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The pension fund of my last employer is taking a long time to transfer the money to my new pension fund. As a result, I am losing money because the new pension fund pays more interest. Is this allowed? Do they have to pay a penalty?
Hi there,
If a pension fund fails to transfer your pension savings to your new pension fund or vested benefits account within 30 days of your formally placing the request, they must pay a special interest rate stipulated by the federal government from the end of the 30-day grace period.
Best regards from Moneyguru
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