Pension transfer issue.

Stevej60

Hi folk's.I have 2 pensions with phoenix life.on reaching 65 I flipped one to standard life in a safe
fund which suited my needs.The second smaller one is an old pension from a long gone employer scheme which is sat and has for years at just over £10.000.I am trying in vain to get it transferred into the newly created Standard pot but are bouncing between the two as Standard say there's a post retirement guarantee of £1 per unit on the funds and I need to clarify with Phoenix what this means to any transfer,I now again have to wait a week for a call back from phoenix to explain what
this means,surely if my last statement states £10.000 thas the sum of the unit prices in total.
Any advice would be appeciated.

dunstonh

Based on the limited information, it would appear Phoenix have told Standard Life that there is a safeguarded benefit and have paused the transfer to allow you to see if the safeguarded benefit is worthwhile (you should know that before you ask to transfer but many don't).

Stevej60

dunstonh said:

Based on the limited information, it would appear Phoenix have told Standard Life that there is a safeguarded benefit and have paused the transfer to allow you to see if the safeguarded benefit is worthwhile (you should know that before you ask to transfer but many don't).

Many Thanks,they are calling me back one afternoon next week so we'll see what it's all about it's just so frustrating being passed sometimes to three different people in one call and of course all going through the have you spoken to Pension wise/Financial advisor script which I did in January which led to this route of what to do with my pension.

dunstonh

it's just so frustrating being passed sometimes to three different people in one call and of course all going through the have you spoken to Pension wise/Financial advisor script which I did in January which led to this route of what to do with my pension.

Did you tell Pensionwise you had a safeguarded benefit?   (I'm assuming it wasn't an adviser you spoke with in January)
If so, what did they say?  

Statistically, most safeguarded benefits are worth keeping the pension where it is.   That is why they have this extra layer of consumer protection.

So, whilst you find it frustrating, it could actually result in you staying with Phoenix to retain the benefit.