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Sweet talk

I am writing in reply to the article about pension transfer “sweeteners” by Robert Reid in the September 28 edition of Money Marketing.

I find his statement that “there is no doubt that if a member is offered a bribe and/or enhanced transfer value to leave a scheme, then he or she is getting the poor end of the deal” very bizarre.

First, this suggests that no one should ever transfer out of final-salary schemes because if it is not worth doing with an enhanced TV, then it cannot be worth it with the standard amount.

There are lots of reasons why transferring out of final-salary can be a good idea, for instance, if you see the PPF coming, run the other way.

With schemes crumbling due to many factors such as the PPF, increased mortality and over-legislation, then I would expect more and more people to transfer out to safeguard their funds (yes, safeguard).

It is like someone about to abandon the Titanic being offered a lifejacket and turning it down because it is an extra incentive to jump off.

Phil Gammond

Aqua IFA, Cheshire


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