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Section 32 Pension Redress policy
minty777
Posts: 398 Forumite
I have a section 32 policy from 1992 and in circa 2000 i was awarded a redress section 32 policy for mis-selling.This redress policy has no GMP.For the benefit of this thread,can i tranfer the current value of the redress policy only?
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Comments
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I have a section 32 policy from 1992 and in circa 2000 i was awarded a redress section 32 policy for mis-selling.This redress policy has no GMP.For the benefit of this thread,can i tranfer the current value of the redress policy only?
Ask your provider if they allow that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ask your provider if they allow that.
Can the provider(aviva) actually stop me tranfering,even if there's not even a GMP?
I understand the need for caution when there is a GMP attached to the section 32 etc but the redress policy does'nt have any GMP.I have a tranfer value for the policy with GMP and a tranfer value for the redress policy,totally seperate.0 -
Can the provider(aviva) actually stop me tranfering,even if there's not even a GMP?
No. You can transfer out easily with or without GMP. it depends on the structure of the plan. Is it one plan or is it two plans. If one plan, can they facilitate the split. Remember that lots of these plans were built decades ago and before people moved them around. So, functionality on old plans may not be of the standard of modern plans.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
No. You can transfer out easily with or without GMP. it depends on the structure of the plan. Is it one plan or is it two plans. If one plan, can they facilitate the split. Remember that lots of these plans were built decades ago and before people moved them around. So, functionality on old plans may not be of the standard of modern plans.
Two plans,i have two different policy numbers,the original plan with GMP and the redress plan.I was thinking of keeping the GMP plan for obvious reasons,and thought i might transfer the redress plan that has no GMP and has totally seperate benefits.
The reason i an seperating the GMP and mon GMP is thought it was more complex to tranfer the policy with the GMP and i don't want to lose the GMP one.0 -
I would suggest you fire the question at them and see what they say. Two plan numbers would suggest it would not be an issue. Getting it from the horses mouth is best.
The GMP part is more complicated and you are right to hold on that one if the fund is unlikely to be sufficient to meet the GMP and you are in good health.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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