Confused about Pension Transfer costs

In the past few months we have been approached by a number of potential clients seeking some guidance with their decision to transfer their UK pension funds.

In each instance they had approached their bank who had offered to assist them and transfer the UK funds into the bank’s own superannuation fund.  They were also advised that the bank outsourced part of the process to another company, but the process was seamless.  At the time they were convinced that what was offered was what they needed.

Subsequently, after signing letters of authority and many weeks they received a report recommending the transfer to the bank’s super product and also quoting a fee that seemed excessive.  Apparently the bank was taking a fee and the other company was also charging a fee, which became quite an expensive exercise.

Before committing to the bank these people contacted Global Pension Transfers asking for a comparative quote to do the same job.

In all cases Global Pension Transfers was able to offer the same transfer service at about 1/3rd of the fees quoted in the report they had received.

The moral to this story is make sure you pay a fair price for the UK Pension service that you need and not pay any more than you should.

 

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