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Transfer of personal pension?
Comments
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What have I missed? You (or one of the other IFAs posting on this board) will doubtless be able to tell me in a trice, rather than my flailing around in the FCA handbook!"Early exit charge" is the key. i.e. all those plans with capital and accumulation units or establishment charges from yesteryear.
Whereas an admin fee to cover the cost of in-specie transfer out or cash transfer out is allowed. That sort of charge is not an "early exit charge"
The vast majority don't have one, but you can find them on some SIPPs (more typically full SIPPs or niche players)
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
Yes, that was my assumption here, that it was a distinction between an exit charge and a transfer admin fee.dunstonh said:What have I missed? You (or one of the other IFAs posting on this board) will doubtless be able to tell me in a trice, rather than my flailing around in the FCA handbook!"Early exit charge" is the key. i.e. all those plans with capital and accumulation units or establishment charges from yesteryear.
Whereas an admin fee to cover the cost of in-specie transfer out or cash transfer out is allowed. That sort of charge is not an "early exit charge"
The vast majority don't have one, but you can find them on some SIPPs (more typically full SIPPs or niche players)
The reason that I haven't dug further into it is that as part of my recent complaint resolution with CS, they agreed to waive it in any case. So I'm all right Jack
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