DB pension transfer (anyone have any experience)

Consumer_1

I am currently looking at moving my DB pension to a personal scheme.
My main motivation to move schemes is to leave money to my children which the DB scheme doesn't allow as they are no longer dependants under the scheme rules.
Had anyone else moved their DB pension and if so what has been your experience so far?
I am not asking anyone to share any personal information just yes you're happy or not ours not.
I would love to hear from anyone who has gone through it and their experiences.
I do have other income and so does my other half.
Many thanks

Dox

What do you hope to glean? Age, attitude to risk, other savings, other commitments, choice of investments...so many variables will make responses meaningless because they won't apply to you.

mgdavid

You could always pass the money down a generation now; you may enjoy seeing them get the benefit while you're alive than after your death...
it's what I and others have done.

goRt

My experience:
Massive variation in pricing - loads at the ridiculously high end all of whom are unable to understand the conflict of interest that contingent charging is - avoid all of those like the plague
Whilst we all have the statutory right to move our DB to DC schemes, unfortunately, there's no timeline for each step of the process, so *everyone* takes full advantage of this to hold on to your money for as long as possible gaining as much interest as possible
Started 3 DB transfers in Aug/18, final one completed today (that includes getting the required advice from an appropriately accredited individual and firm that I'd identify before the start date)

Brace yourself for a long difficult process.

TBC15

I went through the process about18 months ago. The transfer went smoothly and was relatively cheap compared to some of the prices I’ve seen quoted on here. I’m more than happy with the change.

Albermarle

I suggest you search this for similar threads/questions as there are a lot .

tacpot12

I looked into moving mine DB pensions, but after having taken advice, I left them where they are. I had a substantial DC pension that I could draw on from age 55, so it made sense to draw on the DC pension until the DB pensions kick in.

Have you established the liklely transfer value of your DB pension yet? People have a different experience when the transfer value is more than £30K as they have to take finacial advice, prove to the trustees of the old scheme that they have taken this advice before they can transfer to a new product.