Technical Insight
What happens during a transfer?
We’ve put together some information which aims to give you and your clients a little more insight into the pension transfer process from a Transferring Scheme into a PSG SIPP scheme and what you and your adviser need to consider in order to help ensure a transfer goes smoothly.
What the Transferring Scheme does Requests a pension transfer, the criteria for which is set by the Transferring Scheme and must be met Respond to questions and information requests sent by the Transferring Scheme Work to ensure all regulatory requirements are met as well as ours, as the Receiving Scheme, to then be able to receive a compliant transfer Update Client and Advisor, when appropriate, on progress a nd confirm completion.
What PSG does as t he Receiving Scheme Initiates their internal transfer processes and carries out all necessary checks and due diligence on us as Receiving Scheme in order to ensure strict compliance with prevailing UK regulation on Transfers Ask us any number of questions they see fit relating to the transfer Once checks and processes a re completed successfully, n otify us of outcome.
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