Company pension transfering it to own fund

Mr.Generous

Basically am I barking up the wrong tree thinking that I could get an IFA onboard and get my employment pension pot (probably 90% final salary scheme, 10% money purchase and AVC's) transferred to my own pension fund. So basically set up my own pension pot and draw down the money.

My thoughts are that when I die remaining money would become part of my estate, and I think roughly I would have to live 49 years to get out of the plan the money in there.

I'm just guestimating basing it on figures from a few years ago - company stopped providing details of the capital value of funds when people started to wonder if scheme was viable.


Where do I start? I'm guessing find out the value of my fund and if I can actually get it paid out, then work on some numbers.


Anyone done it? Any advice?


I'm 54 next month, can take pension from 55. Estimated pension £1150 per month after £92k lump sum taken.

I have rental income of £1200 per month and no mortgage or debts.

xylophone

See post 17

https://forums.moneysavingexpert.com/discussion/comment/75431822#Comment_75431822

Mr.Generous

Thanks Ill do some reading

Marcon

Mr.Generous wrote: »

Basically am I barking up the wrong tree thinking that I could get an IFA onboard You don't need to get an IFA 'onboard' - the legal requirement is to receive advice, not necessarily follow it. Although some receiving schemes will not accept a transfer in without a positive recommendation from an IFA, others will accept the transfer and get my employment pension pot (probably 90% final salary scheme, 10% money purchase and AVC's) transferred to my own pension fund. So basically set up my own pension pot and draw down the money.

My thoughts are that when I die remaining money would become part of my estate no - it will not normally form part of the estate, and I think roughly I would have to live 49 years to get out of the plan the money in there.

I'm just guestimating basing it on figures from a few years ago - company stopped providing details of the capital value of funds when people started to wonder if scheme was viable. Not optional to provide transfer values if a member requests one. You are entitled to a free Cash Equivalent Transfer Value once in any 12 month period


Where do I start? I'm guessing find out the value of my fund and if I can actually get it paid out, then work on some numbers.

I'm 54 next month, can take pension from 55. Estimated pension £1150 per month after £92k lump sum taken. Is that taking into account any reduction payment before the scheme's Normal Retirement Date?

Please see comments above (which aren't any sort of recommendation that you should do what you have in mind, just responses to some of your questions).

LHW99

My thoughts are that when I die remaining money would become part of my estate

If this is a DB / final salary scheme, there is usually a spouse / dependent pension, but if you have neither there is no "remaining money" because these schemes don't have a "pot" for each member. They give a guarantee of a certain payment based on your years of service.
It is only when the CETV is transferred that it becomes possible for anything you don't spend to be passed on to another relative / friend / cat's home