Many complaints on too young yet at 50 to transfer DB out - but get locked in at 59?

agarnett

Another interesting quirk of DB schemes perhaps?

I believe some scheme trustees might say no to a member who wants to transfer out within a year of their normal scheme retirement date.

In another thread I saw reference to someone who had been offered nevertheless a discretionary transfer value at age 69 having deliberately put off retirement, but I don't think we can count on that sort of discretion from many schemes.

Haven't seen much discussion of trustees pre-empting an imminent retirement date denying a transfer, but I apologise if it has been discussed.

If you are still 58 then might be another reason to get your skates on if getting locked in is not what you want, but be careful out there!

Andy_L

I don't believe trustees can refuse an application to leave. They can offer such a poor transfer value that not doing it is a no-brainer decision, but that's different to just saying no.

hugheskevi

Trustees can refuse an application from members who are within 1 year of Normal Pension age, or older.

Pension Scheme Act 1993

Although as it would generally be in the scheme's interest to transfer out on CETV terms, I imagine many schemes would be happy to permit this unless the schemes rules specifically prohibit it.