Deferred DB pension with GMP and no spouse - should I transfer?

LBCW

Thanks hyubh. I'll need to search paperwork to confirm the escalation rates once in payment; the GMPs revalue in deferment at a fixed rate. I have different commencement dates as one is payable from 60 and the other from 62. There's obviously more to this pensions lark than meets the eye...

TSal

If you intend to purchase an annuity following a transfer of a DB scheme, it only seems logical to retain the DB schemes as it seems you are seeking some form of guaranteed income in retirement. That been said, you obviously appreciate your circumstances and the difficulties you may face should you pass away relatively young.

Aside from either of these points, it may be extremely difficult to find an adviser who would recommend you transfer a DB scheme (or two) knowing full well that you are looking to purchase an annuity when your only real objective is to increase death benefits.

kidmugsy

LHW99 wrote: »

Quite agree, but that's difficult to explain to an 80+ year old who thought he could have back the money he'd given up, as "it hadn't been paid out yet"

He had had 80 years in which to learn to think logically.