Royal London

pdel61

I have a small pension with Royall London that was originally taken out with Abbey National. I have already taken the 25% out of it, but as there is no online access to it I'd like to move it elsewhere.

I've ready different comments with regards to RL and how where the pension came from/resides makes a difference in the ease of transfer.

Any idea if transferring an old Abbey one is likely to be straightforward, is it likely to be easier to do a cash transfer as it's currently in the RL cautious managed fund, which may not be available anywhere else.

Thanks

dunstonh

I wouldn't take much notice of the other poster who has recently posted on multiple threads with negative info.    They haven't expanded on their issues.   i.e. did they move to a non-mainstream SIPP which triggered the anti-fraud checks, did the plan have safeguarded benefits, did the receiving scheme use ORIGO or the old paper method etc.     Whilst any single transfer could face a hiccup, I have done countless over the years from RL and never have an issue apart from ex CIS plans operating out of Manchester being sluggish whereas plans (with no safeguarded benefits) operating out of Wilmslow have been fine.

Any idea if transferring an old Abbey one is likely to be straightforward, is it likely to be easier to do a cash transfer as it's currently in the RL cautious managed fund, which may not be available anywhere else.

It won't be available elsewhere as it's a pension fund.  Pension funds are linked to the provider.  

Albermarle

Probably worth noting that generally it is easier to transfer a pension pot before the tax free part has been taken.
That is nothing connected with Royal London, but the providers who you might want to transfer to.
It is still possible but could restrict your choice of provider and/or make the transfer a bit less smooth.

Why that is I am not that sure, but it seems to be the case. 

pdel61

Albermarle said:

Probably worth noting that generally it is easier to transfer a pension pot before the tax free part has been taken.
That is nothing connected with Royal London, but the providers who you might want to transfer to.
It is still possible but could restrict your choice of provider and/or make the transfer a bit less smooth.

Why that is I am not that sure, but it seems to be the case. 

Thanks for that, seems odd, my plan was to take it to HL where the rest of my pension is, hopefully it doesn't turn out to be an issue.

Albermarle

pdel61 said:

Albermarle said:

Probably worth noting that generally it is easier to transfer a pension pot before the tax free part has been taken.
That is nothing connected with Royal London, but the providers who you might want to transfer to.
It is still possible but could restrict your choice of provider and/or make the transfer a bit less smooth.

Why that is I am not that sure, but it seems to be the case. 

Thanks for that, seems odd, my plan was to take it to HL where the rest of my pension is, hopefully it doesn't turn out to be an issue.

Most likely will be OK, but you might have to call then rather than just doing it online.