Current workplace pension with Standard Life - will they accept an old GMP pension transfer?

123Lottie

Does anyone know what Standard life’s policy on receiving a transfer in of a Gmp pension?

my original naive idea was to open a SIPP and transfer it in, but after advice on here I have realised there aren’t any SIPP pension providers anymore that will accept funds if an ifa doesn’t recommend it. And I’m pretty sure I won’t be getting a positive recommendation

Lying in bed and I just had a  thought that I have a current very small pension with Standard life that I pay into via my current job. I’ve just been into my account and they say about transferring in old pensions to them but I can’t see anything saying they don’t accept them if an ifa hasn’t recommended the transfer and just wondered if anyone knew if they did accept them?

Thank you 😊

Tassie_Devil

Have you asked them?

123Lottie

Tassie_Devil said:

Have you asked them?

No, the thought literally came to me in bed last night. Will obviously get in touch on Tuesday, was just asking on here in the meantime.😁

xylophone

You have a deferred DB pension with "safeguarded benefits" valued in excess of £30,000?

Your current workplace pension offers 'flexible benefits"?

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

You would need the advice of a Pension Transfer Specialist before you could transfer out of the scheme.

You would need to check with SL whether they would accept a transfer in without a positive recommendation.

dunstonh

Does anyone know what Standard life’s policy on receiving a transfer in of a Gmp pension?

I don't know.  However, I suspect it matches the regulatory requirements with the only question being whether they apply that to values less than £30k or over 30k.

With Standard Life under new ownership, they may change and I wouldn't want to rely on old information that may have applied under the old ownership.

123Lottie

dunstonh said:

Does anyone know what Standard life’s policy on receiving a transfer in of a Gmp pension?

I don't know.  However, I suspect it matches the regulatory requirements with the only question being whether they apply that to values less than £30k or over 30k.

With Standard Life under new ownership, they may change and I wouldn't want to rely on old information that may have applied under the old ownership.

Hi. Thank you.  Yes it's over 30k so will definitely need to pay for a pension transfer specalist. I just wondered if anyone had tried to transfer a non recommended DB pension to SL. 

Will give them a call tomorrow. I had 99% decided not to bother going down the PTS route as i don't think I would get a positive recommendation and there are no pension providers now allowing you to open a SIPP and transfer a negative recommendation. It was just that I suddenly thought all had about a pension I already have. ie.my current job. 

xylophone

You mention a "GMP pension".

Do you mean that the pension is all GMP?

If so, does it result from membership pre April 1988, post April 88 or both?

Do you know how the GMP is revaluing in deferment?

dunstonh

Hi. Thank you.  Yes it's over 30k so will definitely need to pay for a pension transfer specalist. I just wondered if anyone had tried to transfer a non recommended DB pension to SL. 

Providers are not concerned about safeguarded benefits as long as the advising company signs the advice declaration.  Its different with DB transfers.