private pension transfer

1wowwhiz

moving from 1 pension provider to another are the set up costs taken out of the transfer value or charged separately?

dunstonh

Virtually all modern pensions have no set up costs.  The only initial cost would be the cost of advice if using an adviser.   And in the vast majority of cases, you can either pay it out of the pension or directly. in most cases, its better to have it taken out of the pension.

Albermarle

1wowwhiz said:

moving from 1 pension provider to another are the set up costs taken out of the transfer value or charged separately?

It is a little concerning that you have made the decision to move pension providers ( for what reason ?) without clearly understanding charging structures/how it works.
As said there should be no 'set up' charges if you are doing it yourself.

green_man

Some pension providers do have set up, or at least transfer charges.  I recently transferred to Halifax SIPP. The £60 transfer charge was taken from the pension sum as it was a cash transfer. If an inspecie transfer is performed  I’m not sure how this would be handled.

Albermarle

green_man said:

Some pension providers do have set up, or at least transfer charges.  I recently transferred to Halifax SIPP. The £60 transfer charge was taken from the pension sum as it was a cash transfer. If an inspecie transfer is performed  I’m not sure how this would be handled.

OK I stand corrected but it is still unusual and probably reflects the fact that Halifax SIPP has very low charges generally, so they presumably try and claw a bit back where they can.
On the other side some SIPPs actually offer quite generous cashbacks offers from time to time for transferring into them .