Moving a pension - any potential penalties or costs?

[Mabozza]

I'm looking at moving 2 pension pots with the same provider else where ASAP
.
Is there any advantage (costs or tax?) to either move these pensions to another existing pension pot I have with a different provider, or set up a new personal pension specifically for this?

Also - would there be any potential costs or fees involved in moving the existing pots to another provider that would impact the value of the pensions in any way?


Why do I want to move these 2 pension pots? Well, simply I do not have any confidence that my pension is secure with this provider, I have reported a Security & GDPR breach to them, which I consider serious.

[fat80b]

Mabozza said:

I'm looking at moving 2 pension pots with the same provider else where ASAP
.
Is there any advantage (costs or tax?) to either move these pensions to another existing pension pot I have with a different provider, or set up a new personal pension specifically for this?

Also - would there be any potential costs or fees involved in moving the existing pots to another provider that would impact the value of the pensions in any way?


Why do I want to move these 2 pension pots? Well, simply I do not have any confidence that my pension is secure with this provider, I have reported a Security & GDPR breach to them, which I consider serious.

I guess you would have to look at the specific pension provider as to whether there are moving costs or not.

I recently moved two pensions to a Vanguard SIPP that I opened myself. In my case, I moved them from Nest and Royal London and both had no cost to move.

Royal London moved a bit quicker than Nest, but both were very straightforward to do and the fund fees are less than half of what they were!

[PositronicRay]

Mine was cost free, but not all are.

[Somebody]

I know you said ASAP, but it might be worthwhile holding until providers offer a cashback incentive.

Interactive Investor had a good offer a few weeks back:

[SkinnyPete]

Check if you lose any other benefits, such as minimum retirement age.

[Mabozza]

thanks for the pointers - stuff I never thought of.

I'll hang off and see if there are any cashback offers in the coming weeks. Management fees I've seen so far seem to be less than the current provider.

[Pica-Pica]

You need to check the terms of both policies, and seek a pension adviser. The specifics will be too detailed for people on here to answer.