Private company pension 'tranfer value'

[SuperZ]

Hello,
As with probably many of you I'm currently considering my pension options. I hate the damn things really but want to have something in place for my zimmer frame years.

I've got a few small pensions that are AWOL.I say this if only because they're not worth much and out of my control. One is from my umbrella company days and one from my permanent days, you know, the days way back when an employer had my nads in a vice.
Anyway, both of these pensions each year along with the annual statement come with a transfer value. I've read somewhere that this transfer value does not include transfer charges so if it is transfered a charge will be made, does anyone know if this is commonplace? I've transfered one already into my SIPP and there was no visible charge in that the full tranfer value was transfered but wondering if actually there is a hidden charge (the real value is greater than the transfer value). Neither pension comes with any other valuation each year so I'm assuming this tranfer value is the full value of the pension and therefore no charge is being made for the transfer.

Either way it doesn't matter as I just want the pensions in one place but just wondering if indeed a transfer value is a fair value (ie, the full value of the pension) and also wondering if the quoting of the transfer value on each yearly statement without quoting the real value of the pension is a hidden pension shafting tactic if you transfer.

These days even perms change jobs frequently so it's quite easy to have a large number of small pensions dotted around

[pmeswani]

Hello,
As with probably many of you I'm currently considering my pension options. I hate the damn things really but want to have something in place for my zimmer frame years.

I've got a few small pensions that are AWOL.I say this if only because they're not worth much and out of my control. One is from my umbrella company days and one from my permanent days, you know, the days way back when an employer had my nads in a vice.
Anyway, both of these pensions each year along with the annual statement come with a transfer value. I've read somewhere that this transfer value does not include transfer charges so if it is transfered a charge will be made, does anyone know if this is commonplace? I've transfered one already into my SIPP and there was no visible charge in that the full tranfer value was transfered but wondering if actually there is a hidden charge (the real value is greater than the transfer value). Neither pension comes with any other valuation each year so I'm assuming this tranfer value is the full value of the pension and therefore no charge is being made for the transfer.

Either way it doesn't matter as I just want the pensions in one place but just wondering if indeed a transfer value is a fair value (ie, the full value of the pension) and also wondering if the quoting of the transfer value on each yearly statement without quoting the real value of the pension is a hidden pension shafting tactic if you transfer.

These days even perms change jobs frequently so it's quite easy to have a large number of small pensions dotted around

Without knowing anything about the T's & C's of your previous pensions, it is conceivable that there may be some transfer costs to cover admin costs in doing the paperwork to transfer your pension to your new provider. I don't know what the limits are, but you need to speak to a pensions expert to really know what the limits are, etc.

I would consider this as a lesson learnt. Never go for a pension with an Umbrella, no matter how good it sounds. At the end of the day, your (ex-)Umbrella company has a vested interest in you buying their products rather than you going to another provider.