Deferred Pension Statements ...

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Remember that if the value of a DB pension is greater than £30,000, you will need the advice of a pension transfer specialist before you can transfer to a DC scheme.

https://www.professionaladviser.com/professional-adviser/news/3063902/pension-transfer-specialists-must-hold-level-4-advice-qualification-by-oct-2020-fca

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/

You could always consult an independent financial adviser now for an overview of all your financial circumstances.

https://adviserbook.co.uk/ Tick "confirmed independent" and such other specialisms as you require.

JillyC8

I have no money at the moment to pay for an adviser :-(

JillyC8

The rough plan, all being well, is to release some capital at 55 to help pay down the mortgage. My thoughts are to look at doing this with the small DB pension and then leave the other two alone.

kidmugsy

Dorian1958 wrote: »

As you are trying to address this issue now I would forget about looking into a cetv for the DB pensions : you are 52 and you can't do this until you are 55 (unless I stand to be corrected).

The point of getting a CETV quotation now is to allow planning ahead. You're quite right to say that a transferred DB pension still couldn't be accessed until age 55.

kidmugsy

JillyC8 wrote: »

in good health - don't smoke or drink ... dad still going strong at 88!

There's a case for not transferring a DB pension.

JillyC8 wrote: »

I am a single parent ... could be a bit thinner though ... mum passed at 76

There's a case for transferring a DB pension.

You need to get quotations and consult an IFA.

JillyC8 wrote: »

Am I right in thinking that if I was to 'cash in' one of them then it should either be the small DB one or my current Contributory one?

For the DB: very possibly - if it is with a government employer, though, it is likely either to be on disappointing terms (LPGS) or to be forbidden altogether.

For the DC: sometimes a pension like that will allow you to take money out even while you remain a member and continue to contribute. Or sometimes you can leave the scheme briefly, transfer the money elsewhere, and then rejoin the original.

You have three years in which to find out whether either is the case.

One thought: is your contribution to the current DC pension bigger than the amount required to get the max employer contribution? If it is bigger, you could cut it down to the amount that attracts the max employer contribution, and save the excess towards paying for an IFA in three years time.

Tell me, (i) are your current contributions done using salary sacrifice, (ii) do they allow you to avoid 40% income tax?

JillyC8

kid ugly, thanks for your input ... I'll try to answer your questions if I can although I am pretty clueless!

My DC pension with my current employer isn't with a govt organisation. I'm currently earning £32000 and sacrifice 2% of my salary I believe ... I'm not sure about the last part part of your question.

I have two years to plan as I'm 53 this month, and as there will be changes financially in two years (child maintenance will cease/daughter potentially going to uni) this would be an excellent time for me to ease the pressure.

JillyC8

Sorry, preemptive text took over! I meant thank you kidmugsy :-D