Additional funds added into a section 32

minty777

Can this be done? i ask because i asked someone and was told "Not usually, it depends on the provider"I have always understood that it was impossible to add funds to a section 32.Is there any circumstances at all that you can?

dunstonh

Its not normal as section 32 buy out bonds are transfer schemes and not individual schemes. Most S32 BOBs are not as competitive as modern pensions in terms of pricing. So, its not something that people would generally want to do anyway.

minty777

dunstonh wrote: »

Its not normal as section 32 buy out bonds are transfer schemes and not individual schemes. Most S32 BOBs are not as competitive as modern pensions in terms of pricing. So, its not something that people would generally want to do anyway.

Thanks dunstonh,i understand that but is it possible at all?In any circumstances?

is there any legislation that says it cannot be done?

xylophone

http://www.financialadvice.net/s32_buy_out_plan/zone/1288

"No additional pension contributions can be paid in a S32 Buy Out scheme - the plan only accepts pension transfers from other pension schemes. Contracting out is not available as an ongoing basis and additional transfers cannot be accepted."