Hoops to jump through for transfer to SIPP

Qyburn

dunstonh said:

Realistically, you should know about your pension before you transfer it.  Just in case there are things that mean its best left where it is.   For example, a section 32 buy out bond could have GMP. It could also have GARs or protected tax free cash entitlement. 

Have you asked the provider what type of pension it is and if there are any safeguarded benefits? - they are acting as if there is

I thought we did know.  Everything in the policy says personal pension, right back to the original Barclays policy schedule which says "Type of policy : PERSONAL PENSION PLAN".

However based on what's being said here were probably need to phone and ask them straight.

The only thing is that the scheme originally received the contracted out payments, and there are references to "Protected Rights Benefits" in statements up to 2011 becoming "Former Protected Rights Benefits" in 2012-2014 before the term disappeared from any future statements. I wonder if that could be an issue. Although my Aviva PP also received contracted out payments and that was no problem.

dunstonh

I thought we did know.  Everything in the policy says personal pension, right back to the original Barclays policy schedule which says "Type of policy : PERSONAL PENSION PLAN".

Some providers used their own in-house terminology, which doesn't match the generic.  I regularly come across section 226 retirement annuity contracts that have personal pension plan on the paperwork.  Yet personal pensions were a new option that were introduced to replace retirement annuity contracts.   Its uncommon but possible.

The only thing is that the scheme originally received the contracted out payments, and there are references to "Protected Rights Benefits" in statements up to 2011 becoming "Former Protected Rights Benefits" in 2012-2014 before the term disappeared from any future statements. I wonder if that could be an issue. Although my Aviva PP also received contracted out payments and that was no problem.

That shouldn't create an issue unless its linked to GMP.    

handful

Just by way as an update, I received another email from PL yesterday asking for exactly the same information again. I'm losing the will to live on this one, it's £20k !!!!!! not £20m

xylophone

The only thing is that the scheme originally received the contracted out payments, and there are references to "Protected Rights Benefits" in statements up to 2011 becoming "Former Protected Rights Benefits" in 2012-2014 before the term disappeared from any future statements.

You might find this helpful.

https://www.financialadvice.net/protected_rights_pension/zone/378

On the face of it, if this is now simply a standard Personal Pension with no safeguarded benefits ( eg Guaranteed Annuity Rights), a transfer out to a SIPP should be a routine business.

It could be a protracted business if ORIGO cannot be used so that paper forms/manual interventions are required.

In your particular case, it must seem like protraction to infinity!

handful

xylophone said:

The only thing is that the scheme originally received the contracted out payments, and there are references to "Protected Rights Benefits" in statements up to 2011 becoming "Former Protected Rights Benefits" in 2012-2014 before the term disappeared from any future statements.

You might find this helpful.

https://www.financialadvice.net/protected_rights_pension/zone/378

On the face of it, if this is now simply a standard Personal Pension with no safeguarded benefits ( eg Guaranteed Annuity Rights), a transfer out to a SIPP should be a routine business.

It could be a protracted business if ORIGO cannot be used so that paper forms/manual interventions are required.

In your particular case, it must seem like protraction to infinity!

Thank you xylophone, you may have hit on something. I think the company I worked for when this particular pension plan started did contract me out of SERPS. Before I originally asked to transfer this I did find out if there were any of the usual things like GAR, charges or any bonus that I may be giving up but they said there wasn't. Maybe there is something about SERPS at play here.

BTW, I contracted back in many years ago and have checked my status for SP and all ok there..