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Pension transfer woes

Nic60 · 2021-05-25 13:28:31

Hi all, I’m trying to transfer a pension I have with Aviva (worth around £50k) to another existing pension with Standard Life, with the aim of having a flexible drawdown option to use as I ease into retirement. My problem is that the Aviva pension has a Guaranteed Annuity Rate attached to it. This means I can’t transfer it…

Comments

xylophone Posts: 45,771 Forumite

26 May 2021 at 5:02PM

Presumably you are still contributing to a pension?

Suppose you took the PCLS and annuity, regarding them as income replacements enabling you pay as much as possible of your salary into your workplace pension?

Taking an annuity would not trigger the MPAA.
https://www.moneyadviceservice.org.uk/en/articles/money-purchase-annual-allowance

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