Prosperity pension plan with profit

stumck219

I have an old pearl prosperity pension plan with profit that I haven't paid in to for years. I am thinking about transferring this into my SIPP.
The transfer value is £44,000 approx

One concern is on my last statement it says if you transfer away you would give up the guaranteed pension benefits under this plan.

Not really sure what that means.

On the statement it gives the following figures

Gauranteed pension fund £26,500
Final bonus £17,500

Can anyone see a downside to transferring into my SIPP

dunstonh

This thread ought to be in the pensions section. Not the mortgage section.

The prosperity V1 personal pension from Pearl had no guarantees although it was a conventional with profits plan. We were transferring V1s out of Pearl (later Phoenix) at an astonishing rate back in the early 2000s. Really was a no brainer of a decision.

You will need to ask Phoenix if there are any safeguarded benefits.

stumck219

Thank you, sorry hadn't realised this was the mortgage section.