serious ill health retirement

CathA

xylophone wrote: »

It is likely that the receiving scheme will not accept a transfer without an IFA sign off.

That's what I thought but she definitely said you don't need one, which was a surprise. I'm getting a transfer figure plus the forms, not necessarily to do anything, so I'll report back when I get them.

SomeUser

CathA wrote: »

That's what I thought but she definitely said you don't need one, which was a surprise. I'm getting a transfer figure plus the forms, not necessarily to do anything, so I'll report back when I get them.

What she meant was that you definitely don't need IFA sign off to transfer out.

The rules about transferring in depend on the scheme, and no exiting scheme can advise you what hoops the receiving scheme will require you jumping through because they are all different.

I've replied to your other post, but you may find it extremely difficult to find one that accepts transfers in unless you are pretty much at retirement. Even then it's almost certain that any receiving scheme will require IFA sign off.

I would start investigating the scheme you're going to transfer to. Because you're legally only entitled to one CETV per year, and your CETV is only valid for 3 months, you'll want to know which scheme and what their requirements are before you receive the statement.

If they have to send it to the actuary (most likely) then it would cost a standard occupational scheme about £1000 or more per CETV statement, hence a statutory entitlement of 1 per year and no more, although it's possible the scheme will bite your arm off if you request another.

You have a statutory entitlement to transfer out, but no scheme has a statutory requirement to accept a transfer in. You need to focus on the latter not the former.

CathA

SomeUser wrote: »

What she meant was that you definitely don't need IFA sign off to transfer out.

Thanks for the clarification.


The rules about transferring in depend on the scheme, and no exiting scheme can advise you what hoops the receiving scheme will require you jumping through because they are all different.

I've replied to your other post, but you may find it extremely difficult to find one that accepts transfers in unless you are pretty much at retirement. Even then it's almost certain that any receiving scheme will require IFA sign off.


Not at retirement age yet, but trying to sort things out in plenty of time.

I would start investigating the scheme you're going to transfer to. Because you're legally only entitled to one CETV per year, and your CETV is only valid for 3 months, you'll want to know which scheme and what their requirements are before you receive the statement.



The more I investigate, the more likely it is I'll be leaving them where they are.


If they have to send it to the actuary (most likely) then it would cost a standard occupational scheme about £1000 or more per CETV statement, hence a statutory entitlement of 1 per year and no more, although it's possible the scheme will bite your arm off if you request another.

You have a statutory entitlement to transfer out, but no scheme has a statutory requirement to accept a transfer in. You need to focus on the latter not the former.

Thank you for the information. After working in a bank, plus 12 years part-time in the Civil Service dealing with fund management, charity funds, account fraud and weapons (don't ask, strange combination, I know!) I will admit I know more than most people re accounts and tax in particular. I'm glad I'm learning more about pensions now, as more knowledge is good. I'm trying to get the youngsters at work more interested in pensions, but that's a bit of an uphill struggle!!

mexico2372

SomeUser wrote: »

What she meant was that you definitely don't need IFA sign off to transfer out.

The rules about transferring in depend on the scheme, and no exiting scheme can advise you what hoops the receiving scheme will require you jumping through because they are all different.

I've replied to your other post, but you may find it extremely difficult to find one that accepts transfers in unless you are pretty much at retirement. Even then it's almost certain that any receiving scheme will require IFA sign off.

I would start investigating the scheme you're going to transfer to. Because you're legally only entitled to one CETV per year, and your CETV is only valid for 3 months, you'll want to know which scheme and what their requirements are before you receive the statement.

If they have to send it to the actuary (most likely) then it would cost a standard occupational scheme about £1000 or more per CETV statement, hence a statutory entitlement of 1 per year and no more, although it's possible the scheme will bite your arm off if you request another.
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You have a statutory entitlement to transfer out, but no scheme has a statutory requirement to accept a transfer in. You need to focus on the latter not the former.

Hi,

I saw your post on here and on another similar thread and you seem to have lots of knowledge as well on this situation.
What do you think of my specific situation as to transferring out to another scheme then withdrawing due to serious ill health?

Cath's situation is obviously different to mine, but i saw on the other thread you seem to think it's very complicated/difficult to transfer and also that it seems to take months to complete as well?

I only ask as this seems to be conflicting with the advice i have had from here so far.....or is my situation easier to transfer over....then withdraw it than the advice you have given to Cath?

Thanks.

jamesd

It's the difference in situations that is key here. Almost always people asking here will be told it's a bad idea and they could never get an IFA to sign off on it because it'll make them worse off. Your situation is one of the exceptions where it goes the other way and you and your beneficiaries are clearly going to be better off by transferring.

xylophone

http://www.thisismoney.co.uk/money/pensions/article-2598971/Should-transfer-final-salary-pension.html

mexico2372

jamesd wrote: »

It's the difference in situations that is key here. Almost always people asking here will be told it's a bad idea and they could never get an IFA to sign off on it because it'll make them worse off. Your situation is one of the exceptions where it goes the other way and you and your beneficiaries are clearly going to be better off by transferring.

Yes James, cheers, i should know and not start reading other threads similar as it just gets me thinking too much and worrying even more!
i realise my situation is very different the the vast majority what with my terminal cancer and also being single with no dependants so i should stop looking at other threads as the last thing i need is to make myself more ill by thinking about it constantly.

The good news though is that my IFA has git back to me and i am meeting on Monday as he has had a chat with his people and he is more than happy to proceed with me now.
He confirmed that i would get 100% of whatever the transfer value is and obviously minus his own charges too which will be discussed on Monday.

He has said though for me to chase up this CETV as we need that. The place i have to call though is awful, their communication skills are basic at the very best. Trying to get anyone to reply is just simply pointless as they just ignore everything.

5 days ago they said it would be done as a matter of urgency due to my situation and i would have in a day or so!!

jamesd

Good that the IFA can proceed. Your case is so obvious that it would be a pretty big failure of the systems put in to protect people if it ended up harming you.

mexico2372

Well, the meeting with my IFA went well and all seems good and he is happy to proceed and just has to look at a couple of things for his bosses as well but on the whole it should be no problem at all.
He's not sure as to what the transfer value will be though and if it will really be that much more than i would get by just taking it from them direct but he did say it "should" be more than the £18,000 they would have fiven me by just cashing it in direct??

On the CETV front it's a nightmare. I got told last Monday it would be done as a matter of urgency and in a couple of days due to my health situation.
I left it until Thursday evening, emailed them then i got an email from them saying they would have it, if not by later on friday then it would be Monday.

I waited and waited today so i emailed AGAIN. She replied by completely contradicting herself with her story but basically said i should hear tomorrow sometime. I was simply NEVER going to hear Friday or Monday.

She now say tomorrow......maybe!!

jamesd

As CETV calculations go they are working very fast. Weeks to months is more usual.

Here is a time where it's good to be "happy" that you are not in intensive care with a 50% chance of living a week and trying to get this done. With "only" a 50% chance of dying within the week you may in that case have to go through a full pension income evaluation and transfer analysis. Since you'd have a 50% chance of living your doctors might be unwilling to certify that your life expectancy is twelve months or less. The pension systems can do some things well. Not this sort of thing. If you were in the dying 50% you just wouldn't be able to get it done in time barring exceptional exertion by very caring providers.