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Prosperity pension plan with profit
stumck219
Posts: 2 Newbie
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
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
0
Comments
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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.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 -
Thank you, sorry hadn't realised this was the mortgage section.0
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