Transfer out of active TPT pension

MX5huggy

My wife has a small tpt DC auto enrolment pension (it is DC, I know tpt do legacy DB administration). That’s being contributed to each month at the minimum allowed rates 5/3%.

Can she transfer the current balance to another pension provider? Leaving it live with tpt to gather new contributions? 

I’ve only come across information about transferring in to tpt. 

Looking to get her to make some investment choices as it’s currently in the expensive medium risk ethical lifestyles tpt fund. 

Marcon

MX5huggy said:

My wife has a small tpt DC auto enrolment pension (it is DC, I know tpt do legacy DB administration). That’s being contributed to each month at the minimum allowed rates 5/3%.

Can she transfer the current balance to another pension provider? Leaving it live with tpt to gather new contributions? 

I’ve only come across information about transferring in to tpt. 

Looking to get her to make some investment choices as it’s currently in the expensive medium risk ethical lifestyles tpt fund. 

She may have to opt out of the scheme before she can transfer her benefits elsewhere - and could have to wait for up to a year before the employer has to accede to her request to re-admit her. The only way to find out is to check with her employer or TPT.

MX5huggy

Thanks @Marcon sounds like a bad plan in that case and just restrict ourselves to tpt’s limited options. We’ll speak to tpt, not willing to speak to the employer. She is in a unique position with them. 

cloud_dog

MX5huggy said:

My wife has a small tpt DC auto enrolment pension (it is DC, I know tpt do legacy DB administration). That’s being contributed to each month at the minimum allowed rates 5/3%.

Can she transfer the current balance to another pension provider? Leaving it live with tpt to gather new contributions? 

I’ve only come across information about transferring in to tpt. 

Looking to get her to make some investment choices as it’s currently in the expensive medium risk ethical lifestyles tpt fund. 

She should ask the administrators if she is allowed to undertake a partial transfer out WHILST remaining an active member of the scheme.  Wording is important.

Pat38493

MX5huggy said:

Thanks @Marcon sounds like a bad plan in that case and just restrict ourselves to tpt’s limited options. We’ll speak to tpt, not willing to speak to the employer. She is in a unique position with them. 

Per cloud dog you should ask them because some pensions do allow this and some don’t. 

Also agree the wording is important - I asked the question to Aegon and they eventually replied with some generic information so I have had to go back to make the question doubly specific.