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    • NorthernGeezer
    • By NorthernGeezer 11th Jan 18, 9:20 PM
    • 125Posts
    • 20Thanks
    NorthernGeezer
    Pension Transfer
    • #1
    • 11th Jan 18, 9:20 PM
    Pension Transfer 11th Jan 18 at 9:20 PM
    I have 60k in closed funds with Phoenix and i'm looking to transfer this in to my employee investement fund with L&G.
    Unfortunatley L&G will only do this if i use an IFA as the funds in Phoenix are 'with profits'
    the lowest price i've been quoted by an IFA is 1000 which seems excessive for what is generally an admin function.
    I was initially thinking of using Pensionbee as the transfer vehicle but they have a one year minimum requirement to keep the funds with them, plus as a new venture there is no history of 'transfering out' to a new fund.
    Any advice on an alternative quicker/safer route would be gratefully accepted.
Page 1
    • MallyGirl
    • By MallyGirl 11th Jan 18, 9:43 PM
    • 2,740 Posts
    • 7,746 Thanks
    MallyGirl
    • #2
    • 11th Jan 18, 9:43 PM
    • #2
    • 11th Jan 18, 9:43 PM
    It isn!!!8217;t just admin. The IFA will be required to advise on whether it is the right move for you and will be liable for that advice in the future if you later decide to sue because it didn!!!8217;t work out
    • dunstonh
    • By dunstonh 11th Jan 18, 9:46 PM
    • 93,022 Posts
    • 60,406 Thanks
    dunstonh
    • #3
    • 11th Jan 18, 9:46 PM
    • #3
    • 11th Jan 18, 9:46 PM
    the lowest price i've been quoted by an IFA is 1000 which seems excessive for what is generally an admin function.
    An admin function? That would be nice. You better let the regulator know its just an admin function as they dont treat it that way.

    Any advice on an alternative quicker/safer route would be gratefully accepted.
    Why do you want to transfer it out?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • NorthernGeezer
    • By NorthernGeezer 11th Jan 18, 10:53 PM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    • #4
    • 11th Jan 18, 10:53 PM
    • #4
    • 11th Jan 18, 10:53 PM
    Mally
    I understand there's a bit more involved than 'just admin' but i'm happy doing the transfer myself rather than pay 1000.

    Dunstonh
    I'm looking to consolidate both Phoenix pots with the employee fund at L&G.
    I'm finishing work in April 18 due to an underlying medical condition but i wont crystalize and drawdown on this consolidated pot till probably March 19.
    • badmemory
    • By badmemory 12th Jan 18, 5:30 AM
    • 1,710 Posts
    • 2,310 Thanks
    badmemory
    • #5
    • 12th Jan 18, 5:30 AM
    • #5
    • 12th Jan 18, 5:30 AM
    Surely if the original pensions know of your medical condition that may allow you to do what you wish without any other requirements!
    • PeacefulWaters
    • By PeacefulWaters 12th Jan 18, 5:42 AM
    • 8,318 Posts
    • 10,656 Thanks
    PeacefulWaters
    • #6
    • 12th Jan 18, 5:42 AM
    • #6
    • 12th Jan 18, 5:42 AM
    What do you see as the benefits of transferring it?

    If they're negligible, there's no need to do it.
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 8:14 AM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    • #7
    • 12th Jan 18, 8:14 AM
    • #7
    • 12th Jan 18, 8:14 AM
    Bad memory
    The issue isn't with Phoenix, other than the fact they can only offer me annuities not drawdown, they are quiete happy to transfer out at no charge.
    Unfortunately L&G will not accept a transfer in request of a 'with profits' fund from an individual, only via an IFA.

    Peaceful
    I can't access the fund whilst it's with Phoenix, I have to transfer out and I'm looking for the cheapest and easiest way to do this, which on paper looked something like what Pensionbee are offering.
    • dunstonh
    • By dunstonh 12th Jan 18, 10:17 AM
    • 93,022 Posts
    • 60,406 Thanks
    dunstonh
    • #8
    • 12th Jan 18, 10:17 AM
    • #8
    • 12th Jan 18, 10:17 AM
    I'm finishing work in April 18 due to an underlying medical condition but i wont crystalize and drawdown on this consolidated pot till probably March 19.
    Does the L&G pension allow you to do that? Most L&G schemes do not. They require a transfer to an alternative plan within L&G to do it.

    What makes you think that L&G is the best place for you to do drawdown? For a DIY investor, it almost would not be (they are not really up there on the advice side either).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 12:05 PM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    • #9
    • 12th Jan 18, 12:05 PM
    • #9
    • 12th Jan 18, 12:05 PM
    Dunston
    Does the L&G pension allow you to do that? Most L&G schemes do not. They require a transfer to an alternative plan within L&G to do it.
    I spoke with L&G yesterday and explained what i wanted to do and why and they never raised any objections.

    What makes you think that L&G is the best place for you to do drawdown? For a DIY investor, it almost would not be (they are not really up there on the advice side either).
    Been looking at SIPPs but i'm still trying to work out if i can start one with the money i want to transfer out of from Phoenix.
    HL seem to get a lot of mentions on this forum but their site isnt that easy to understand.
    • xylophone
    • By xylophone 12th Jan 18, 12:23 PM
    • 25,581 Posts
    • 15,107 Thanks
    xylophone
    HL seem to get a lot of mentions on this forum but their site isnt that easy to understand.
    Seems clear enough?

    http://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp

    Have you phoned the help desk?
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 12:34 PM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    Not even got that far yet xylophone, i'm still trying to make my mind up what to do with the 3 pots
    • NorthernGeezer
    • By NorthernGeezer 12th Jan 18, 12:42 PM
    • 125 Posts
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    NorthernGeezer
    xylophone
    Looked at the link you sent me, seems easy enough, thanks.
    • NorthernGeezer
    • By NorthernGeezer 22nd Jan 18, 12:55 PM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    Well, 11 days later and 39 posts further on from my first, i think I've 'found' a solution and finally come to a decision
    I assumed (wrongly) that sorting your pension out would be straightforward.................not for the average bloke it aint
    I'm one of those people who thought that when the time comes I just had to ask for the money I'm due and expected it to be there when I need it, but that's not the case and a lot of time, effort and stress has gone in to undertaking a journey i never wanted or expected to take.
    Whilst its not been easy, i'm a bit more enlightened now and that's in no small part to the people who contribute to this forum and who at least try to point us novices in the right direction, thanks to everyone who have taken the time to answer the same old questions which must have been asked by others over the years, thanks for your patience.
    So, the solution....................................
    If i could have done i would have just transfered my funds from Phoenix to L&G and took my drawdown as i needed it.
    Not so easy it seems so I've had to look at 'alternative' routes.
    Never really happy with the concept of running my own SIPP or as a DIY investor (its not in my nature) so i had to find something that would do that for me.
    It seems on the face of it i can transfer my Phoenix pots to Cavendish and then to L&G.
    Costs for Cavendish holding my 'cash' fund are 0.25% or 150 on a 60k pot.
    Sounds simple when you look at it in black and white and the one thing i've found on here is that if there is a potential banana skin, i'm in the right place for someone to point it out.
    So, anyone got any thoughts?
    • NorthernGeezer
    • By NorthernGeezer 26th Feb 18, 8:34 PM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    Well, i think I've finally got all my ducks in a row so to speak.
    Have now transfered my 60k from Phoenix to Cavendish/Fundsnetwork where at present its held as a cash sum.
    I've 10k in L&G and 20k to go in cash to take advantage of the tax break.
    So, what next?
    Its my intention to consolidate the lot, take my 25% tax free before the end of the 18/19 tax year and start drawing up to my tax limit in the tax year 19/20.
    My thoughts were to go flexi drawdown with L&G but the following post from Dunstonh has made me think twice...........

    "I'm finishing work in April 18 due to an underlying medical condition but i wont crystalize and drawdown on this consolidated pot till probably March 19".
    !!!8221;Does the L&G pension allow you to do that? Most L&G schemes do not. They require a transfer to an alternative plan within L&G to do it.

    "What makes you think that L&G is the best place for you to do drawdown? For a DIY investor, it almost would not be (they are not really up there on the advice side either)"

    Any thoughts regarding an alternative strategy would be gratefully appreciated.
    • xylophone
    • By xylophone 26th Feb 18, 11:08 PM
    • 25,581 Posts
    • 15,107 Thanks
    xylophone
    Do you have the relevant earnings in this tax year to support the contribution of 20,000 you wish to make?

    Do you want to hold the entire pension in cash?

    If you opened a SIPP with HL you could hold the entire fund in cash without charge and with no charge for drawdown.
    • NorthernGeezer
    • By NorthernGeezer 26th Feb 18, 11:31 PM
    • 125 Posts
    • 20 Thanks
    NorthernGeezer
    Yes, i have the relevant earnings.
    I reckon it will take me 15 years to deplete the pot when my SP kicks in so i'm thinking it might as well earn me a bit first.
    I'm with L&G in their multi asset fund and my thinking is if its in there at least its earning with little effort.
    Dunstons post on the 12th Jan got me thinking its not the best route though.
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