Transferring out RMDCP

[Dexydog]

In case this might be if use to anyone, I've been looking at transferring pots and taken some advice.
In particular, the RMDCP.
I was told twice by them directly that I couldn't transfer this pot out without advice as it's worth over 30k.
According to my (*edited) advisor, she's looked through the paperwork that they went to her to set up a transfer, and she's told me no advice or sign off is needed, and it can be done by myself electronically via "origo" once I have a plan set up to move it into.
She kindly hasn't charged me for the advice as it was through the Pru and I have a pension through them.
She told SW "have form" for this.
Worth putting in a complaint to SW?- if I had paid like they told me I had to I would have been seething.
Other than that, just a heads up to anyone in same boat.

[Wullie10]

With respect what is myp , origo and SW ?

[Dexydog]

Apologies, edited.
myp without the p lol.
SW is Scottish Widows
Origo I've no idea, it's the term the advisor used for transfer of funds. Seems Scottish Widows don't either!

[Jaggs]

Origo is the name of the system that many but not all pension providers use to transfer pensions between providers.

In theory an Origo transfer should be quicker as it should all be done electronically and no need for forms to be signed

[Jaggs]

Worth putting in a complaint to SW?- if I had paid like they told me I had to I would have been seething.

Give it a try with the complaint. Was your contact with them by phone or email? With important financial things like this I would always say do it by email so you have a definite record of exactly what was written to you rather than trying to remember what was said on the phone.

[Dexydog]

3 phone calls to 3 different people.
In between one that said I could transfer no problem.
1 said I couldn't, at all, and 2 said I would need an IFA to sign it off as it was over 30k.
You're right, I'll email and then I have a paper trail.
Then see what the reply is and go from there.
I just think they're giving out wrong information and it could potentially have an effect on someone that took it at face value.
I suppose I haven't financially lost out as I didn't actually pay for any advice, but still.

[posted]

Started my Transfer Out. I started it at both ends actually.. with RMDCP using a form they posted out to me but then also started a Tranfer In process with NEST.
I decided to cancel the transfer (did that via NEST porta as it was easy to cancel)

At no point I was asked to seek any professional advice

[posted]

This was very interesting though

Furthermore, please note that you have Normal Protected Pension Age of 55 on the scheme. This means that after 6th April 2028, when the minimum pension age will be raised from 55 to 57, you will still be able to claim your pension from 55. If you transfer your benefits out of this scheme, entitlement to your protected retirement age may be lost.

[Tman]

At no point I was asked to seek any professional advice

They probably assume that you've already taken advice, otherwise why would you start the process?

[Dexydog]

I think the question of advice relates to DB schemes only, and if the pot is over 30k.
The RMDCP isn't a DB scheme so why Scottish Widows are so confused about what you can and can't do is a bit of a mystery.
Perhaps they need more training, conflicting information is pretty poor with such important decisions being made.

[posted]

Advice is optional and they do ask if you’ve taken advice or not.

image.jpg

[Dexydog]

Not sure what on earth the call centre operators are playing at then!!

[RobertT]

The PSC sent me a similar document when I transferred my Bonusplan to a SIPP.

It's clearly not the same as getting proper regulated advice when transferring a DB pension.

Sounds like the SW call centre staff are just as badly trained as those at the PSC and Capita.

[posted]

.

Sounds like the SW call centre staff are just as badly trained as those at the PSC and Capita.

Well at least there’s some consistency & continuity across our pensions then!

[Dexydog]

UPDATE.
So if anyone's in the same boat, thought I'd share the result.
Just successfully transferred my RMDCP from Scottish Widows to my sipp.
Nearly 40k and didn't need any kind of approval or sign off.
Did it direct through my sipp provider, took about 3 weeks in total.
Had a couple of text messages from SW, and then a letter dated 2 days before the money landed in my sipp telling me to ring them if I hadn't requested the transfer.
Thought it a bit odd that I didn't have to sign something from them to confirm release.
Anyway, result.