Providers that preserve protected pension age on transfer in?

Temrael

Hi all,

I'm about 3 years away from retiring and I've discovered that my main DC pension with Aviva (a TK policy) doesn't provide FAD. I'd need to contact them every time I want to make a withdrawal apparently.

However, it does provide a protected pension age of 55 which will be really useful.

Aviva's fees aren't super competitive, the fund selection is poor and the CS isn't brilliant so it might be worth me looking at a transfer out. I've left it with them until now largely through inertia (it was there already and was mostly fine).

Does anyone know of any pension providers who preserve protected pension age on transfer in?

I believe Fidelity may do, but I'd like to build a shortlist so I can then assess their fees, reviews etc.

I'd be particularly interested to hear from anyone who transferred out from Aviva and preserved to a new provider in these circumstances? Who did you go to and why?

Thanks a lot,

squirrelpie

An alternative might be to leave it with Aviva then make an initial withdrawal or two and then transfer it with no need to preserve the protected age because you'll be old enough?

Temrael

Thanks Squirrel, yeah that's definitely an option I'm considering.

I could also do a partial transfer out, leaving just enough in Aviva for those first few years. I think I'd pay higher fees though, as they're discounted for larger holdings. It wouldn't make a huge difference though. I do know you can't do a partial transfer after you've accessed any of it though so it would need to be before then for a partial.

Annoyingly any transfer out won't be in-specie, so that's sub-optimal. 🙄

hara____

I'm in a similar situation, albeit further from retirement. As you say, it looks like Fidelity can recognise a protected pension age when you transfer to them:

https://www.fidelity.co.uk/normal-minimum-pension-age-nmpa/

The other big platforms aren't as clear on whether they can do the same. I'd also be interested to hear about anyone successfully maintaining early access with a transfer to anywhere else?

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81887800#Comment_81887800

Annoyingly any transfer out won't be in-specie, so that's sub-optimal.

Aviva have a reputation for being quick with their transfers. Mine took less than 48 hours, but I think that was particularly fast. One issue is that Aviva is not one homogenous provider, as they have taken over or absorbed other providers, so maybe the transfer service from one part is bot the same as another.

Temrael

Thanks Hara, yeah I've struggled to find the info on providers websites.

I guess I could find a good provider and then ask if they do preserve it, but I'm sure the number of providers that do is very limited. So likely to be an inefficient way of doing it.

Temrael

Thanks Albermarle, yes apparently TK policies were/are managed under the hood by "Unisure". So likely different transfer times.

Seeking to preserve the pension age will probably slow things down too, I suspect.

Temrael

As well as Fidelity, Vanguard (who my S&S ISA is with) tell me that they'll preserve my protected age. So that's definitely an option from a fees (as they're capped), and simplicity point of view.

Anyone aware of any other providers who preserve protected pension age? :)

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81889819#Comment_81889819

In this case, this cashback offer might be of interest.

Transfer your ISAs, Pensions (SIPPs) or Investment Accounts | Fidelity

Temrael

Thanks Albermarle, yep I saw that and it's definitely tempting.

It seems I'd save about £300pa at Vanguard on fees though (vs Fidelity), so after a few years I'd still be better off with Vanguard.

I guess I could transfer to Fidelity and then out again to Vanguard after 18 months (in the Ts&Cs), but I wonder if the protected pension age might be harder to prove at that point (and I couldn't risk losing it).

Interactive Investor seem like they'd be cheaper still on fees, but I suspect they won't preserve the protected pension age. I've asked them the question though.

DeLaSole

Hi Temrael,

In autumn, Interactive Investor told me they could preserve a PPA if transferring to them, so hopefully they confirm the same to you.

Beat wishes.