Transfer defined benefits pension

mark5

i know the general opinion is that moving a db pension to a dc fund is bad value but,

If you were only in the db scheme a couple of years,
Were a low earner at the time,
It's last transfer value I think was under 10k,
It pays out at 60 but I doubt I will be able to retire then.
I would prefer not to have a separate small pension, I would prefer the one income from one main pension.

Is it possible to transfer this pension without an IFA signing it off?
If I can transfer, what's the process to follow please?

I'm 36 and currently have my current pension invested in the Aviva Invesco Global Equity Fund.

Thanks, Mark

atush

If you were only in the db scheme a couple of years,
Were a low earner at the time,
It's last transfer value I think was under 10k,
It pays out at 60 but I doubt I will be able to retire then.
I would prefer not to have a separate small pension, I would prefer the one income from one main pension.

Doesnt matter what you earned then, what matters is what it will pay (risk free to you) at 60.

Doenst matter when yu will retire, this DB pension is risk free and will pay out when it says it will.

It does not matter if you have more than one pension income,a nd can actually be much better.

Do you have a spouse/dependents? What kind of pension are you paying into now, and what % of salary?

LHW99

And it may be transferable into another DB scheme a few years down the line in a different job

xylophone

Your DB pension is revaluing in deferment and will provide you with an index linked pension at scheme pension age.

https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

That said, assuming that your DB pension is not held in a non funded public service scheme, as the Transfer Value is under £30,000, (in this case apparently very much under), a transfer out without IFA advice could be possible.

robin61

Even if it is a small pension it' s doubtful that £10k transferred into a DC scheme will provide you with equivalent benefits. I would think very carefully about doing this.

mgdavid

mark5 wrote: »

.......
I would prefer not to have a separate small pension, I would prefer the one income from one main pension.
...........

why?
that is completely irrational surely?
if you are 36 now the chances are very heavily weighted in favour of you having multiple pensions by retirement, perhaps3 or 4 even with some merging as you go along. I'm almost twice your age and have 4 pensions including the State pension...

dunstonh

What is best?

10 pensions paying £20k a year or 1 pension paying £10k a year?

mark5

Can it be done?

atush

Why? When it is better where it is?

Get a new CETV and find out if possible. but will depend on who your pension is with.

bigfreddiel

I did the exact opposite, I transferred two dc pensions into a db scheme, and left an old db scheme alone. Best thing I ever did, both now paying out an index linked pension. What with my sp soon I need to cut down a part time job to stop going into higher rate tax band!

Cheers fj

xylophone

What with my sp soon I need to cut down a part time job to stop going into higher rate tax band!

Use earned income to contribute to a personal pension until you give up work?