Flexible Drawdown Pension Transfer

BlueCat12

I was wondering if, a flexible drawdown pension (specifically a dependent's drawdown pension) can be transferred to a different provider without there being any implications to the tax free status of it? I'm going with a particular provider to invest my late partner's pension but their fees are higher compared to the pension provider which my partner's company used. I wanted to assess their performance over the next couple of years and look at transfering if I feel I'm not getting value for money. Any advice would be appreciated! Thanks 

Marcon

If the individual has a beneficiary drawdown plan it is possible to transfer that beneficiary drawdown plan to another provider. However, it must be a beneficiary drawdown to beneficiary drawdown transfer.

What can’t be done is for the beneficiary to ‘transfer’ the death benefit rights to another provider to get beneficiary drawdown where that’s not an option under the deceased individual’s scheme.

Source: https://adviser.royallondon.com/technical-central/pensions/benefit-options/beneficiary-drawdown/

dunstonh

I was wondering if, a flexible drawdown pension (specifically a dependent's drawdown pension) can be transferred

Beneficary/dependents drawdown is classified differently to flexible or flexi access drawdown.  So, its best not to mix up the phrases.  it cannot be mixed in with flexi-access drawdown or any other type of drawdown.

But in respect of transfers, the answer is yes, it can be transferred.

Albermarle

I wanted to assess their performance over the next couple of years and look at transfering

Depends on what you mean by 'performance'

If you mean how easy it is to get responses, how easy is to use the website, choice of investments, charges etc., then it is valid to compare pension providers this way.

If you mean investment performance, then this is solely down to how each pension is invested, which can be changed. So if the investments in Pension A perform better than those in Pension B, it is nothing directly connected to the pension provider and is down to the choice of investments made.