Commission for moving a pension

[slick132]

Call me cynical but I suspect this may cost you more than you expect over the years.

 

You really must think long and hard before moving or altering the Sun Alliance pension.

 

The value of the pension will not go down and it will sit with the new provider until i retire and I will receive 5% annual commission hereafter.

 

I don't understand what the 5% annual commission payments to you are. Have you received written confirmation about what Artemis are actually offering you.

 

On the basis that nothing is free, you will end up paying for the £5K "commission", probably several times over.

 

It's essential that you get proper advice about this from an IFA, who may be able to offer alternatives as to how you can raise the funds you need.

 

Perhaps take advice from more than one IFA so you can compare the options. Ask amongst friends to see if they have someone they can recommend.

 

[ericsbrother]

It is probably a pension drawdown scheme where the money is transferred overseas and what is paid out is a loan against the assets held in that overseas fund. Not currently illegal but will be soon and if you take advantage of it you will have all sorts of problems in the future.

AVOID