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Moving from DB scheme

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Comments

  • SJD48
    SJD48 Posts: 20 Forumite
    In the process of doing something similar with my DB scheme.


    Got loads of differing information and had IFAs quoting thousands of pounds to agree to a transfer due to their PI insurance.


    As I'm aware of investments and had got my own transfer value analysis I was able to prove to my scheme administrator and the receiving SIPP that I understood the risks and they both agree that they would accept my transfer if I decided to proceed. This has effectively saved me £7k to an IFA.
  • pensionsnewbie
    pensionsnewbie Posts: 20 Forumite
    Not sure if I am that clever! My transfer value request has now run out so I have applied for an update - not sure if the figures will have changed. Once I have this I will go back and see the IFA. I have confirmed with him that we are still in talking stage so no fees are building up.

    I am going to ask him about the annuity option. Also I got some literature from Hargreaves Leaves and they have set up a free helpline so will also give them a ring.

    I still don't feel confident of the best route to go down.....
  • pensionsnewbie
    pensionsnewbie Posts: 20 Forumite
    Xylophone

    I have two separate fs pension schemes one with my previous employer a bank and one with my current - the civil service each estimate a pension payable age 60yrs of c£15k.

    I have mortgage of c£100k due to finish c8years time - house value c£600k
  • xylophone
    xylophone Posts: 45,744 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I still don't feel confident of the best route to go down.....

    Do you take the Daily Telegraph? There is a full and interesting article about this subject in today's money section which may help your deliberations.
  • pensionsnewbie
    pensionsnewbie Posts: 20 Forumite
    Hi Xylophone - have just been reading this article - though John Ralfe a bit sweeping in his assumptions - not everyone needs a spouse pension!
  • mgdavid
    mgdavid Posts: 6,710 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    pensionsnewbie wrote: »
    Hi Xylophone - have just been reading this article - though John Ralfe a bit sweeping in his assumptions - not everyone needs a spouse pension!

    Never say never!
    The questions that get the best answers are the questions that give most detail....
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    pensionsnewbie wrote: »
    Hi Xylophone - have just been reading this article - though John Ralfe a bit sweeping in his assumptions - not everyone needs a spouse pension!

    Not everyone knows whether or not he'll need a spouse pension either.
    Free the dunston one next time too.
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