Barclays Pension Help

LULULU1

My partner worked for Barclays approx 20 years ago and has a small pension valued at £326 per year and a guaranteed tansfer value of £17,554.

My question is could she take all or part of this as a lump sum.

If so can she take this at 55 and if she does how much of the £17,554 is she likely to lose.

Many thanks for any help.

Lu

xylophone

It could be possible for her to transfer the pension to a DC arrangement which would enable her to access the pension at (currently) age 55.

https://www.finalsalarytransfer.com/Uploads/1435150910Tideway-Guide-to-Final-Salary-Pension-Transfers.pdf

http://www.litrg.org.uk/tax-guides/pensioners-and-tax/what-tax-position-when-i-take-money-my-pension-flexibly

http://www.pruadviser.co.uk/content/knowledge/oracle_archive/oracle-technical/oracle-tech-september-14/money-purchase-annual-allowance/

LULULU1

Hi There, My partner is looking to open a TD Waterhouse SIPP and to transfer her Barclays pension into it.

However TD Waterhouse state you cannot transfer final salary pension schemes. The barclays scheme pension scheme is called Barclays Bank UK Retirement Fund (the UKRF) The 1964 Pension Scheme and they have provided a transfer quotation.

My question is: Is the Barclays Pension Scheme a final salary scheme and therefore they could not set up a SIPP with TD Waterhouse.

Many thanks in advance

xylophone

However TD Waterhouse state you cannot transfer final salary pension schemes.

This not the case for private DB schemes like Barclays - read Guide referenced in previous and also

http://www.thepensionsregulator.gov.uk/docs/db-dc-transfers-conversions-regulatory-guidance.pdf

A DB pension is a "safeguarded benefit" - a transfer out requires the advice of an IFA with the necessary qualification/permissions if the value of the safeguarded benefits is over £30,000.

It is not the case that DB pensions cannot be transferred, just that TD Waterhouse won't accept such a transfer.

http://www.tddirectinvesting.co.uk/~/media/uk/pdf/sipp-transfer-factsheet.ashx

Are there any types of pension I’m unable
to transfer to TD?
We are unable to accept transfers in from final salary pension
schemes (also known as defined benefit schemes) or overseas
pension schemes.

TD Waterhouse should have made this point clear to you.

xylophone

See also http://www.telegraph.co.uk/pensions-retirement/financial-planning/i-was-forced-to-waste-1k-on-advice-when-all-i-wanted-was-to-move1/

You will note what is said about Charles Stanley.

Charles Stanley, too, said it would not accept a defined benefit transfer of a pension “of any size” without positive advice.

Hargreaves Lansdown would definitely require the positive recommendation of an IFA for a £30,000 + DB transfer - however, the position does not seem to be quite so clear cut for a lower value transfer where advice is not required.

Your wife might make an enquiry?

http://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp

Previn

I had a similar sized DB pension, the only SIPP providers I found who would take it on were AJ Bell YouInvest & Iweb.
I kicked off the process with AJ Bell & it was completed around 3 weeks later with no issues at all.

If it's the right thing to do for you is another matter though. Its dependent on age, health, any guarantees etc...

Thanks

LULULU1

Its a small pension with a transfer value of about 18k. She is 50, in good health and has another full pension.

Im suprised the value is so high given she only worked for Barclays for 2 years........

lvader

I would check that annual amount again, Barclays sometimes show the frozen value from the time employment stopped. The true figure is likely to be several times that amount by the time of retirement. Otherwise the transfer value looks far too generous which it rarely is.

LULULU1

Thank Ivader, Thats exactly what I thought.

I have actually done an updated guarenteed transfer document which I have printed and it says the same amount. These are some of the details on the print out below:



Transfer entitlement Guaranteed transfer value £22121
which includes:
Scheme pension built up before 6 April 1997
Transfer value of Guaranteed Minimum Pension (GMP) £10,676

Guarantee date 21 October 2016 Pension benefits
GMP built up before 6 April 1988 £0.52
GMP built up after 5 April 1988 £29.64

Scheme pension (over the GMP) built up before 6 April 1997 £145.95
Total Scheme pension £176.11

The numbers just don't seem to stack up.....Any thoughts

bigadaj

Previn wrote: »

I had a similar sized DB pension, the only SIPP providers I found who would take it on were AJ Bell YouInvest & Iweb.
I kicked off the process with AJ Bell & it was completed around 3 weeks later with no issues at all.

If it's the right thing to do for you is another matter though. Its dependent on age, health, any guarantees etc...

Thanks

Though a j bell administer the iWeb sipp, so only one provider really.

LULULU1

Sorry don't understand your post. Are you saying AJ Bell and IWEB basically same company.