Section 32 costs.

Your question leads me to think that you do not know what a Section 32 is. It's a product which accepts the transfer value from an occupational pension scheme - although you may call this an 'existing investment' I suppose. You can't convert this to cash. It has to straight from one scheme to the other.

Rob Graham

Isn't the main point of a S32 scheme to move a pension fund from an EPP to a PP, without having to pass GN11?

I looked into this but the difficulty in my case was that one first had to leave the employment under which the EPP was accumulated, and then wait 10 years before the transfer to a PP.

This sort of thing has to be done, or at least looked at, by a competent and TRUSTED IFA. Most IFAs don't understand this in enough detail, and too many IFAs are driven by the lucrative commissions... and by the time one discovers the cockup, perhaps decades later, the IFA is long gone.

"John-Smith" wrote

If its a PP, then it is not a S32. If its a S32, then it is not a PP.

Different tax rules.

Oh, and a S32 doesn't have to come from an EPP at all - could be from a normal occupational pension scheme.

Sorry, I was not clear enough. The equities are in a SSAS along with cash. I wanted to transfer both the equities and cash to a S32 but I understand that most S32s only accept a cash transfer, so I would have to sell the equities first.

and? I was talking about a "move".

OK. But am I right that the use of a S32 scheme is to move a fund to a PP without having the meet the overfunding test? Otherwise, what precisely is the benefit of S32?

AFAIK there are no self-administered S32s, so yes, you would have to sell the equities in order to transfer the whole lot as cash. But someone else may know if there are self admin S32s.

Rob Graham