Pension warning over new transfer rules

Tue, 19 Aug 2008

Those saving for a pension could miss out on the benefits of consolidation if they do not use the new ability to transfer protected rights plans, one expert has warned.

David Dalton-Brown, head of Fidelity's direct business, explained that from October 2008, people will be able to transfer their protected rights or open a Personal Pension or Self-Invested Pension Plan with such rights.

He said: "Investors will no longer have to suffer the frustration of having to split out non-protected rights funds or avoid transfers with any elements of protected rights."

The pensions firm will start taking applications for such transfers in the middle of September, two weeks before the new regulations come into effect, he added.

Recently, a survey by Halifax Financial Services found that 79 per cent of people do not know when or how their personal pension will be paid out to them.

It also found that 83 per cent of people are unaware how much of their pension they will be able to take as a tax-free lump sum when they retire .
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