Pension: Where to transfer to…?

[Blue432]

Hi all,
I want to transfer out of The Collective to another pension where my adult child will receive my pension and/or Death Benefit payments. Also, Scottish Widows are transferring to L&G Master Trust Lifetime Advantage Fund - which would be better out of these two, or should I transfer out of this as well, for the reason I mentioned above? Any ideas - what are your experiences?

[Hitcher]

Don't take this as gospel but it should give you an idea of where to start looking - https://share.google/aimode/xWfTHl0KCCKKTYOLc

[yellowbelly]

Hi all,
I want to transfer out of The Collective to another pension where my adult child will receive my pension and/or Death Benefit payments. Also, Scottish Widows are transferring to L&G Master Trust Lifetime Advantage Fund - which would be better out of these two, or should I transfer out of this as well, for the reason I mentioned above? Any ideas - what are your experiences?

The two pension companies may not even allow it.

Even if they do, I'd make sure legally that no-one else has a possible claim on either pension/benefits.

[RobertT]

Hi all,
I want to transfer out of The Collective to another pension where my adult child will receive my pension and/or Death Benefit payments.

You don't say if you're a current RM employee!

If you are, you will effectively be opting out of the RMCPP at the point of transfer and if you do that, you can only rejoin once more.
So the logical time to transfer would be after you've left the company.

You would get a transfer value for your pension, lump sum and any AVC's, which I believe once in your personal pension, you should then be able to nominate your adult child as beneficiary.
But I would advise asking your prospective new provider first to clarify, as I think some might not be as accommodating as others.
This gives some general info: https://www.moneyhelper.org.uk/en/pensi ... fter-death

You can find an estimate of how much the transfer value will be when logging into your online RMCPP account.

If you're no longer paying into the RMCPP there wouldn't be any entitlement to the 4x pensionable pay death in service payments associated with that scheme.

Also, Scottish Widows are transferring to L&G Master Trust Lifetime Advantage Fund - which would be better out of these two, or should I transfer out of this as well, for the reason I mentioned above? Any ideas - what are your experiences?

The RM Defined Contribution Plan is being moved from SW to L&G and all members will be automatically put into their default fund.
You will have the choice of staying in that, moving funds with L&G or transferring out to a new provider of your choice.
As they're all DC schemes, you should be able to nominate whoever you want as beneficiary. Again pending the specific rules of the provider in question.

[Blue432]

Don't take this as gospel but it should give you an idea of where to start looking - https://share.google/aimode/xWfTHl0KCCKKTYOLc

Good information, thanks I’ll wait to see what L&G’s options are then decided whether to stay there or transfer out to a SIPP

[Blue432]

Hi all,
I want to transfer out of The Collective to another pension where my adult child will receive my pension and/or Death Benefit payments. Also, Scottish Widows are transferring to L&G Master Trust Lifetime Advantage Fund - which would be better out of these two, or should I transfer out of this as well, for the reason I mentioned above? Any ideas - what are your experiences?

The two pension companies may not even allow it.

Even if they do, I'd make sure legally that no-one else has a possible claim on either pension/benefits.

I know RMCPP will let you transfer out, it’s just knowing what/where’s best. And there’s no-one else to claim on them.

[Blue432]

Hi all,
I want to transfer out of The Collective to another pension where my adult child will receive my pension and/or Death Benefit payments.

You don't say if you're a current RM employee!

If you are, you will effectively be opting out of the RMCPP at the point of transfer and if you do that, you can only rejoin once more.
So the logical time to transfer would be after you've left the company.

You would get a transfer value for your pension, lump sum and any AVC's, which I believe once in your personal pension, you should then be able to nominate your adult child as beneficiary.
But I would advise asking your prospective new provider first to clarify, as I think some might not be as accommodating as others.

This gives some general info: https://www.moneyhelper.org.uk/en/pensi ... fter-death

You can find an estimate of how much the transfer value will be when logging into your online RMCPP account.

If you're no longer paying into the RMCPP there wouldn't be any entitlement to the 4x pensionable pay death in service payments associated with that scheme.

Also, Scottish Widows are transferring to L&G Master Trust Lifetime Advantage Fund - which would be better out of these two, or should I transfer out of this as well, for the reason I mentioned above? Any ideas - what are your experiences?

The RM Defined Contribution Plan is being moved from SW to L&G and all members will be automatically put into their default fund.
You will have the choice of staying in that, moving funds with L&G or transferring out to a new provider of your choice.
As they're all DC schemes, you should be able to nominate whoever you want as beneficiary. Again pending the specific rules of the provider in question.

Thanks for this information
I’m still at RM but won’t be retiring for a few years yet.
The RMCPP is a Defined Contribution (albeit a Collective), but won’t payout to my adult child so need to jump ship to a DC that does. I’ve seen NEST mentioned on here before so I was going to see if anyone had good/bad reviews of that too. L&G apparently do workplace pensions so may look into them, as well as the ones noted in the above link, once my L&G account is up and running…

[RobertT]

As a RM employee you have the choice of the RMCPP or Nest for your workplace pension.

All the info about the RMDCP moving from SW to L&G can be found in the following link, including your new investment choices.
https://www.legalandgeneral.com/workpla ... n-campaign

They usually say transfers between RM schemes aren't allowed. But as the RMDCP is being wound up, the L&G Master Trust won't really be a RM scheme, so it may be possible to move your RMCPP pot there?

If not, there's plenty of personal pension providers to choose from for both your RMCPP transfer value and your RMDCP/L&G cash.