Pension Transfer Value query

rustyboy

Morning All

My FA has advised that I transfer one pension pot to another to make it work as good as it can for me.

I'm attempting to do this on my own - he wanted approx £500 and VAT, Hes said that if i fluff up then he can do it.

Ive had the paperwork back and have a query.

The current value of your Collective Retirement Account is £18,502.46. This is made up of the following: Uncrystallised £18,502.46

Your payments

The table below shows details of the proposed payments for this account:

Transfers

Source of transfer Value*

Cash transfer from XXXXX Packaged £16,177.82

Can anyone tell me why the amounts are different? and which amount will be added to my new pension?

Thanks in advance

MallyGirl

So many questions!
why an FA rather than an IFA?
what is his justification for the transfer? Fees/choice of investments/? 

What providers for the 'from' and 'to'?
what is in it for the FA?

dunstonh

So many questions!

Indeed. I have a few more...

I'm attempting to do this on my own - he wanted approx £500 and VAT, Hes said that if i fluff up then he can do it.

£500 seems very low for such a transaction.  That in itself would not necessarily worry me as they could be discounting if you are already an existing client.   However, advisers are not subject to VAT on that transaction.   So, a low fee and VAT when it's not necessary would have me asking questions whether it's a real adviser or one of these clone/unregulated scammers.

The current value of your Collective Retirement Account is £18,502.46. This is made up of the following: Uncrystallised £18,502.46

Collective Retirement Account is the in-house name for Quilter's platform pension.   Is that where it is now or where it is being recommended to transfer to?  

Quilter's pricing on Charge basis 1 or 2 (older pensions pre 2013) is quite competitive.   On Charge basis 3 (its post 2013 pricing) is not that competitive for small values (still cheaper than the likes of HL though).

Can anyone tell me why the amounts are different? 
and which amount will be added to my new pension?

The person who is doing it should.

Maybe tell us who it is being transferred to/from.  We know Quilter is one of the providers but not which way around it is.    You would expect a £500 difference because of the fee.  

Marcon

rustyboy said:

Morning All

My FA has advised that I transfer one pension pot to another to make it work as good as it can for me.

I'm attempting to do this on my own - he wanted approx £500 and VAT, Hes said that if i fluff up then he can do it.

Ive had the paperwork back and have a query.

The current value of your Collective Retirement Account is £18,502.46. This is made up of the following: Uncrystallised £18,502.46

Your payments

The table below shows details of the proposed payments for this account:

Transfers

Source of transfer Value*

Cash transfer from XXXXX Packaged £16,177.82

Can anyone tell me why the amounts are different? and which amount will be added to my new pension?

Thanks in advance

Yes - the party who supplied the quote. 

MEM62

rustyboy said:

My FA has advised that I transfer one pension pot to another to make it work as good as it can for me.

As above, you really should be talking to an IFA.   

Albermarle

MEM62 said:

rustyboy said:

My FA has advised that I transfer one pension pot to another to make it work as good as it can for me.

As above, you really should be talking to an IFA.   

The amounts involved would normally not be of interest to an IFA, and/or the charges would be very high relative to the funds involved .

MEM62

Albermarle said:

MEM62 said:

rustyboy said:

My FA has advised that I transfer one pension pot to another to make it work as good as it can for me.

As above, you really should be talking to an IFA.   

The amounts involved would normally not be of interest to an IFA, and/or the charges would be very high relative to the funds involved .

Good point.  

rustyboy

Hi All.

Sorry for the confusion - Ill try to clear a few things up.

Its an IFA and not an FA - my bad there. Ive used him before and am an existing client of his.

I transferred to Quilter before for a previous pension as quilter was outperforming my previous one. - This has been proven in the percentage increases etc that I've seen. Less fees for this one too.

Providers - from AEGON to Quilter

Nothing in it for him as far as I know. I'm trying to do it myself, to become more savvy with pensions and also save myself £489

MallyGirl

Good that it's an IFA.

Is Quilter available available to Joe Public?
Pension platforms don't perform- the investments held on them do. You could just look at other options with Aegon if you aren't happy with the current selected one(s). That being said, the value of the Quilter one is £18.5k and you said you were transferring in from Aegon so that would seem the be £16k figure.

DRS1

rustyboy said:

Hi All.

Sorry for the confusion - Ill try to clear a few things up.

Its an IFA and not an FA - my bad there. Ive used him before and am an existing client of his.

I transferred to Quilter before for a previous pension as quilter was outperforming my previous one. - This has been proven in the percentage increases etc that I've seen. Less fees for this one too.

Providers - from AEGON to Quilter

Nothing in it for him as far as I know. I'm trying to do it myself, to become more savvy with pensions and also save myself £489

I am sorry but your original question was how much would be transferred.  Yet you publish a statement from the receiving scheme?  That is not going to show anything relevant to your question.

You say you did a transfer to Quilter in the past.  My guess is the £16k figure is THAT transfer and the £18k figure is what your Quilter pension is now worth.

If you want to know how much will be transferred you need to look at information from Aegon.

Or as @MallyGirl suggests you could just think about switching your investment at Aegon - if you transfer you may well have to sell your investment so that cash can be transferred and who knows how long the transfer process will take.  Of course it could be a good time to be out of the market.

dunstonh

Is Quilter available available to Joe Public?

Its an intemediary platform.

Good that it's an IFA.

Although still doesn't explain VAT as its a non-VATable transaction.  Unless the adviser is doing it non-advised.