deferred pension

carola57

Hi

I am in need of some help I am 57 and have a deferred pension with an ex employer which I want to transfer but would like to get a lump sum of cash from but my ex employer is refusing me Early Retirement option but says they will give authorisation to transfer it can anyone give me some ideas as to where I transfer it and if I can get cash from it

jem16

carola57 wrote: »

Hi

I am in need of some help I am 57 and have a deferred pension with an ex employer which I want to transfer but would like to get a lump sum of cash from but my ex employer is refusing me Early Retirement option but says they will give authorisation to transfer it can anyone give me some ideas as to where I transfer it and if I can get cash from it

You would be extremely foolish to transfer from a final salary pension. Your employer would be very pleased if you did.

To transfer a final salary pension will require signing off by an IFA. Most will refuse to take this on as it's a high risk transaction.

Why are you in such desperate need of accessing this?

dunstonh

Transferring of a final salary scheme and the loss of the significant benefits to access a lump sum is almost certainly going to be bad advice and one an IFA is unlikely to sign off on. (Especially when the default position of the regulator is that a transfer is bad advice unless proven otherwise).

Have you worked out how much money you would lose on this transaction yet?

carola57

Hi

Thanks to all for comments but Myself and my husband have health problems which is shy I was trying to get the early retirement option but this was declkned by my ex employer
Does anyone have any ideas as to what mh best otion options are as I really need to get ome cash out of my deferred pension
Thanks

Wave

Can you apply for an early retirement based on ill health grounds?

xylophone

Are you able to take your deferred pension from your ex employer with actuarial reduction?

dunstonh

hnagra wrote: »

I have been reading up on your query, these complex matters can be rather confusing. We offer a complete bespoke one-2one advise service when it comes to these matters.

Please send me a direct message on SPAM

You do realise your financial promotion does not comply with FCA guidelines and that there are individuals on this site who love to report firms that fail to meet guidelines.

You are also breaching board rules.

richardg_ifa

hnagra wrote: »

I have been reading up on your query, these complex matters can be rather confusing. We offer a complete bespoke one-2one advise service when it comes to these matters.

Please send me a direct message on [EMAIL="harminder@figfinancial.co.uk"]harminder@figfinancial.co.uk[/EMAIL]

Also, I can't seem to find your or your company's details on the FCA Register of authorised persons.

jamesd

Please say more about the nature of your health problems. Substantial ill health that substantially reduces life expectancy is one of the few reasons that can make it worthwhile to transfer out of a final salary pension scheme. With a spouse who also might have significantly reduced life expectancy that can also reduce the value of the spousal and death benefit parts of the final salary pension to you and could end up making a transfer out best sometimes.

Please also say when normal retirement date for the pension is. It can sometimes be better to borrow for a few years on an equity release mortgage to avoid having a pension reduced, then pay back the mortgage money out of the income later. That might be an option for you, depending on the full circumstances. I gave an example calculation for someone in this position in this post.

It would also be useful to know why you need the lump sum and more about your general income and expenditure situation, in case we can find alternative approaches that might work better.