SAUL does not allow Transfer In - Help needed

frankraz

Hi All

I am new to this forum and would appreciate your advice:

I have a pension with Fidelity while I was working for a retail company for 5 years and subsequently I left my employer and joined a telecom company. I was there for one year and have a pension with Sunlife. I did not ransfer my pension from Fidelity to Sunlife. I have now joined an academia and have SAUL pension. As I know I will be here until my retirements I wanted to tarnsfer my other two pension into SAU, however they have told me they do not acept transfer Ins.

As I was only with Sunlife for one year and Fidelity for five years there is not much in those pots but not sure what is the best way to go forward. Do I transfer the two pension into another private pension or is it best to leave then as they are. I appreciate this forum can not give me financial advice but wanted to see any guidance on what is the best way forward.

By the way I have an LPGS pension during my 22 years work at another academic institution which was a Final Salary scheme. As I Left that institution in 2013 I froze that pension and didnt want to transfer t because it was Final Salary based (I joined LGPS in 1993).

Any help is appreciate it

dunstonh

Do I transfer the two pension into another private pension or is it best to leave then as they are.

If its best to consolidate them into one or the other or an alternative then do that. If its not best, then leave them where they are.

I appreciate this forum can not give me financial advice but wanted to see any guidance on what is the best way forward.

There is no why to give any guidance without an analysis of the existing pensions and any alternatives you are considering.

frankraz

Thanks for your reply.

Can I ask if I only had a pension in Sunlife for 8 months is it better to ask for taking the money out or is that possible to do, or is it more beneficial to transfer?

dunstonh

Can I ask if I only had a pension in Sunlife for 8 months is it better to ask for taking the money out or is that possible to do, or is it more beneficial to transfer?

Unless you are aged 55 or over, its not possible to access the pension.

frankraz

Thanks for your reply. Just one final question can I transfer mu Sunlife Pension into fidelity or vice versa even though I have left the companies and do not contribute to them anymore

MallyGirl

potentially yes - but you would need to look at what the charges are and what investment options are offered by each. Then you could ask if they accept transfers in.

GunJack

frankraz wrote: »

Thanks for your reply. Just one final question can I transfer mu Sunlife Pension into fidelity or vice versa even though I have left the companies and do not contribute to them anymore

You'd need to ask them both if they accept transfers-in, if there are any guaranteed benefits attached (which could need paid-for advice to move), what the ongoing fees on each are....alternatively a newer, low-cost SIPP/Stakeholder/Personal Pension to transfer both to may be better.

First step is to contact both for more info on the products you currently hold

frankraz

Thanks you all for your help