Following our stories last week regarding employers being allowed to block occupational pension scheme members from transferring their pensions, another company has imposed the block.
Vauxhall Motors is the most recent company to stop transfers out of the already under-funded pension scheme. Transfers out of these schemes are allowed because the rules for calculating transfer values are changing. However, there is no set date for the rule changes and they are likely to leave transferees worse off with lower transfer values.
tip If you are thinking of transferring your occupational pension take independent financial advice.
Contact us now for help. The decision is complex and you need to be aware of any risks involved, especially if you could be worse off in retirement.