Civil Service Pension Transfer

CathA

atush wrote: »

I can't believe an actual, real IFA would advise their partner to do something like this.

Her husband HAS an IFA, not is one!!

xylophone

Is your friend over 55?

Has she clarified why she wants to transfer out?

Does she fully understand the benefits that her pension offers?

dunstonh

Her husband has an IFA, he's recently transferred out of his pension (one of the Railway schemes I believe). This IFA is now acting for her, so presumably he has pointed out the various options.

Railway pensions are great. I would really be concerned that this is a real IFA or not. There are a lot of unregulated scams going around encouraging people to leave really good final salary schemes. Some of the scams have a double layer where a genuine IFA firm is used to set up the SIPP but an unregulated company does the investments. The FOS cant seem to handle this arrangement and it can leave the pension holder in limbo.

CathA

greenglide wrote: »

But the transfer is initiated by the receiving scheme so it is they who would provide this.

Presumably if she wants to transfer the funds she cannot do it while still contributing?

Yes she's just text me to say that she has to opt out before transferring. Presumably this is as she is still working there. I had left when I was considering it.

xylophone

Do you know the answers to the questions in post 23?

atush

I am, like D, really afraid her husband has transferred to a scammer.

Where is his pension? what is it invested in?

atush

her husband is very keen on it being done.

How solid is her marriage? Any reason to think he would be in league with a scammer? Or be ready to leave her and want cash?

A couple with 2 DB schemes. For one to opt out could be unwise, for two to do so could be financial suicide

CathA

xylophone wrote: »

Is your friend over 55?

Yes she's 56 or 57

Has she clarified why she wants to transfer out?

Not really my place to state her reasons.


Does she fully understand the benefits that her pension offers?

Yes she says she does.

xylophone

Has she considered actuarially reduced early retirement?

CathA

atush wrote: »

I am, like D, really afraid her husband has transferred to a scammer.

Where is his pension? what is it invested in?

I really don't know all the details. I had gone to her house to discuss another matter, got talking to hubby about pensions and I mentioned that I'd been investigating transferring mine out. PLEASE NOTE I DIDN'T DO IT!!!! Although that was after many discussions on here and investigating things via the internet. Anyway, neither of them were aware that you could possibly transfer out from the civil service until I told them (my bad!)