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4.6 Transferability of Personal Pensions
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The Social Security Act 1986 made transferability of pension rights
easier.
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Thus, benefits under personal pension policies may be transferred
between personal pension schemes, and to and from occupational pension
schemes.
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The transfer payment will represent the cash value of the individual's
fund at the time. Pension providers, however, may impose a penalty
on a transfer to recoup expenses. No transfer penalty can be imposed
on stakeholder personal pensions.
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The pension provider making a transfer payment must be satisfied
that the payment is being made to an Inland Revenue approved personal
or occupational pension arrangement
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