Cash balance fund

[linntroika]

Brill Robert - many thanks

[July 1981]

Yeah I can confirm that trying to get a IFA to transfer your Cash Balance Fund will be extremely difficult, my advice would be start looking for someone well in advance, my experience is as follows, spoke to a local company who charge a minimum of 7.5K as my amount was similar to yours they said it was unethical for me to transfer the fund, they suggested using the site Ethical with over 20000 IFA, this was also unsuccessful, i then started a search of the net and found someone who said they could provide the service for 4K, I did some further investigation into the company and was unimpressed with the reviews, I have now decided to pay the tax and take some advice on investing the money locally, this has provided me with peace of mind, this has obviously come at a cost to myself. We are unfortunate victims of a number of circumstances that has let the cash balance fund run for a lot longer than intended.

[linntroika]

thanks for the reply

[linntroika]

Transferring the cash balance looks like its going to be a pain in the butt

Just one point of clarification

If i decide to take a tax free lump sum out of the cash balance when i take my NRA60 - does this affect the transfer to a SIPP as now you have already started taking tax free money out of that pot ?

Thanks in advance

[RobertT]

The way I understand things, is that if you take any DBCBS with NRA60 you have to then take the reminder with NRA65. You can't transfer it out to a personal pension.
You can only transfer the full amount!

AVC's are different. They can be used to fund tax free cash with NRA60, but any excess can then be transferred out to a personal pension.

[linntroika]

Top Man Robert