Whats the costs/implications of moving a pension scheme?

I have a frozen pension scheme in place from a previous employment and was looking to move it across to my bank, as they offer the same funds and equities provided by my pension scheme.

The reason I wish to move it is because I deal with my bank on a regular basis and feel the bank would be a better place to look after it, I feel I will have more control over my money by moving it.

Any first hand experience of whats envolved and charges applied ect would be much appreciated.

Anyone know what the charges applied to a scheme of about 拢15000 would be?

Unless you think that the pension scheme is in danger where it is, leave it be. You will normally end up losing money from it by transferring it to another account, and normally they are absolutely fine where they are. I have a frozen scheme from when I was with my first company, and I have always been advised to leave it where it is.

You are probably best leaving it where it is,I have one frozen and it rises every year with inflation,plus it will cost you money to move it thereby cancelling out any benefits you bank will give you.

"It depends" - mainly on what type of Pension this is.

If it is anything EXCEPT 'Final Salary' (aka 'Defined Benefit') Scheme then (assuming you can manage your own finances) you will 'typically' be better off in a SIPP.

If it is Final Salary then 'typically' you will be better off leaving it where it is.

Start by asking for a projected Retirement Benefits statement and the current Transfer Value. Then decide if you could get better Benefits if you managed / invested the money yourself.

Don't forget the effect of charges - these can REALLY eat into transfer values and future growth.

If the amounts involved are significant (拢100,000 +) go see a Financial Adviser you can trust (if you can find such a thing) - start by asking your Bank (they often provide 'free' advise = you don't have to follow their 'free' advise but it's worth spending time understanding what they recommend and why )

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