Royal london pension share

CJHB

Hi there

Am new to the forum so please be kind!

I am 60 and divorced. As part of my settlement I was awarded 100% of my ex husband's pension pot with Royal London. I have given them all the papers and documents requested.

I have asked them to transfer the account into my name - there was only 6 months difference in ages between us so little change. However, they are refusing to do this unless I take advice.

Have spoken to a registered IFA and explained that I need to take approx half of the pot (valued at 75k) to help with a house purchase as I currently rent. The chap was very helpful and agreed that there was little he could offer as my choices were sensible. He could not understand why Royal London were being so unhelpful. He quoted me circa £1500 to £2000 to arrange the transfer if I had no other options.

I have already closed one small pension to free cash for the house purchase and have another that is performing well - old Bank pension - that I do not want to touch and cannot add to.

Does anyone have any suggestions on how to deal with Royal London - I consider myself fairly savvy and wanted to leave the rest with them until I retire.

Thank you for your help.

dunstonh

I have asked them to transfer the account into my name - there was only 6 months difference in ages between us so little change. However, they are refusing to do this unless I take advice.

Royal London is an intermediary provider. To set up a new pension, they will only do it via an intermediary. You are not taking ownership of your ex's pension. You are having a new one set up and his pension transferred into yours.

Does anyone have any suggestions on how to deal with Royal London - I consider myself fairly savvy and wanted to leave the rest with them until I retire.

If you want to DIY then you need to use a DIY provider. Not one that only transacts via intemediaries. So, pick a DIY provider instead.

Albermarle

explained that I need to take approx half of the pot (valued at 75k)

Regardless of who you transfer the pension to ( either back to Royal London using an advisor , or maybe to another pension provider who will deal direct with the public) if you take this amount of money out all at once you will get a big tax bill .
If there is £150K , you can take 25% tax free ( assuming that no earlier money has been taken from the pension) Anything above that will be taxable . Exactly how much tax you pay will depend on your other earnings etc

xylophone

You could approach one of the DIY providers

https://moneytothemasses.com/saving-for-your-future/pensions/the-best-cheapest-sipps-low-cost-diy-pensions

and ask them to arrange the transfer.

https://adviser.royallondon.com/technical-central/pensions/benefit-options/emergency-tax-and-lump-sum-withdrawals/