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Pension Trust Transfer

  • 15-10-2013 4:13pm
    #1
    BubsyMagoo
    Registered Users, Registered Users 2 Posts: 6 ✭


    I own two properties as part of my pension fund. When I set it up they were set up as part of a trust. I now want to change trustees as their fees are exorbitant but they are trying to charge me a few thousand euro in legal and admin fees to transfer the properties. My new pension provider has already advised that I will have to pay third party conveyancing fees to transfer the deeds which is fair but are my old provider also entitled to charge me fees at their end too? I thought that transfers between providers had to be free.

    Are they entitled to charge me these fees and if so can they just pick a figure? I have good reason to distrust this company so I am afraid they will fleece me on "admin" fees for this transaction if given a chance. My only alternative then would be to stay with them and pay their exorbitant management fees every year.

    Any help welcome...
    Tagged:


Comments

  • #2
    Buzzliteyear
    Registered Users, Registered Users 2 Posts: 25 ✭Buzzliteyear


    Did you try contacting the Pensions Board for advice? Maybe they have a responsibility here. Maybe you have resolved this since? I would be interested to hear.


  • #3
    BubsyMagoo
    Registered Users, Registered Users 2 Posts: 6 ✭BubsyMagoo


    Buzz, I've contacted the Pensions Board and Pensions Board Ombudsman but there has been no resolution. It seems that apart from the standard contractual management fee there is no restriction on charges by pension companies. No transfer fees can be charged to transfer cash to another PRSA as far as I can make it but when it comes to property or perhaps other more complex investments it is a grey area. A grey area that my pension company seem happy to exploit!

    Have you experience in this area as I'm hitting a brick wall with the regulatory bodies?


  • #4
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    without trying to be smart if the pensions board and ombudsman has said its fair game then you have your answer.

    they are exploiting the situation but that's unfortunate rather than against regulations.


  • #5
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    I think you need to get a good understanding of what the fees are. I'd suggest that you: -
    • Ask your new pension provider for a detailed quote for the transfer of the two properties and other assets from your old trust to your new one.
    • Ask your old pension provider for the same detailed quote, broken down line by line into what the charges are actually for.

    I suspect that there may be an element of duplication in the figures you're being given - that your old and new providers are both talking about fees for the same job or at least partly.


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