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  • FIRST POST
    • michaels
    • By michaels 9th Mar 18, 8:37 PM
    • 20,695Posts
    • 95,790Thanks
    michaels
    Cancelling dc pension transfer
    • #1
    • 9th Mar 18, 8:37 PM
    Cancelling dc pension transfer 9th Mar 18 at 8:37 PM
    I transferred my scottish widows series 1 pension into my series 2 one. Apparently it happened on 9th feb although I have only just got the paperwork. Since then the old fund has outperformed the new one by about 3.5k.

    Today I got a letter saying I had 30 days to cancel the transfer. My question is, if I did this would I be put back in the old fund with the old number of units and thus 3.5k more and I could then redo the transfer when suited me?!
    Cool heads and compromise
Page 1
    • Dox
    • By Dox 9th Mar 18, 8:43 PM
    • 514 Posts
    • 306 Thanks
    Dox
    • #2
    • 9th Mar 18, 8:43 PM
    • #2
    • 9th Mar 18, 8:43 PM
    What do you think?
    • sandsy
    • By sandsy 9th Mar 18, 9:48 PM
    • 1,322 Posts
    • 796 Thanks
    sandsy
    • #3
    • 9th Mar 18, 9:48 PM
    • #3
    • 9th Mar 18, 9:48 PM
    In a word, no.
    • michaels
    • By michaels 9th Mar 18, 10:25 PM
    • 20,695 Posts
    • 95,790 Thanks
    michaels
    • #4
    • 9th Mar 18, 10:25 PM
    • #4
    • 9th Mar 18, 10:25 PM
    So what would happen - would the current value be transferred back (and then reinvested into the original fund)?
    Cool heads and compromise
    • dunstonh
    • By dunstonh 10th Mar 18, 1:56 AM
    • 92,613 Posts
    • 59,926 Thanks
    dunstonh
    • #5
    • 10th Mar 18, 1:56 AM
    • #5
    • 10th Mar 18, 1:56 AM
    So what would happen - would the current value be transferred back (and then reinvested into the original fund)?
    Originally posted by michaels
    They will either refuse to accept it back (if its on old pension no longer available) or they will buy units back using the transfer value of the other plan at the unit price on that particular day.
    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.
    • michaels
    • By michaels 10th Mar 18, 8:49 AM
    • 20,695 Posts
    • 95,790 Thanks
    michaels
    • #6
    • 10th Mar 18, 8:49 AM
    • #6
    • 10th Mar 18, 8:49 AM
    They will either refuse to accept it back (if its on old pension no longer available) or they will buy units back using the transfer value of the other plan at the unit price on that particular day.
    Originally posted by dunstonh
    Thanks - no free option then
    Cool heads and compromise
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