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Transerring Out of a DB Pension
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Alexd52
Posts: 318 Forumite


Wary of joining a stampede for transferring out of our company's DB pension for the wrong reasons, I would like to hear the thoughts of others. CETV currently 920k, latest pension statement gives me a pension of 16k pa with a 107k tax free lump sum, or 25k pa without lump sum. This would rise to 21k pa with 142k lump sum at normal fund retirement age (35k pa without lump sum). All giving 52.5% spouse's pension.
Seriously thinking of the transfer out option and would like to discuss with an IFA. Does this sound remotely sensible and what questions should I be asking an IFA?
Thanks
Seriously thinking of the transfer out option and would like to discuss with an IFA. Does this sound remotely sensible and what questions should I be asking an IFA?
Thanks
0
Comments
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Your age and retirement age would be useful to know.
That's a hell of a cetv so worth consideration, would take 37 years to spend at flat rate and sounds as though the critical yield wouldn't have to be too high.
The ifa would need necessary qualifications and permissions, and would need to produce a report, you also need to get a good idea of his costs as there is the potential for pound signs to light up in his eyes with the sums involved.
Ideally speak to three initially to get and idea and see what you think.0 -
You would need the advice of an IFA with the necessary qualifications and pension transfer permissions.
Below may be worth a read for some general information.
https://www.finalsalarytransfer.com/Uploads/1435150910Tideway-Guide-to-Final-Salary-Pension-Transfers.pdf0 -
Thanks for replies, yes that does seem a hell of a figure. My current age is 57 and I am considering taking the pension within the next 12 months and going part time for a few years. My wife will not be in a position to retire for another 12 years and I also have my daughter going to university in 12 months time, so the transfer does look very attractive.0
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Questions to ask an IFA:
What are the advantages and disadvantages of transferring out?
What income do they think you would recieve, after charges, from a comparable scheme?
What would their charges be?The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0 -
Do you have my other pensions? Need to think about lifetime allowance considerations which generally favour staying in the DB scheme.0
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No other pension at the moment, but if I transfer out, I can enrol in the company legal & general gpp scheme0
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