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Company scheme - transfer or not
BoxerfanUK
Posts: 732 Forumite
Hello all,
My other half has been in her company DC scheme managed by Standard Life for a number of years.
The company has now changed it's scheme provider to one run by Royal London so all new pension contributions go into this new scheme.
Question is, what, if anything, to do with the pot with Standard Life? She is going to make an appointment with her company financial adviser but in the meantime just seeking opinions on what best to do with it.
Current pot value 114K + Bonus of 16K and it states transfer value of 130K. However, when she was sent a pension transfer form it only mentioned the 114K and nothing about the bonus.
So, the bonus part is confusing me! Is this bonus only due on plan maturity (30/09/2026) - Is it transferable to another scheme before this date? - Or, is this lost if transferred out?
My other half has been in her company DC scheme managed by Standard Life for a number of years.
The company has now changed it's scheme provider to one run by Royal London so all new pension contributions go into this new scheme.
Question is, what, if anything, to do with the pot with Standard Life? She is going to make an appointment with her company financial adviser but in the meantime just seeking opinions on what best to do with it.
Current pot value 114K + Bonus of 16K and it states transfer value of 130K. However, when she was sent a pension transfer form it only mentioned the 114K and nothing about the bonus.
So, the bonus part is confusing me! Is this bonus only due on plan maturity (30/09/2026) - Is it transferable to another scheme before this date? - Or, is this lost if transferred out?
0
Comments
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The bonus accrues as you go along. It is included in the transfer value (minus any penalty) but is not included in the current value.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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Without knowing the charges for her SL pot and the charges for RL (not to mention the little matter of fund choices), it's impossible to give any opinion worth having, although I'm sure that won't stop some people expressing one!0
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I think an obvious question to ask the company financial advisor is why they have changed from Standard Life to Royal London . This may give a steer on whether it would be a good idea to transfer the SL pension or just leave it as it is .0
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