Broadly correct as explained by my IFA. Current CETV between 35 and 40 times the value, YMMV.
As of today, 1/10/20, the legislation WRT to charges has changed. Any transfer will be charged up front by the IFA/transferring agency prior to the transfer and will be chargeable whether or not the transfer is taken. (This change has been well publicised if you have been looking lately...).
Any transfer process initiated prior to today would be charged only in the event of transfer completion, and then from the pot itself, a process more tax advantageous.
On a typical pot this could now be 15-30k up front and non refundable in all cases, versus previously possibly only 0-1k if transfer not completed (cold feet etc)
With the industry in the current mess it’s an interesting call...