Hello, A relative has died and has a PEP plan with a significant amount of value to it. Can the PEP just be transferred to the beneficiary or do the assets in the PEP have to be sold and bought back?. What is the most cost effective/efficient means of dealing with this situation??
thanks
jo
In message , tarquinlinbin writes
The PEP wrapper ceases at the moment of death leaving the assets held within the PEP free to be transferred with out encashment once the company managing the PEP has satisfied its own requirements regarding wills, probate etc.,
Write the the PREPco and advise them of the death of the Plan holder. They will tell you their requirements. Depending on what is in the PEP you can then trabsfer the shares or Unit Trusts into the beneficiaries name. The beneficiary does not the PEP wrapper, just what was in it.
They will automatically lose their PEP status but can remain invested. The holding is simply transferred to the new owner. Just tell the PEP managers that that person has died and it's to be transferred when probate has been done. There should be no cost to this.
Rob Graham
Surely you should ask the PEP manager?
In message , Jeremy Goff writes
They could answer the first part of the question, but they neednt necessarily give the best answer to the second.
I could but how do I know that the manager will give the answer which best suits me, the client?. He might find it hard to be impartial if there is money in it for him..
I have since enquired with the pep manager and they want 1.65% for each sale(holding) or £23.50 per holding to transfer...
Which is outrageous imo.
Also the estate might be able to transfer to a standard (non PEP) account at another provider which has better charges then sell & distribute, if the amounts involved make a straight transfer impossible.
Daytona
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.