Small Final Salary Pension Scheme - Transfer Fees

[mart73]

I'm looking to move an old final salary pension to my SIPP with Hargreaves Lansdown.
It's a small fund worth £38k which will give me an income of £900 per year at retirement age - (in 2041!)

HL have fees of £1,500 just to review the transfer, after which point they can still refuse to transfer it.
This would be followed by a transfer fee of 2% if it's approved.

I have absolutely no experience of this & hence can't compare it. Does this seem excessive??

Any feedback or advice gratefully received.

[PurpleMoonlight]

Unfortunately the advice is a legal requirement as the transfer value is over £30,000, so to a certain extent you are over a barrel for the £1,500.

Thereafter they will have to request the transfer value from the ceeding scheme and provide certain information on their SIPP (all standard stuff). £760 seems a bit steep to me. £380 would be more reasonable.

[anonymous-user]

I’m in a similar boat with an old final salary scheme & also considering transferring to my existing HL account
I’m surprised they will advise themselves though, is there a limit before an IFA is needed?
I’m older @55 & the final salary is larger.
An old scheme that will pay about 5k from 60 with benefits such as 3k to spouse if I keel over.
But the transfer value is 260k ish
So 50+ times the pension..
To me it sounds a no brainier to transfer it, would I be allowed to without jumping through too many hoops avoiding extortionate charges?

[mart73]

PurpleMoonlight said:

Unfortunately the advice is a legal requirement as the transfer value is over £30,000, so to a certain extent you are over a barrel for the £1,500.

Thereafter they will have to request the transfer value from the ceeding scheme and provide certain information on their SIPP (all standard stuff). £760 seems a bit steep to me. £380 would be more reasonable.

Thank you. I think it's worth my time to find someone who can get closer to the £380 mark & won't charge so much for the advice!