IFA and Pension fund management charges - transferring a DC workplace & private pension

DeadlyD

xylophone said:

I was intending to transfer the full L&G pension £195k into a SIPP possibly Interactive Investor. 

I feel as though we are at cross purposes here.

Why would you be trying to take money from L&G first?

Would it not be easier to ask II to arrange the transfer of L&G to II and then take the UFPLS from II?

The transfer could take 12 weeks, reading on II FAQs  and I want to make sure I use my tax free allowance for this FY before end of March. 

dunstonh

L&G use origo and are pretty quick.   I don't know about II.     Its unlikely to take longer than a week unless II are slow.

12 weeks is not an accurate guide to what it could be either.  Some workplace/occupational pensions can take over 6 months.

DeadlyD

L&G are my workplace pension so erring on the side of caution. Should I be aware of any gotchas though if I do a partial sum (£16760) withdrawal from L&G then transfer? 

dunstonh

DeadlyD said:

L&G are my workplace pension so erring on the side of caution. Should I be aware of any gotchas though if I do a partial sum (£16760) withdrawal from L&G then transfer? 

L&G workplace pensions are reliable.  It is the smaller players in that field or the professional administrator types that have the problems.

DeadlyD

dunstonh said:

 

L&G workplace pensions are reliable.  It is the smaller players in that field or the professional administrator types that have the problems.

So I shouldn’t anticipate any problems withdrawing from L&G and then doing a transfer to II? 

dunstonh

DeadlyD said:

dunstonh said:

 

L&G workplace pensions are reliable.  It is the smaller players in that field or the professional administrator types that have the problems.

So I shouldn’t anticipate any problems withdrawing from L&G and then doing a transfer to II? 

As long as II use Origo, then you should be fine and not be concerned over a delay.

xylophone

This caught my eye........it appears that Origo may not be the cause of any delay.........


https://moneyforums.citywire.com/yaf_postst17015_LandG-blocking-transfer-to-ii-SIPP.aspx

coyrls

DeadlyD said:

dunstonh said:

 

L&G workplace pensions are reliable.  It is the smaller players in that field or the professional administrator types that have the problems.

So I shouldn’t anticipate any problems withdrawing from L&G and then doing a transfer to II? 

You don't withdraw anything from L&G, you initiate the transfer with II and II contact L&G to effect the transfer.

DeadlyD

coyrls said:

DeadlyD said:

dunstonh said:

 

L&G workplace pensions are reliable.  It is the smaller players in that field or the professional administrator types that have the problems.

So I shouldn’t anticipate any problems withdrawing from L&G and then doing a transfer to II? 

You don't withdraw anything from L&G, you initiate the transfer with II and II contact L&G to effect the transfer.

Sorry don’t understand I’m want to withdraw a partial sum and then transfer 

xylophone

Sorry don’t understand I’m want to withdraw a partial sum and then transfer 

It would be cleaner to transfer the whole to II and then commence the  withdrawal process and on the face of it, using Origo this should be easily and speedily managed.

It appears from the link cited in my post above that L&G to II would be an Origo transfer.

But see the link in my post above concerning the L&G administrative process.

Is L&G likely to be somewhat over cautious even if you attempt to make a withdrawal from the workplace scheme?