Transfer out of FS and into SIPP

Mecb096a

Hi

I have had the time to play with the numbers.

The deferred pension in Mar-96 was worth £1539 of which £358 is GMP.

The GMP element indexed upto today @ 7%/yr is worth £1480/yr in todays money. If we index that upto her retirement age of 60, and assume that the 7% is (say) 4 % more than CPI, then the GMP element is worth £2100/yr in todays money.

The remaining non-GMP element indexed up in line with CPI, so today is worth about £1724.

This gives a pension @ 60 of around £3800 in todays cash.

This equates to a multiplier of around 41.

The CETV of £157K includes £31K as "total GMP cash equivalent"

Do the numbers above make sense ? and if they do, is a multiplier of 41 ripe for transferring into a SIPP ?

Make sense ?

Thanks in advance.

M.

soulsaver

To the question how do I find an inexpensive Pension Transfer IFA?
I have done a DB- SIPP transfer for £300k+ and paid a fixed fee equiv to below 1%.

I used bark.com to try to find a local PT IFA, which generated about 8 responses mostly at the c £10k.
In preliminary telephone discussions I was able to negotiate a more realistic estimate with a couple.
https://www.bark.com/

I also used unbiased which gave me a response who was actually marginally cheaper but was late to respond and I was too committed to jump for a few £100s.

https://www.unbiased.co.uk/

If you don't get a good quote, PM me, I'll tell you who I used.

Mecb096a

Update.

'Tis done.

The money went into an AJ Bell SIPP two weeks ago. It is now distributed broadly across the world with a disproportionate amount in the UK.

Thanks for the help - especially those that engaged in off-board discussions

Ta

M

GSP

Good luck.
Assume you will have to wait 4 years until you can access, and watch the swings while you countdown.
Hope it all ends up favourable.
My wife turns 50 in a few months, and has had a similar quote for her 8 years work in the eighties, £2.4k db and CETV quote of £150k, so will be interested to hear how things pan out your end.