2 Personal Pensions, drawdown on 1?

Sharkb0y

cloud_dog said:

Sharkb0y said:

I just checked my statement and there is a £4500 transfer admin charge! 

I think you need to provide more details, otherwise everyone is just second guessing potential situations, e.g. endowment fund, early termination fee, etc, etc.

Can you confirm who this scheme is with?

What is the actual name of the scheme, and what is the name of the investment?

It's with Phoenix Life now but formerly Abbey Life. Split 60/40 on international/managed accumulators.

Benefits are payment on death or serious ill health before retirement date, which is March 2028.

Value is 67k
Transfer value is 62.5k

Albermarle

Sharkb0y said:

cloud_dog said:

Sharkb0y said:

I just checked my statement and there is a £4500 transfer admin charge! 

I think you need to provide more details, otherwise everyone is just second guessing potential situations, e.g. endowment fund, early termination fee, etc, etc.

Can you confirm who this scheme is with?

What is the actual name of the scheme, and what is the name of the investment?

It's with Phoenix Life now but formerly Abbey Life. Split 60/40 on international/managed accumulators.

Benefits are payment on death or serious ill health before retirement date, which is March 2028.

Value is 67k
Transfer value is 62.5k

It is not normal that you can leave a DC pot to a beneficiary on your death and you can sometimes take them early if you are terminally ill. But it sounds like these are extra benefits, on top of normal ? which might explain the transfer value issue.