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Early cashing in of a deferred Final Salary Pension
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Minimum pension age for access purposes is 55 except in exceptional circumstances which you would probably be aware of if it applied to you.
To transfer to a private pension with that size of transfer value will require compulsory financial advice from a regulated adviser who is qualified to sign off transfers from final salary to personal pension schemes (not all advisers are qualified).
Bear in mind that your deferred pension grows each year, more or less with inflation, as you get nearer normal retirement age. This, together with the fact that each year you wait makes the pension payment closer, means the transfer value normally increases as you get older (changes in economic circumstances not withstanding). So your final salary pension generally gets more valuable the longer you leave it - and, of course, can be a good underpin for your retirement income.
There may be other, more efficient ways to achieve your aims. So definitely worth checking these out first before considering transferring an asset which may yet get more valuable.0 -
Bobby_Shants wrote: »For Christ Sake, why do you keeping banging on about my personal reasons when I have not mentioned anything about them? The pension company (IN FACT, ANYONE) will have no interest or empathy concerning my 'Personal Reason'. Believe me you or any other person on this forum does not need to know so back off!
I keep banging on about it, as it is important. And yes, some would need to know to actually help you. But thats ok, you dont want help. You just want to shout and be abusive.
And no company will have empathy with you. Ever. It isnt what they are there for.0 -
As an IFA would need to be used, the IFA would certainly need to know. If the IFA does not feel it is justifiable, then their advice will be not to transfer. You would then end up with a bill of thousands for the advice and no transfer.
The regulator requires every other means to be investigated prior to this sort of transaction taking place. So, reasons and alternatives will be looked at.
As it stands, on the very little you have told us, you cant do it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Bobby_Shants wrote: »Believe me you or any other person on this forum does not need to know so back off!
Remind me again, who was it asking for help on the forum?0 -
I keep banging on about it, as it is important. And yes, some would need to know to actually help you. But thats ok, you dont want help. You just want to shout and be abusive.
And no company will have empathy with you. Ever. It isnt what they are there for.
You are sounding like a broken record!0 -
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You have a deferred DB Pension.
It would not appear that this has a protected pension age.
You do not mention serious ill health.
It would therefore seem that access through the scheme itself is unlikely before age 55 and depending on the rules of your scheme, possibly not then.
Your own scheme booklet will be a source of information.
With regard to a transfer out to a DC Scheme, assuming that your scheme is not of the unfunded public variety, in theory a transfer out could be possible.
You would need to take and pay for the advice of a Pensions Transfer Specialist who might not recommend the transfer - if so, you might find it difficult to find a scheme that would accept a transfer.
However, even if you transferred out, access before age 55 would not be possible except in very limited circumstances (terminal illness etc).
There is some more general information in the links in my post 12 above.0 -
Congratulation on reaching 50. Saga welcomes you with all sorts of goodies tailored to those with a brilliant career BEHIND them.
http://www.saga.co.uk/magazine/money/retirement/pensions/what-is-a-pension-liberation-scam.aspx#0 -
Bobby_Shants wrote: »I am asking for help regarding the transfer of my pension. NOT help with my personal circumstances!
Why do you want to transfer the pension?
it is a transaction that is wrong in the vast majority of cases. So, why do you think it is right for you?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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