Trying to transfer my pension but Royal London being awkward

peteb93

Hi all i have a pension with Royal London that has a GAR but it is way below 30k its not even 5k

I am in the process of transferring it to PensionBee because i want to be able to access it easier and now i have received an email from PensionBee saying that Royal London are saying i need to get advice from a financial adviser.

I thought this was only applicable if the pension pot was worth more than 30k could anyone tell me if this is correct or am i wrong?

Marcon

https://forums.moneysavingexpert.com/discussion/6665030/trying-to-transfer-my-pension-but-royal-london-being-awkward

Regulated advice is mandatory if the transfer value is at least £30K and the scheme has safeguarded benefits.

So far so good - but if a provider only deals via an intermediary in respect of a particular product, as opposed to dealing directly with the customer, then you'd need to engage with RL through an adviser. It doesn't mean you actually need 'advice', nor does it mean RL are being awkward.

dunstonh

I am in the process of transferring it to PensionBee because i want to be able to access it easier and now i have received an email from PensionBee saying that Royal London are saying i need to get advice from a financial adviser.

Are they actually saying that, or are they just recommending that? We have had posts in the past where people misread it.

Where advice is required, Royal London have a form that an advisor has to sign? Have they issued that?

peteb93

https://forums.moneysavingexpert.com/discussion/comment/81970996#Comment_81970996

Apologies for my overdramatising it yeah that makes sense i was going to ring RL tomorrow and find out whats going on.

peteb93

https://forums.moneysavingexpert.com/discussion/comment/81971052#Comment_81971052

This is part of the email i recieved from PensionBee

The provider has advised that, before they can proceed, they require confirmation that you have received regulated financial advice regarding the transfer. This would usually be provided through a completed financial advice confirmation form, along with a supporting letter from your financial adviser.

Could you please let us know if you’ve already received this form from Royal London? If not, we can arrange for it to be sent to you so you can complete it.

peteb93

Ok i have been on the phone to Royal London and they have said it is because i also have a larger pension that is over £30,000 so even with the smaller one i would have to get financial advice before transferring.

As i am already going through the process of doing that with the larger one would it just be easier to merge the two pensions if possible?

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81972090#Comment_81972090

You won't be able to merge them.

Notepad_Phil

https://forums.moneysavingexpert.com/discussion/comment/81972121#Comment_81972121

But if they wait and hopefully get an okay, then once that has been transferred away would the issue go away as their total safeguarded amount would now only be approx £5k?

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81972170#Comment_81972170

If RL say the smaller is linked to the larger, then it applies the other way around too. i.e. you cannot transfer the larger one as it is linked to the smaller one that has safeguarded benefits.