Transferring benefits to a new pension scheme

[BoBoo]

I joined the pension scheme in my previous job, but wasn't a member of it for very long before I left. I am now left with the option of taking £600 in cash, or can transfer £1200 into my new scheme. I want to transfer to the new scheme, got details of pension in post, yada yada, filled in forms and completed bit that requested transfer of benefits. Have now had email back to say all fine, but I will be charged an admin handling fee of £120 and asking if I'm happy with this. Given that this is 10% of the total, it's seems like a bit of an effing cheek to me. I don't really understand the whole thing - is it open to me to somehow arrange it myself? How would I do that?

Is there an option of leaving the money where it is? Most funds are happy to let people stay in a scheme without adding further contributions. £120 is probably a standard admin fee regardless of whether you're transferring £1000 or £100,000. If you still want to transfer, I would contact whoever it is that wants to charge you the money, explain the problem and try to persuade them to waive it.

have a look at the terms of the scheme that you were given when you joined (you have probably lost them, so ask for a copy) and see what it says (if anything).

I supppose £120 would be considered a reasonable fee for transferring a pension, and at least they are giving you the £1200 rather than the £600.

I don't see any possibility of you doing the transfer-out yourself, it has to be done by the administrators of the old scheme.

You aren't going through an advisor or intermediary, are you? They will always charge commission or a fee.

Legally a scheme does not need to hold on to member contributions unless the member served at least 2 years. Reading between the lines of what you say (ie you didn't work there two years) I think therefore the two options they offered you are the only ones you are entitled to. If you served over 2 years then they must offer you a preserved benefit.

I would also agree with PigletJohn's comments, it's good value in reality.