Transferring dc pension

joe379 · Post by **joe379** » 05 Aug 2020, 12:19

Hi,
Can I transfer my dc pension from Scottish widows to H/L? Currently work for RM.
Thanks for any help

Post by **RobertT** » 05 Aug 2020, 14:18

The RMDCP plan guide states:

How do I transfer my benefits to another pension scheme?

If you want to transfer your benefits to another pension scheme you should ask the Scottish Widows Royal Mail Service Team for a statement of the transfer value of your benefits and details on how to transfer. The value actually transferred will be the value of your Member Account on the day your benefits transfer.

If you want to continue paying into the RMDCP after the transfer I would contact the SW RM team to find out if that's possible or not, as I'm not 100% sure. If not, you'll obviously be saying no to quite a lot of free money from RM, plus the benefit of PSE.

Post by **nataddick** » 05 Aug 2020, 19:09

I have just joined the RMDCP with Scottish Widow’s at the age of 65 ! I’m paying the normal 6% contribution plus 4% AVC contribution. I work 24 hours a week and intend working for 2 more years. I accept the investment choice is restricted with the ‘in house’ SW scheme but at my age, I am simply happy to take full advantage of the 10% contribution from RM, the 12% PSE benefit and the death in service benefit not offered by HL. I have ISA’s with HL and Vanguard and SIPP with HL for drawdown.

Before joining, I did a quick calculation and it revealed I should make £3,200 net of tax over the 2 year period of membership plus free death in service cover. Assumes no investment growth.

Post by **milly** » 06 Aug 2020, 07:29

joe379 wrote:Hi,
Can I transfer my dc pension from Scottish widows to H/L? Currently work for RM.
Thanks for any help

It cannot be transferred whilst you are still paying into the scheme.
I tried a few months ago to do a partial transfer to HL and Scottish Widows would not allow it, I will wait until the scheme ends next year and then make a transfer.

joe379 · Post by **joe379** » 08 Aug 2020, 16:15

nataddick wrote:I have just joined the RMDCP with Scottish Widow’s at the age of 65 ! I’m paying the normal 6% contribution plus 4% AVC contribution. I work 24 hours a week and intend working for 2 more years. I accept the investment choice is restricted with the ‘in house’ SW scheme but at my age, I am simply happy to take full advantage of the 10% contribution from RM, the 12% PSE benefit and the death in service benefit not offered by HL. I have ISA’s with HL and Vanguard and SIPP with HL for drawdown.

Before joining, I did a quick calculation and it revealed I should make £3,200 net of tax over the 2 year period of membership plus free death in service cover. Assumes no investment growth.

And assumes no loss!

Post by **NorthernBoy** » 08 Aug 2020, 17:07

joe379 wrote:Hi,
Can I transfer my dc pension from Scottish widows to H/L? Currently work for RM.
Thanks for any help

Is your reason for transferring because you are not happy with the performance of your SW funds? Do you not have the option to pick different funds on this platform

Post by **milly** » 08 Aug 2020, 17:46

NorthernBoy wrote:
joe379 wrote:Hi,
Can I transfer my dc pension from Scottish widows to H/L? Currently work for RM.
Thanks for any help

Is your reason for transferring because you are not happy with the performance of your SW funds? Do you not have the option to pick different funds on this platform

You have only 15 choices from SW compared to over 3000 funds on HL as well as thousands of stocks to choose from.

Post by **nataddick** » 08 Aug 2020, 18:05

joe379 - my fund choice reduces chance of any loss - happy with tax relief and PSE relief which provides more than adequate buffer !

Post by **Navalron** » 09 Aug 2020, 02:42

RobertT wrote:The RMDCP plan guide states:

How do I transfer my benefits to another pension scheme?

If you want to transfer your benefits to another pension scheme you should ask the Scottish Widows Royal Mail Service Team for a statement of the transfer value of your benefits and details on how to transfer. The value actually transferred will be the value of your Member Account on the day your benefits transfer.
If you want to continue paying into the RMDCP after the transfer I would contact the SW RM team to find out if that's possible or not, as I'm not 100% sure. If not, you'll obviously be saying no to quite a lot of free money from RM, plus the benefit of PSE.

Robert, I know you keep saying it's free money and to a certain extent it is. But it's piss poor compared to what we had. But I get what you mean.