Do I reallt need Financial Advice?

Camera4

Hello all, 
I'm looking to transfer a private pension of less than £20K to Prudential but they tell me that the situation is complex and I have to get financial advice before I can transfer. 
It's a small pension that's had nothing paid into it for over 20 years and isn't DB or Final Salary so I'm confused why they say I have to use an adviser to transfer. 
Any ideas? 

Albermarle

I have no idea why the situation is complex but I think the Pru generally prefer to work via financial advisors anyway.
Is there a reason why you want to transfer it to the Pru , there are plenty of other pension providers who are normally happy to work direct with the public ?

Camera4

Thanks for the quick reply. Already have a Pru pension which is performing well and am trying to consolidate to simplify things.
Also, how do I edit my fat fingered spelling mistake in the title🙄

Camera4

Easy tiger.  What's Section 32 with GMP? 

LHW99

TVAS said:

OMG what is the plan? Is it a Section 32 with GMP? Is it a deferred annuity. Is it an individual arrangement under occupational rules. Why do people come here with half the bloody story.

Which being interpreted  ......  If you can provide a bit more detail about the pension Camera4 it would probably help people to help you a bit more easily.

dunstonh

I'm looking to transfer a private pension of less than £20K to Prudential but they tell me that the situation is complex and I have to get financial advice before I can transfer. 

A transfer of less than £30k does not need financial advice.   Even with safeguarded benefits.

Already have a Pru pension which is performing well and am trying to consolidate to simplify things.

Is that the plan you are trying to transfer it into?   If so, then yes, it would need to be done via an adviser.   Although, in my experience, that would mean moving both to something better or more modern rather than using a legacy pru plan.

The retail market has products that can only be bought via intermediaries and products that cater for the DIY market.  Pru only retails their product via intermediaries.   So, maybe that is the issue.

TVAS

You need to ask what type of pension it is so you can tell us so you can help ask the provider/scheme? You do not have to understand it but you do need to let us know so we can explain it to you. You came here saying Pru said it was complicated but you failed to explain WHY it was complicated. Details matter.

fred246

You'll have nothing left after an adviser has taken their silly fees out.

xylophone

It seems very odd for the Pru to tell you that the situation is complex if its simply a case of not dealing with retail clients.

Why is the situation complex? Does the policy (for example) allow the taking of greater than a 25%  tax free Pension Commencement Lump Sum?

How did you come to take out this policy?

Was it a transfer out of an occupational scheme?