We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Brexit & defined benefit pension scheme
Comments
-
I have a defined benefit final pension scheme which I am planning to cash in sometime in the next 3 months
Do you actually mean "cash in" ( you are seeking to transfer out into a DC Scheme)?
This is not a short or inexpensive process! See https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/
Or do you mean that you will be taking benefits from the pension scheme?0 -
Should I cash in now or wait to accrue a little more pension?
If you are able to accrue a little more pension, you must still be an active member - so haven't even (yet) got a guaranteed transfer value. To get that, you need to have left the scheme.
The whole process (opting out of the scheme, requesting a guaranteed transfer value, getting financial advice and then requesting payment of the transfer, if that's what you decide to do) is going to take around 6 months.
Who on earth led you to believe all the above could be done in 2 weeks?0 -
There are loads of pension scams around OP. Are you sure you have not been caught in one of them?I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2026 Challenge £12000/£6000
365 day 1p Challenge 2026 £667.95/£220
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards