protected rights restrictions lifted
I have written before about the consolidation of my various pension pots into a self-invested pension plan (SIPP).
One slight irritation was that the Protected Rights elements could not be transferred so I was forced to hold these funds in a stakeholder pension.
However, today I received an email from Sippdeal stating that the Government is lifting these restrictions and that, from October 1, protected rights contributions can be transferred into my SIPP.
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staggering incompetence
And just this once, not mine. When you take out a Self Invested Pension Plan (SIPP), most SIPP schemes are unable to accept Protected Rights. Imagine my surprise, then, when Sippdeal contact me asking for authorisation to make a payment from my SIPP to Equitable Life in respect of a refund of Protected Rights payments that the Government are requesting, in turn, from Equitable Life. Equitable Life claim this refund is now very urgent because the original request was made in January 2006 and no response has been received. I ask Sippdeal why they didn't forward this original letter from ... Read moremy personal pensions crisis
Last week, I initiated the transfer of the last of my pension funds into my Self Invested Personal Pension (SIPP). This should be a relatively straightforward transfer of the Protected Rights element of a former pension plan. The first step was a response from the pension company receiving the funds. They need me to fill in a form explicitly stating that I did not request any financial advice about this transfer to guard them against mis-selling claims. It is ironic that the Protected Rights must be transferred into a stakeholder pension (and not my SIPP) as these contributions were made ... Read more
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