DC Pension transfer

Seanster

Albermarle said:

Seanster said:

FIREDreamer said:

Hargreaves Lansdown will create a £10k small pot from a larger pot. Done it twice with them myself.

Ermm... when I said Aj Bell I was actually thinking Hargreaves Lansdown! I know they can chip a bit off with them. This pot is less than £2k so just want to cash in later in year. 

Aj bell or HL or Fidelity will process a small lot payment, but in all cases you need to ask them specifically to process the withdrawal under the ‘small pots rule’

Aj bell or HL or Fidelity it is then, yes aware need specify small pots rules to NOT trigger MPAA. Read about a few making that mistake, it would be pretty catastrophic for me ! Thanks

ali_bear

If you're making large pension contributions now, you may not want to use up one of your three goes at a small pots withdrawal. And it is a trivial small amount. Why not just combine it into another pension and forget about it until later? 

artyboy

Fair to say I've done quite a lot of pension transfers over the past few years 

And IMO, Freetrade seem to have the simplest and easiest process - quick online form, decent amount of data validation (e.g. they seem to know what format most other pension providers account numbers should be in, they kicked back the one I had for nutmeg because it was my customer number rather than my account number).

And then when you submit they will send you a mail saying either they have all they need, or that you need to fill in a manual form - which they attach and pre-populate for signing and sending in the post.

Obviously if RL have their own forms, that's an extra, but it wouldn't make any difference which pension company you moved to.

But as Freetrade are starting to offer a free SIPP plan option, and also include some mutual funds alongside their ETFs, it could be a good option for you?

Seanster

Seanster said:

Albermarle said:

Seanster said:

FIREDreamer said:

Hargreaves Lansdown will create a £10k small pot from a larger pot. Done it twice with them myself.

Ermm... when I said Aj Bell I was actually thinking Hargreaves Lansdown! I know they can chip a bit off with them. This pot is less than £2k so just want to cash in later in year. 

Aj bell or HL or Fidelity will process a small lot payment, but in all cases you need to ask them specifically to process the withdrawal under the ‘small pots rule’

Aj bell or HL or Fidelity it is then, yes aware need specify small pots rules to NOT trigger MPAA. Read about a few making that mistake, it would be pretty catastrophic for me ! Thanks

I'm planing to top up to near £10k as not to "waste" the small pot/s.

Albermarle

Seanster said:

Albermarle said:

Seanster said:

FIREDreamer said:

Hargreaves Lansdown will create a £10k small pot from a larger pot. Done it twice with them myself.

Ermm... when I said Aj Bell I was actually thinking Hargreaves Lansdown! I know they can chip a bit off with them. This pot is less than £2k so just want to cash in later in year. 

Aj bell or HL or Fidelity will process a small lot payment, but in all cases you need to ask them specifically to process the withdrawal under the ‘small pots rule’

Aj bell or HL or Fidelity it is then, yes aware need specify small pots rules to NOT trigger MPAA. Read about a few making that mistake, it would be pretty catastrophic for me ! Thanks

I have in the back of my mind, that Fidelity have something in their T's and C's, that prevent people transferring in and then immediately withdrawing.
It is not surprising as they will earn almost zero fees, but will be a significant admin cost.
I think HL might be a more flexible, but best to read the T's and C's of all three carefully.