How long for transfer

elantan

Hi all,

wondering if anyone can give a wee bit of an idea as to roughly how long it takes to transfer a defined benefits pension ? I know we can't have an exact time but just roughly.

I am aware that in the vast majority of cases it isn't wise to transfer a defined benefits pension, but on this occasion it is


thanks in advance

dunstonh

Allow 6 months for the process and you will be in the right ballpark

elantan

Thanks Dunstonh much appreciated, better get the skates on and get started then

Dox

Make sure your IFA is lined up before you request a CETV and that he/she will be prepared to sign whatever paperwork your scheme requires if you decide to transfer, regardless of the advice given (which will almost certainly be 'don't' - but you only need to prove you have received advice, not that you've followed it).

When you request a CETV, ensure you give your scheme authorisation to send a copy of the paperwork to your adviser at the same time they send it to you. There is a huge amount of ground for the adviser to cover and they normally only have 3 months, which sounds like 'lots of time' but in practice is anything but.

Remember that if you miss any deadlines, it is unlikely your transfer will proceed and you'll have to start again - and there is no guarantee your scheme will issue another CETV within 12 months of the first one. If they do, they can charge; probably around £500 + VAT.

Aegis

I normally suggest to clients that it's going to be 4 months from the date we speak IF a transfer is suitable, assuming they don't already have the transfer illustration. If they come in with one, it might get done sooner, but if they've held onto the quote for a few weeks the deadline can be easily missed, which can actually extend the process longer than necessary.


As you say, most transfers aren't right, so be sure before signing anything.

elantan

thanks for the advice, we got our quote in last week and informed the IFA, he informed us the guy that will be dealing with it is off till next week so we will get it started then.

it's lost money since he last got a quote a few years ago and he has paid money into it since then but we need to accept this loss and transfer it soon otherwise he stands to loose a lot more. I wish it wasn't the case but needs must.