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.