serious ill health retirement

xylophone

I am confused. You mention a child but before said no children.

I think he means his girlfriend's child - "stepdaughter" to whom he refers in post 8.

mexico2372

xylophone wrote: »

I think he means his girlfriend's child - "stepdaughter" to whom he refers in post 8.

Yes, spot on.
I have already said i don't have any children and i deliberately typed "stepdaughter" in this way as she is not legally my stepdaughter, she is just my girlfriends' child.

mexico2372

So, to update....so far the first 4 i called this morning did not seem very interested as soon as it was mentioned about transferring and withdrawing soon after and said to try someone else.
One said he doesn't think i will get that much more by doing this whatsoever....but he did sound like he was about 12yr old so....:rotfl:

I went onto a site, via here actually and i have sent a single message to a few IFA's explaining the situation so i am now waiting on replies, if any do indeed reply!

I am also waiting on a CETV coming as well, whether they call me or email it to me.

jamesd

If you don't get a reply you could also try a private message to the IFAs who post here to see whether any of them are interested. They aren't allowed to contact you directly to offer their services but you can PM them asking for work details and pointing them to this discussion so they see what you're after and why.

System

mexico2372 wrote: »

I am also waiting on a CETV coming as well, whether they call me or email it to me.

Hi I got a partial result with the CETV, but the details are too sketchy to be used

Classic
02/09/2014
£3,731.61 £11,194.83 £0.00 £0.00 £0.00 £0.00
1
0



£78,923.55
Your value would rely on GMP, Age etc etc, but does support the idea of the pension being a small percentage of the actual CETV.

mexico2372

johndough wrote: »

Hi I got a partial result with the CETV, but the details are too sketchy to be used

Classic
02/09/2014
£3,731.61 £11,194.83 £0.00 £0.00 £0.00 £0.00
1
0



£78,923.55
Your value would rely on GMP, Age etc etc, but does support the idea of the pension being a small percentage of the actual CETV.

Thanks for that. It certainly does seem that i will get much more by transferring then withdrawing that just taking the lump sum from the way it stands which would be £18,658.05. (5x the yearly amount)

I hope no-one gets me wrong, that amount of money is not to be sniffed at, no way and it would be a great help for sure. But on looking at the other options it certainly seems like i could get a lot more so got to try and see.

CathA

I'm in a similar position as you with a deferred civil service pension. I don't know which part of the civil service you worked for, but I was with the MOD. I'm not sure who you have phoned, but I eventually found a very useful number to ring to ask for information. 01903 835901 - My Civil Service Pension department. I'm not sure what the system was when you left the civil service, but my preserved pension information was sent to a firm called Capita who send me a statement each year of my preserved pension. If you ring them, they only have details of your pension, not the rules of the scheme as such. Try ringing my CSP, I have found them to be fantastically helpful. However, I'm pretty certain you can't transfer anything out from the civil service pension scheme, as it's an unfunded scheme; ie the payments current people are paying in is what is used to pay the pensions of people in retirement. I could be wrong and if so I apologise and of course it may be different due to your circumstances. I wish you the best and hope you get the answers you need.

xylophone

However, I'm pretty certain you can't transfer anything out from the civil service pension scheme, as it's an unfunded scheme;

Not so at the moment - see http://www.civilservice.gov.uk/wp-content/uploads/2011/09/5_from_4%2520pdf_tcm6-1545.pdf

re transferring out of Civil Service Scheme. It is theoretically possible to transfer out of this as of other public service schemes ( funded or not) but because any receiving scheme would require a sign off by an IFA qualified in pension transfers, and in most circumstances you'd be hard put to find one to do it, very difficult.

The OP's circumstances are such that an IFA might be prepared to sign off the transfer.


However, from 2015 http://www.pensionsadvisoryservice.org.uk/pension-reform/budget-2014

"Transfers from DB schemes to defined contribution schemes will be restricted for members of unfunded public sector schemes, although you may be allowed to transfer in very limited circumstances. Some safeguards will be put in place to protect individuals."

Of course the limited circumstances might include those like the OP's.


This is in place of the original proposals that would have restricted transfer out of all public service schemes whether funded ( eg LGPS) or not.

Indeed, there were even proposals to restrict transfers from private DB schemes.

http://www.moneymarketing.co.uk/news-and-analysis/pensions/budget-2014-govt-to-block-public-sector-pension-transfers-to-prevent-mass-exit/2008146.article

The major attraction of transferring to a DC scheme after 2015 is presumably the ability to take the whole pension pot in a lump sum after tax on the 75 % of it that is not tax free.

CathA

re transferring out of Civil Service Scheme. It is theoretically possible to transfer out of this as of other public service schemes ( funded or not) but because any receiving scheme would require a sign off by an IFA qualified in pension transfers, and in most circumstances you be hard put to find one to do it, very difficult.

The OP's circumstances are such that an IFA might be prepared to sign off the transfer.




"Transfers from DB schemes to defined contribution schemes will be restricted for members of unfunded public sector schemes, although you may be allowed to transfer in very limited circumstances. Some safeguards will be put in place to protect individuals."

Of course the limited circumstances might include those like the OP's.


This is in place of the original proposals that would have restricted transfer out of all public service schemes whether funded ( eg LGPS) or not.

Indeed, there were even proposals to restrict transfers from private DB schemes.



The major attraction of transferring to a DC scheme after 2015 is presumably the ability to take the whole pension pot in a lump sum after tax on the 75 % of it that is not tax free.[/QUOTE]

Well, you learn something new every day! I was under the impression (as was my previous manager) that civil service pension transfers were a complete no-no. In fact, my manager and I were discussing this very subject yesterday at lunch. She still works for the MOD in a very high up position, and would obviously be in a position to have more information than I do, as I left a few years ago. Reading from the link you sent, it seems like the OP may have a case for transferring out. My apologies for giving the wrong info.

jamesd

I certainly hope that limited circumstances would include circumstances like those here!

Fortunately not relevant to this situation where it would all happen before any change happens.