Transfer of Pension fund

Dullville

Slightly confused!
Rang Scottish Widows to cancel my stakeholder Pension with them, last payment into the plan was April 2017.
They have sent me the quotation of transfer value and the claim discharge form.
Going to transfer my fund into my main pension fund pot.
The instructions on letter are not very clear, do I sign the form and put the details of my intended new provider and send it back to Scottish widows( they have sent a pre paid envelope) or sign the form and send it to my main pension provider myself?

MallyGirl

Have you checked that your main provider accepts transfers in? When i have done transfers it has been driven from the receiver not the one transferring out

Dullville

MallyGirl wrote: »

Have you checked that your main provider accepts transfers in? When i have done transfers it has been driven from the receiver not the one transferring out

Thanks for that, didn’t even think about that!
Will ring them tomorrow.

dunstonh

The discharge form should be signed by you and sent to the new provider. If its a mainstream provider, they dont actually need the discharge form as most providers use the Origo options system for transfers. Discharge forms are for the old fashioned providers or scheme administrators who are stuck in the 90s. SW use Origo so they are only supplying it in case the other pension provider doesnt.

Dullville

dunstonh wrote: »

The discharge form should be signed by you and sent to the new provider. If its a mainstream provider, they dont actually need the discharge form as most providers use the Origo options system for transfers. Discharge forms are for the old fashioned providers or scheme administrators who are stuck in the 90s. SW use Origo so they are only supplying it in case the other pension provider doesnt.

Thanks
So just sign it and can I scan it and email it to NFU?

dunstonh

Dullville wrote: »

Thanks
So just sign it and can I scan it and email it to NFU?

I believe NFU require you to do top ups and increments via their agents.

Also, are you sure that moving it to NFU is a good idea. Whilst SW plans are largely dated by modern standards, they are not any more so than NFU plans. I generally find NFU plans are easy to justify moving away from them as modern plans are cheaper. So, you are doing the reverse.

Dullville

dunstonh wrote: »

I believe NFU require you to do top ups and increments via their agents.

Also, are you sure that moving it to NFU is a good idea. Whilst SW plans are largely dated by modern standards, they are not any more so than NFU plans. I generally find NFU plans are easy to justify moving away from them as modern plans are cheaper. So, you are doing the reverse.

If anything it’s me being a bit lazy, SW fund( former work place pension)has only got 4K in it and my NFU pot is nearly 90k( haven’t contributed to this for 10 years).
Just trying to cut down on paperwork etc and make it easier for family in event of my demise.

dunstonh

my NFU pot is nearly 90k( haven’t contributed to this for 10 years).

That means it pre-dates the 2013 retail distribution review. So, its probably old style charging. It may not be available to increment (or if it is, it will be on old fashioned terms).

Just trying to cut down on paperwork etc and make it easier for family in event of my demise.

It may well be that transferring them both to a new modern plan is the better option.

Dullville

dunstonh wrote: »

That means it pre-dates the 2013 retail distribution review. So, its probably old style charging. It may not be available to increment (or if it is, it will be on old fashioned terms).



It may well be that transferring them both to a new modern plan is the better option.

Really? I never even considered that option.
Just thought to stick with the NFU fund as remarkably it has nearly doubled in value since I last contributed, so I automatically thought it was a great fund.
So in your opinion do you think I should pool both pensions into a new provider.

xylophone

Are you currently contributing to a pension?

dunstonh

Just thought to stick with the NFU fund as remarkably it has nearly doubled in value since I last contributed, so I automatically thought it was a great fund.

Doubling in 10 years is about the norm.

So in your opinion do you think I should pool both pensions into a new provider.

I cant say that as the facts and details of either plan are not known. However, if they both pre-date 2013, then chances are a modern plan is likely to be better. Some old plans can be good but most can be improved upon.