Transfer DC Legacy Pension Problems - Need an online SIPP

Xam99

[FONT=Arial, sans-serif]Hi people[/FONT]
[FONT=Arial, sans-serif]Am hoping someone can help me to find a SIPP that I can manage online myself. [/FONT]

[FONT=Arial, sans-serif]Here's where I'm at -[/FONT]

[FONT=Arial, sans-serif]Pension is an old General Accident legacy with Aviva val approx £160,000[/FONT]
[FONT=Arial, sans-serif]Part protected rights (ex SERPS only) part from own funds. [/FONT]
[FONT=Arial, sans-serif]No annuity or other safeguarded benefits apart from a guaranteed annual bonus of 4% on the with profits funds. (approx £95,000 is in WP)[/FONT]

[FONT=Arial, sans-serif]I have spoken with Aviva who tell me that -[/FONT]

• [FONT=Arial, sans-serif]The pension can't be split ie not partial,only able to transfer the 'whole' even though the statements always specify the separate 'pots'[/FONT]
• [FONT=Arial, sans-serif]I can transfer into an Aviva 'normal' pension but won't be able to manage it myself online, only the adviser can action switches, UFPLs. Not averse to taking advice on a one off basis, although I already know what I want/need to do, and dont want to pay ongoing adviser fees[/FONT]
• [FONT=Arial, sans-serif]I can't transfer into their self select SIPP as value is over £30,000 & the electronic transfer won't go through due to there being a red flag ? (because of WP guarantee)[/FONT]

[FONT=Arial, sans-serif]Possibly this means that online platforms like ii will have the same problem ?[/FONT]

[FONT=Arial, sans-serif]I need to take 1 or two UFPLS per year, not regular income withdrawals[/FONT]

[FONT=Arial, sans-serif]I'm happy to give up the guaranteed bonus & need to do this, in the next three months[/FONT]
[FONT=Arial, sans-serif](various reasons - am a WASPI so can't get state pension for another 18mths, also have a health problem & annuity is not suitable, even a health impaired one)[/FONT]

[FONT=Arial, sans-serif]Any help would be much appreciated :-)[/FONT]

xylophone

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/

If the WP bonus is not a "safeguarded benefit" then the pension could be transferred to another provider without advice?

What have you been told about a transfer out of the whole?

And have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

Xam99

Thanks xylophone, you're a star ! I've been looking for something 'official' to refer to & the gov website seems to clarify things a lot.



"The existence of a promise about the rate of investment income or growth that will applied to the
member’s pot or fund during the accumulation phase (for instance, under a with profits policy)
does not mean that the pension benefits are safeguarded, unless they also include a promise
about a rate of pension income (such as a GAR). "


Seems to cover it.... only thing I need to do now is check the SERPS bit, possibly that portion IS protected (in which case why did Aviva not give that as the reason not to transfer ?? I will ask them)



" What have you been told about a transfer out of the whole?"
Was told see point 2/3 above re transfer into their online SIPP.



I did try calling another platform to see what their initial reaction would be but the call handler couldn't say & nobody from their SIPP dept got back to me yet...


"And have you obtained a state pension forecast?"
Yes, did that a while ago. Pushing back the age to claim has messed things up a bit, but not insurmountable


Thanks so much

xylophone

Seems to cover it.... only thing I need to do now is check the SERPS bit, possibly that portion IS protected (in which case why did Aviva not give that as the reason not to transfer ?? I will ask them)

https://www.aviva.co.uk/frequently-asked-questions/faq/answer/4656/

You asked: What's the difference between protected rights and non-protected rights?

Protected rights were the value of the government's payments paid into your own pension arrangement. The money came from National Insurance contributions you made above those needed for the basic State Pension. If you contracted out of the State Earnings Related Pension Scheme (SERPS) or the State Second Pension, the government redirected your contributions to your personal pension instead. This was known as 'contracting out'. Non-protected rights were the value of the payments that you and/or your employer made into your pension fund. There used to be a difference between how you could use protected rights and non-protected rights benefits. When contracting out ended on the 6 April 2012 this difference ended and protected rights and non-protected rights are now generally treated the same.

"And have you obtained a state pension forecast?"
Yes, did that a while ago.

It is a new state pension forecast?

xylophone

I did try calling another platform to see what their initial reaction would be but the call handler couldn't say & nobody from their SIPP dept got back to me yet..

Had you considered HL? They are generally helpful on the phone and can provide loads of literature.

https://www.hl.co.uk/pensions/transfer-to-the-vantage-sipp

dunstonh

There are providers that cater for the intermediary market and provider that cater for the DIY market. A small number of intermediary providers try to cater for DIY clients (but are generally not very good) and vice versa with primarily DIY platforms trying to attract adviser clients.

So, if you want to DIY, then use a proper DIY provider.

Xam99

Hi
That's brilliant, despite all my googling & wading through pages of waffle & endless phone calls, you got straight to the point in a very helpful way Xylophone, I really appreciate that :-)


I got a state pension forecast last year (its deducted the old serps) and did consider topping it up, but due to my health, its likely not worth it, but I will check again, promise !


HL are now on my radar, just need to get my ducks in a row first...


PS think Pensionwise should pay MSE - you are much easier to access & much faster (can't even get an appointment in my area) yes, I do know that you are not providing 'advice' !

dunstonh

PS think Pensionwise should pay MSE - you are much easier to access & much faster (can't even get an appointment in my area) yes, I do know that you are not providing 'advice' !

MSE has done nothing to help you. The posters here are not paid by MSE and do not represent MSE.

And some of us here actually pay annual levies to fund pensionwise.