local Authority DB frozen in 1996

hyubh

nicknack321 wrote: »

The last statement said my current pension was £5600

By 'last statement', do you mean as received last year? If so the amounts quoted will indeed be what you should go on.

it would not normally be payable until I'm 60.

So you meet the 85 year rule...? (Maybe you do.)

Also actuarial valuation states fund is 70% funded?

That has no relevance to whether you should transfer out or not.

nicknack321

hyubh wrote: »

By 'last statement', do you mean as received last year? If so the amounts quoted will indeed be what you should go on.



So you meet the 85 year rule...? (Maybe you do.)



That has no relevance to whether you should transfer out or not.

Yes to both. Do you have an opinion on transferring. Seems like I may be doing the local community a favour. I have looked at some funds on Hargreaves Lansdown and they seem to be 15% to 20% returns if your lucky lol. Im just looking at all the possibilities. After all there is a argument for Lamborgini NOW ! (only joking)

dunstonh

I have looked at some funds on Hargreaves Lansdown and they seem to be 15% to 20% returns if your lucky lol

That isnt how it works. You are not going to get 15-20% a year. Have you also looked at the periods when they lost 40-50% in as year too?

xylophone

What are your pension arrangements outside of the deferred LGPS?

Do you have a wife/dependent children?

What are your wife's pension arrangements?

Have you obtained a new state pension statement?

http://www.thisismoney.co.uk/money/pensions/article-2942928/Over-55s-apply-new-state-pension-forecasts-DWP.html

https://www.gov.uk/new-state-pension/how-its-calculated

nicknack321

Have wife no dependent kids no other pensions

xylophone

Have wife no dependent kids no other pensions

Then why would you wish to take on the risk of a transfer out of your deferred DB pension?

Are you employed? If so, a pension should be in the offing. https://www.gov.uk/workplace-pensions/about-workplace-pensions

If you are self employed, you might consider starting a pension?

Does your wife have a pension?

It would be a good idea to check on your state pension situation.

dunstonh

nicknack321 wrote: »

Have wife no dependent kids no other pensions

Everything so far points to leaving it where it is. Death benefits are not a justifiable reason as no dependants. No other pension. So, why give up such a valuable guaranteed pension for a risk based one that is probably going to provide less?

xylophone

Re new state pension https://www.gov.uk/calculate-state-pension

nicknack321

I want some cash NOW....my choice isn't it..?

dunstonh

nicknack321 wrote: »

I want some cash NOW....my choice isn't it..?

No its not basically.