COPPS Pension

colmel16

Hi all, looking at transferring my wife old contracted out pension from ReAssure to HL and wanting to make sure it is possible and that we will not lose out by the transfer. It is a protected rights plan COPPS and in the review illustrations it states that they are not a promise or guarantee. The investments are in Managed (type 1) pension 3 and 4 star series 01 (managed) thanks

dunstonh

 It is a protected rights plan COPPS

COPPS was an abbreviation of the original internal product name.
it is no longer protected rights as that was abolished many years ago.   It should say former protected rights or non-protected rights now.

wanting to make sure it is possible and that we will not lose out by the transfer.

Yes it is possible but there is insufficient information to say whether you will lose out or not.

colmel16

The policy name says protected rights plan (COPPS). What info should we be looking for to make the right decision.?

xylophone

Some information on the history of "protected rights" here.

https://www.which.co.uk/money/pensions-and-retirement/state-pension/what-was-contracting-out-ascMg4t2I7Hk

In 2012, when contracting out was abolished for DC schemes, members' 'protected rights' were converted into ordinary pension benefits.

Your wife is considering the transfer of one DC pension scheme to another.

What are the advantages of transferring to HL? Cost? Flexibility? Ease of access?

dunstonh

colmel16 said:

The policy name says protected rights plan (COPPS). What info should we be looking for to make the right decision.?

Are there any safeguarded benefits?  (less common on former protected rights plans but some had them)
Charges comparison  (HL can be expensive. Especially if you are using their own brand funds.  Some legacy plans can be expensive but some can be very cheap)

Basically, you generally look for justification for moving it and make sure there are no reasons for keeping it where it is.  The two things above are the main things.

colmel16

Thanks for the replies. As far as i can see there are no safeguarded benefits, the charges with ReAssure are quite expensive (£242 on a policy worth £9000) and the dealings we have had with HL up to now have been good where as Re Assure often get noted for difficulty when making withdrawals, so i think HL is the way to go thanks.

colmel16

Just to update. The transfer was completed and from instructing HL to transfer to the money showing in my HL account (BACS) was approx 1 week. Better than we thought it would be with HL doing all the work.

MeteredOut

@colmel16 This is a long shot since this is an old thread you've not been on MSE for a while, but if you get this it'd be good to hear if ReAssure applied a charge for the transfer. My wife is looking to do similar (ReAssure COPPS Pension to her SIPP) but she's been told there's a 6% penalty at fund transfer.

https://forums.moneysavingexpert.com/discussion/comment/80855878

dunstonh

MeteredOut said:

@colmel16 This is a long shot since this is an old thread you've not been on MSE for a while, but if you get this it'd be good to hear if ReAssure applied a charge for the transfer. My wife is looking to do similar (ReAssure COPPS Pension to her SIPP) but she's been told there's a 6% penalty at fund transfer.

https://forums.moneysavingexpert.com/discussion/comment/80855878

ReAssure have very many different types of plans from all the companies they have taken business from over the years.   There is not just one version.   So, what others may have had won't matter as its what your wife has that does.

MeteredOut

dunstonh said:

MeteredOut said:

@colmel16 This is a long shot since this is an old thread you've not been on MSE for a while, but if you get this it'd be good to hear if ReAssure applied a charge for the transfer. My wife is looking to do similar (ReAssure COPPS Pension to her SIPP) but she's been told there's a 6% penalty at fund transfer.

https://forums.moneysavingexpert.com/discussion/comment/80855878

ReAssure have very many different types of plans from all the companies they have taken business from over the years.   There is not just one version.   So, what others may have had won't matter as its what your wife has that does.

Yes, good point. Her's is/was a Windsor Pension.