Countrywide Assured Pension - transfer options

Lorian

I have a friend considering retirement with some Countrywide Assured Pension plans (4 or 5). They all have seperate plan numbers. They look like some sort of with profits policies that have not been paid into for a long time. They have guaranteed minimum values attached that are variously over and under the current value shown. This year they have reduced in value due to fees.

They would like to transfer the funds to a SIPP however in total the 4 or 5 policies come to just over £30K. Would financial advice be required to transfer? If it is what might be the best option?

Thanks.

LHW99

If the policy is worth less than the "guaranteed minimum", then why move them? Since the guaranteed minimum would presumably give more money.

You say they "look like some sort of with profits policies" I'm not sure if those types have a guaranteed minimum as such, more that annual bonuses can't be taken away, although they could impose a charge (MVR) for withdrawing before the specified date.

Generally even with guaranteed benefits, there would not be a need for formal advice as long as an individual policy was worth less than £30k.

There will be someone here who knows more - has your friend read this page -

https://www.countrywideassured.co.uk/pensions/