Civil Service Pension Transfer

CathA

xylophone wrote: »

Has she considered actuarially reduced early retirement?

As I recall, I'd gone to her house to go over some paperwork she'd had regarding reducing her hours and taking her pension at the same time (and yes, you can do that). I can't remember if we discussed early retirement, the plan at the time was more to do with reducing her hours.

atush

I'd honestly call her, or go over to see her and try to find out things before she makes an irreversible mistake.

dunstonh

Maybe print this thread and give it to her. Maybe seeing people having concerns about what is statistically a bad decision 9 times out of 10 might help her see sense.

It is possible she could fall in that 1 in 10 where it makes sense but would you want to trust those odds?

CathA

I spent a long time last night texting her and asking her various questions that people had raised on the subject. She knows I looked into it for myself and decided it wasn't in my best interest. I've told her to get a different IFA to look at it, rather than the one her hubby used, so as to get a broader view. I've mentioned that the general opinion is that it's not a good idea and many people have said don't do it.

Anyway, I digress, the original question was why MyCSP and DBS have different thoughts on the possibility of transferring out. That question now seems to be answered; i.e. depends who you talk to!! I still think the timescale is too tight, which in many ways would resolve a lot of possible issues.

CathA

I'd honestly call her, or go over to see her and try to find out things before she makes an irreversible mistake.

dunstonh wrote: »

Maybe print this thread and give it to her. Maybe seeing people having concerns about what is statistically a bad decision 9 times out of 10 might help her see sense.

It is possible she could fall in that 1 in 10 where it makes sense but would you want to trust those odds?

I have spoken to my friend and she has now read this entire thread. Thanks very much for everyone's input into this. Would it be any use to anyone if I put an update on whenever I get any further news?

xylophone

Would it be any use to anyone if I put an update on whenever I get any further news?

I would be interested to know the outcome.

CathA

xylophone wrote: »

I would be interested to know the outcome.

Ok soon as I hear anything I'll report back. Thanks again for your help.

atush

CathA wrote: »

Ok soon as I hear anything I'll report back. Thanks again for your help.

Yes I would like to know.

As I am very worried about her mainly, but also her OH

CathA

atush wrote: »

Yes I would like to know.



As I am very worried about her mainly, but also her OH

I misunderstood something regarding this transfer and would like to put the record straight.

Her hubby was not 'very keen for her to do this transfer', more very keen for her to find out the options, as he was unaware, until I mentioned it, that this was a possibility. Sorry if I misled anyone in this regard.

Pincher

How come nobody used the phrase "Pension Liberation Scheme/Scam" in this whole thread? I thought it was pretty big news in the last few months.


They just have to search for stories on that, and it should set them in the right frame of mind.