The transfer value of my fund at present is less than fund value . This is due to age of scheme, less than 5 years. If I transfer to new product with same life company , will they transfer at full fund value?
My broker describes it as SSAS and that I am impacted by changes.
Yes one of big life companies.Have you policy documents or annual statements? Are they from one of the High Street pension companies, like Aviva, Irish Life or Standard Life?
Yes one of big life companies.
Any advantage in transferring to PRSA instead?
Has IORP II managed to pass you by?Hi, Hopefully my response is not too late. I'm a director of a SSAS trustee company and my business administers over 750 SSASs.
I note the responses have assumed you don't have a SSAS and some of the information you have been given is incorrect. Just because you have received statements from large pensions companies/insurers regarding any pension investment accounts you have, those investments accounts may well be held within a SSAS wrapper. SSASs allow member trustees to invest in a huge number of 3rd party pension accounts with the likes of Aviva, Axa, etc.
I'm also confused by your statement regarding changes to pension regulations, so I'd be interested to know which regs you are referring to. The only significant change that would materially impact a SSAS but not other pension products was the proposed introduction of an increase Pension Levy of £10k for SSAS arrangements. However, DWP have now confirmed this proposal has now, quite rightly been scrapped.
SSASs can be a lot more flexible than other pension products, especially in relation to investment and flexible drawdown options. Therefore, the main factors for consideration should primarily be the cost of a SSAS in comparison to other simpler products and/or whether a SSAS is better suited to your requirements than other potentially more restrictive products (in terms of investment and drawdown options).
If you are still unclear what product you hold, perhaps you would be kind enough to confirm the product provider name (this is likely to be different to the companies managing the investment account/s held within the SSAS wrapper). If your broker (do you mean broker or adviser??) has stated you have a SSAS it's unlikely he would have referenced this type of product unless they had confirmed it was indeed a SSAS. SSASs are Small Self Administered Schemes usually set up by a sponsoring employer, usually for directors or family business owners, so if you are a member of a SSAS it would most probably be related to your existing or previous employer and in normal circumstances as a member, you would also be a Member Trustee. If you have received annual statements from the companies managing/providing the investment accounts, then these statements should refer to the SSAS scheme name or trustee company, as investments/accounts should normally be held in joint names (independent trustee - if one was appointed - and member trustees)
I am not authorised to provide financial advice, but I can certainly provide factual guidance on whether you may have a SSAS and some of your options in relation to the SSAS, plus provide an understanding of the process of transferring from the SSAS to an alternative product, or moving the SSAS to an alternative SSAS provider. It certainly seems you may have received some misleading guidance/advice up to this point.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?