Transferring pension pots

RachMcK

Hello Everyone! Newbie with a question here! I have a personal pension with Scottish Widows which I've paid into for around 20 years. My last employer entered 'auto enrolment' in October 2014 and I was enrolled in their scheme, also with Scottish Widows and both I and the employer paid into this. I have now been laid off so this small 'pot' will no longer receive any payments. I rang Scottish Widows and asked if the balance in this pot (approx £650 transfer value) can be added to my personal SW pension. The advisor said in theory yes, but they could not do this for me unless I took financial advice and they were instructed by the Financial Advisor to proceed! I'm assuming this would cost me money - why can't I decide what to do with my own invested funds? Is there any other way I can get the money transferred without paying anyone a fee? Thanks!

dunstonh

The advisor said in theory yes, but they could not do this for me unless I took financial advice and they were instructed by the Financial Advisor to proceed!

Pension switches are higher risk business and they dont want the liability.

why can't I decide what to do with my own invested funds?

You can but you cant use a product that is designed to be used via an intermediary.

Is there any other way I can get the money transferred without paying anyone a fee?

Use a provider that works with those that want to DIY. Dont assume it will be cheaper though. It can be but it can also be more expensive. So, you will need to do your research.