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DC Pension Transfer
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Albert0500
Posts: 21 Forumite

Hi have a pension and am looking to transfer it, I have been looking at Royal London as currently have a drawdown pension with them and am happy.
if i wish to transfer my other DC pension to another provider, do I need to take financial advice or can
I transfer without sign off from an IFA?
if so, what sort of costs would be looking at for straight forward transfer if I have to use them?
if i wish to transfer my other DC pension to another provider, do I need to take financial advice or can
I transfer without sign off from an IFA?
if so, what sort of costs would be looking at for straight forward transfer if I have to use them?
Thank you.
0
Comments
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Does the DC pension you want to transfer have any safeguarded benefits?
That is usually the only reason an IFA would be needed for a transfer to another scheme.2 -
Full transfer of any DC pension is a "right" you have under legislation. And it can be done DIY for free. Or you can pay a provider (pension review farm, roboadviser e.g. PensionBee etc. to do admin for you
Mostly it works on a "pull" model. You ask the new provider to action it.
A minority of DC pension scheme members who don't just have a "pot". But have other safeguarded benefits such as (the classic example - a guaranteed annuity rate GAR - a right to buy an annuity at a minimum % - often higher than central bank rates and the offered annuity rates in recent years). Transfer out and losing that right would be in many cases an act of financial self harm. So the rules on how transfers are processed were updated to include extra controls for ceding schemes where these exist
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Albert0500 said:Hi have a pension and am looking to transfer it, I have been looking at Royal London as currently have a drawdown pension with them and am happy.
if i wish to transfer my other DC pension to another provider, do I need to take financial advice or can
I transfer without sign off from an IFA?
if so, what sort of costs would be looking at for straight forward transfer if I have to use them?Thank you.
The requirement is to receive advice, not necessarily take it, so the adviser doesn't have to 'sign off' the transfer - just confirm they've given advice.
Whether or not you need advice, you can arrange the actual transfer yourself, unless either your current scheme or its proposed destination is a provider which will only deal via an intermediary.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!2 -
gm0 said:Full transfer of any DC pension is a "right" you have under legislation. And it can be done DIY for free. Or you can pay a provider (pension review farm, roboadviser e.g. PensionBee etc. to do admin for you
Mostly it works on a "pull" model. You ask the new provider to action it.
A minority of DC pension scheme members who don't just have a "pot". But have other safeguarded benefits such as (the classic example - a guaranteed annuity rate GAR - a right to buy an annuity at a minimum % - often higher than central bank rates and the offered annuity rates in recent years). Transfer out and losing that right would be in many cases an act of financial self harm. So the rules on how transfers are processed were updated to include extra controls for ceding schemes where these exist
thanks0 -
"With" not wife.0
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Dazed_and_C0nfused said:Does the DC pension you want to transfer have any safeguarded benefits?
That is usually the only reason an IFA would be needed for a transfer to another scheme.0 -
Albert0500 said:Dazed_and_C0nfused said:Does the DC pension you want to transfer have any safeguarded benefits?
That is usually the only reason an IFA would be needed for a transfer to another scheme.
However RL usually work with advisors and may not allow a transfer in by a member of the public who has not taken advice, even if you are an existing customer. I am not sure about this though, you would have to check with RL.0 -
Albermarle said:Albert0500 said:Dazed_and_C0nfused said:Does the DC pension you want to transfer have any safeguarded benefits?
That is usually the only reason an IFA would be needed for a transfer to another scheme.
However RL usually work with advisors and may not allow a transfer in by a member of the public who has not taken advice, even if you are an existing customer. I am not sure about this though, you would have to check with RL.1 -
Think your right about transferring to RL,Check here?
https://www.royallondon.com/pensions/pension-transfers/
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I did mine this year myself. I pulled a old "dormant" pot of £60k that was charging high rates of 1% into my employer Aviva pot that I am contributing to every month. I get charges of 0.3% on the Aviva pot. I requested this online at the Aviva end and had to do via filling out the forms and posting them at the "from" end. Took about six weeks to see the balance in Aviva.2
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