Is it always possible to transfer a pension pot?

[MyNameIsUrl]

A friend, now retired, wants to start drawdown on some of his pension pots. Some of his providers don't offer that service, so he plans to transfer out to a sipp then drawdown.

Are there circumstances where it's difficult, or impossible, to transfer out? I read about having to use an IFA and pay thousands to satisfy some requirement to show a proper process has been followed.

[Alaric]

Are there circumstances where it's difficult, or impossible, to transfer out?

If the pensions are "defined benefit", then yes as Regulators, not without reason, are frightened that people will give up guaranteed income for insufficient compensation or inability to manage assets themselves.

[OLTB]

Are there circumstances where it's difficult, or impossible, to transfer out? I read about having to use an IFA and pay thousands to satisfy some requirement to show a proper process has been followed.

Impossible circumstance - if any of these pension pots means they are a deferred member of an unfunded pension scheme (NHS/Fire Service/Civil Service etc.). Difficult circumstance - possibly! Any scheme that has a defined benefit (that Alaric refers to above), or safeguarded benefits, needs to have an IFA's involvement if its value exceeds £30,000. What you will pay depends on the IFA and if they want to do the work. If the schemes are defined contribution, or DB and under £30k then should be no problem.

Cheers, OLTB.

[goRt]

A friend, now retired, wants to start drawdown on some of his pension pots. Some of his providers don't offer that service, so he plans to transfer out to a sipp then drawdown.

Are there circumstances where it's difficult, or impossible, to transfer out? I read about having to use an IFA and pay thousands to satisfy some requirement to show a proper process has been followed.

Also impossible if in the PPF (Pension Protection Fund)