
Can a pension transfer be refused?
Can a pension transfer be refused? If your question is relating to a Defined Benefit (DB) or Final Salary pension trans…
Read moreI am thinking here the answer to this should be yes.
In some situations, you can be quoted a transfer value and a current value.
In most circumstances, these should be the same.
If however, there are charges throughout the whole term of the pension plan, then the transfer value may be less because of a deduction of any outstanding charges at the point of transfer.
The same principle applies if there is something called a Market Value Adjustment (MVA) or Market Value Reduction (MVR). These are found on With Profits funds.
Sometimes, on With Profits funds they will award a bonus at the time of a transfer and this will have the effect of making the transfer value higher than the current value.
Interested in finding out more?
Seeking a second opinion on your financial future costs you nothing.
Simply call our friendly team on 0121 355 4455 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.
Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients across the UK on retirement planning, pensions & investments.
Her firm holds British Standard BS 8577 for client service & investment process.
Minimum investment is £500,000 (£650,000 for pension transfers).
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“I had a number of separate pension pots which I’d built up over my career and I visited Oaklands Wealth for advice on consolidating them. The result has been an investment into a single personal pension which is producing far better returns than I had previously had with the separate pensions. All services and advice from Oaklands have been excellent.”
“Deciding to retire early I needed professional ongoing advice to navigate our financial future. Upon visiting Oaklands, the options were clearly explained and a risk analysis undertaken. Even during these strange times, regular reviews and conversations are taking place and I felt I made the right decision choosing Oaklands.”
No half measures. We don’t set it up then leave you all at sea. We manage your investments ongoing and hold ourselves accountable for steering you through your financial journey. This phrase came from a client who said that’s exactly what we felt like to him, he said “you are like a friend or good neighbour who’s always got my best interests at heart.” Whatever the reason you come to us we care. We really care. Like it’s our own money. Tidying up bit and bobs of pensions and putting them neatly in a pot you have full control over. Making sure you get all the tax efficiencies legally available to you to enhance your money. Pointing the microscope on 3,000+ funds and finding the best ones to secure your retirement.A FRIEND FOR YOUR FINANCIAL JOURNEY...
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