a CETV of 55K?

Golfoneliners

xylophone wrote: »

What type of pension policy is this?

It is a with profits unitised pension scheme

atush

then you dont need an IFA, you just need to find a new pension provider who will take the transfer (and to be forward thinking one that will allow Flexible DD of the 75% after April).

Before you do, you should find out if the pension has any valuable guarantees attached, some old WP ones do as Greenglide asked on you in post 2?
You also need to be 55 or over.

Golfoneliners

atush wrote: »

then you dont need an IFA, you just need to find a new pension provider who will take the transfer (and to be forward thinking one that will allow Flexible DD of the 75% after April).

Before you do, you should find out if the pension has any valuable guarantees attached, some old WP ones do as Greenglide asked on you in post 2?
You also need to be 55 or over.

Many thanks atush, I can confirm that the policy has no valuable guarantees attached and yes I am over 55

dunstonh

he pension company concerned have advised that I contact an IFA to do so; is this really necessary as the last time I used an IFA they charged me £1000 for around a couple of hours work, if that; any thoughts?

A couple of hours work? - lol. If only.

It is a with profits unitised pension scheme

yes. but what type of pension is it?

You dont need an IFA but if the pension you are trying to transfer it into will only accept business that way, then you will if you want to use that provider. Or you can use a DIY provider.

Golfoneliners

dunstonh wrote: »

A couple of hours work? - lol. If only. OK, it was actually 2.5 hours



yes. but what type of pension is it? Scottish Widows unitised with profits pension is how it is described on the SW paperwork

You dont need an IFA but if the pension you are trying to transfer it into will only accept business that way, then you will if you want to use that provider. Or you can use a DIY provider.

......................................................

dunstonh

A couple of hours work? - lol. If only. OK, it was actually 2.5 hours

Still way off the mark.

yes. but what type of pension is it? Scottish Widows unitised with profits pension is how it is described on the SW paperwork

Unitised With profits is the fund it is invested in. The pension type would be stakeholder pension, personal pension, S226 retirement annuity contract or section 32 buyout bond or executive pension plan (to cover the mainstream ones).

xylophone

http://www.scottishwidows.co.uk/existingcustomers/with-profits/guide.html

might be of interest.