Transferring pensions

Doc_4

Hi, Newbie post. Have a stakeholder pension but have taken up offer of Group pension in new job. Wanted to transfer stakeholder cash into new pension which I can do BUT have been advised ONLY if I get an independent financial advisor to assess my situation (ie I take advice) and they fill in the transfer forms. This is to do with financial regulations apparently and in my own interest. How do you get round this?! Do I have to take advice or will a letter stating I waive those rights be enough to get this moving?

Help oh wise ones...

:think:

dunstonh

Expect to pay an IFA to do this as the IFA will earn nothing from it. However, you could ask the IFA that manages the group scheme as he will earn commission from the transfer or will have some agreement in place with the employer on how is is paid. (he/she would earn even if another IFA or you did it yourself so you may as well use him/her)

Pension transfers are considered a higher risk area and that is why you are being told what you are. Execution only on a pension transfer is unlikely to be done by an IFA because of the compliance risk. Its possible but unlikely. A letter waiving your rights is not worth the paper its written on.

So, your best bet is to get the scheme IFA to do it.

EdInvestor

Hi Doc

Which companies are the two pensions with?

It may not be worth bothering paying fees to move the stakeholder money in, especially if the funds offered for the new pension are not as good as the ones on offer for the old one.