Financial Conduct Authority Certificate

AnotherJoe

nxdmsandkaskdjaqd wrote: »

Several thousands pounds to just transfer to another provider seems expensive to me. Maybe if I needed advise on what to do with the pension then the fee might be justified. But I don't.

The fee is not to transfer the money. The fee is to pay for compensation insurance so that when in later years you sue the IFA for providing advice (. Even if they recommended you don't transfer! ) as a result of which you transferred and then later decided you lost out and were awarded thousands of pounds compensation for transferring. And yes this has happened.

You haven't said why you wish to transfer. What is your reason for giving up a guarantee ?

nxdmsandkaskdjaqd

AnotherJoe wrote: »

You haven't said why you wish to transfer. What is your reason for giving up a guarantee ?

The scheme has a limited number of tracker like funds, so I just want the pension fund to be in my control.

I don't know yet what the GMP is, but I suspect that it's not going to be significant, but I could be wrong.

coyrls

nxdmsandkaskdjaqd wrote: »

The scheme has a limited number of tracker like funds, so I just want the pension fund to be in my control.

I don't know yet what the GMP is, but I suspect that it's not going to be significant, but I could be wrong.

GMP = Guaranteed Minimum Pension. Of course it’s significant, that’s why you are being asked to take financial advice before you move.

nxdmsandkaskdjaqd

coyrls wrote: »

GMP = Guaranteed Minimum Pension. Of course it’s significant, that’s why you are being asked to take financial advice before you move.

OK, so I am still learning. How does the GMP work when you go down the drawdown route?

nxdmsandkaskdjaqd

xylophone wrote: »

What exactly are you being offered under the terms of your scheme?

I will try and find out more on this.

AnotherJoe

nxdmsandkaskdjaqd wrote: »

The scheme has a limited number of tracker like funds, so I just want the pension fund to be in my control.

I don't know yet what the GMP is, but I suspect that it's not going to be significant, but I could be wrong.

I have some pension money in a scheme like that and the way I rationalise it is, that is my "safe" play both because it has conservative funds to which I am limited, and because it has a GMP, eg a minimum value below which the payout cannot fall. Over the years it hasnt done that well but the GMP is at least equal to my more adventurous (risky) funds.

So rather than spending thousands of pounds to try and get the money in order to do better and beat the GMP, just be slightly more adventurous with your other funds.

xylophone

I've had a google about and found this http://www.pensionsage.com/pa/Hybrid-benefits.php

which might be worth a read. As for GMP,https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/18/what-is-a-gmp/

xylophone

Do you have a booklet about your pension scheme?

If not, is there any information about it on the internet?

magpiecottage

nxdmsandkaskdjaqd wrote: »

Maybe if I needed advise on what to do with the pension then the fee might be justified. But I don't.

What is Critical Yield?

I think your question explains why you DO need advice.

nxdmsandkaskdjaqd

xylophone wrote: »

Do you have a booklet about your pension scheme?

If not, is there any information about it on the internet?

There is a pension booklet, but says nothing about the GMP.