Flexiplan/Bonusplan transfer to drawdown

[Rapido123]

Hi, I am looking at transferring my Flexiplan avc into a drawdown pension scheme to fund early retirement but would like to leave my Bonusplan where it is. From reading previous posts, I think it is possible to leave the Bonusplan where it is but would just like to clarify this. I have also seen other posts stating that the transfer process can’t take quite a while. I was also wondering if anybody had done this and which provider they transferred their avc to and if they are happy with the provider. I am not looking for investment advice just wondering which providers other people have used as I am looking at Legal and General, thank you.

[RobertT]

I've transferred out one of my two RM AVC's.
I had to fill in forms to send back to the PSC in Sheffield, and ask my personal pension provider to send them some info too.

You are able to transfer both or just one.
You can't transfer part balances – it has to be the full amount. Unless you've already used some to provide the tax free cash with Age60/65 benefits and you're transferring the excess.

In my case, the process took longer than it should have done, which was mainly due to the PSC ignoring my request until I made a fuss. It eventually went through about 3 months after they originally said it would!
Others may have better experiences?

Most personal pension providers do basically the same thing, so it comes down to charges, investment choices and just personal preference.
I'd had a pension with Standard Life for years and just transferred into that, and I've always been happy with them.

[Rapido123]

Thank you

[Dorset Plodder]

I attempted to transfer some money out of the AVC and like Robert got messed about.

It was only a small ammount and TBH I couldn't be bothered with the stress so I left it there. Hope you have more success.

[Rapido123]

Hopefully, will do a bit more research into where to move money to and will also get in touch with the pension service Centre, thank you

[Hyrrokkin]

I am in the process of transferring my Flexiplan/Bonusplan to Hargreaves Lansdown (you can leave the Bonusplan where it is if you want)

Has not been plain sailing to say the least

Received the forms from RM - sent them back and the Transfer Authority form to HL
HL then asked for their own transfer authority form to be done - not needed and wasting time - just use the one i gave you.
I then had to fill in another TA form as the previous form did not have the exact scheme name and correct address (this was RM request)
All this taking several weeks and now there is an issue with the last TA form which might not match up my personal details or something.
I am now waiting for a response from RM pensions (email) to find out what the issue is and sorting it.

To be honest the process is long winded and takes forever and still relies on paper forms to get anything done.

If i cannot get this updated this week i am thinking of cancelling this and restart in a few months as the 12 weeks time limit is up i think.

[Rapido123]

You would think it would be quite straight forward wouldn’t you. Looks like I will have to do it in advance of when I actually need it, thanks for your reply.

[RobertT]

The 'Additional Benefits Team(ABT)' at the PSC are responsible for the transfer, but the point of contact for members is the 'Pension Helpline', whether that's via email or phone.

The problem I found was not only did the ABT not deal with my transfer, despite having all the relevant paperwork. But the two departments didn't seem capable of communicating with one another, leaving me stuck in the middle when I got in touch.

My advice would be to use email when contacting them, so you have a proper record of what they say and when, which you can then refer back to at a later date if needed.
I used all that to my advantage when I complained about the shoddy 'service' they provided.

The problem I've got is that I'll have to go through the same process again in a few years time, with some excess AVC cash after taking my Age60 benefits.

[Rapido123]

Thanks for your help

[Dorset Plodder]

It's as if someone's trying to stop you transferring your own money. I always find it difficult to understand how in this supposedly 24/7 Hi Tec society there's NO PROBLEM taking money you owe at one second past midnight ...... But you try and get some money (or transfer it in this case) and suddenly all the barriers start going up and you're being told it'll take 7-14 ''Working Days''! FFS.

[Rapido123]

Hi, I have been in touch with legal and general and they said the best way to start off the process for drawdown with them would be to open a personal pension with a minimum amount and then use the details from that pension to transfer across the Flexiplan and then use that for drawdown purposes. It seems a bit long winded but I don’t have any other personal pensions, anyone else done something similar, thanks.

[RobertT]

Hi, I have been in touch with legal and general and they said the best way to start off the process for drawdown with them would be to open a personal pension with a minimum amount and then use the details from that pension to transfer across the Flexiplan and then use that for drawdown purposes. It seems a bit long winded but I don’t have any other personal pensions, anyone else done something similar, thanks.

Drawdown is a way of accessing cash held in a personal pension. So it's the only way to go about things.