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Was it DB or DC? Did my old provider try to confuse matters?
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Going by what people have said, namely:
1) The DB underpin was a cash balance arrangement
2) There were no safeguarded benefits with respect to transferring out to a pure money purchase arrangement
I'd say *both* WTW and PensionBee were correct, in their own way. A pure cash balance scheme is where there is a guaranteed rate of return (typically only inflation proofing) on contributions made until NPA, however at NPA, there is no DB income due, just the revalued contributions to purchase an annuity with or transfer out. Technically such an arrangement was (is) classed as 'defined benefit' in law, however 'freedom and choice' legislation brackets them with money purchase arrangements as not involving safeguarded benefits, and therefore not requiring professional advice to transfer out.
Thanks, that sounds like it is spot on!
So PB and TW were both pretty confused (to be fair - the confusion came from TW!) as they did not know this information. and with my prompting then - randomly - we got to the right outcome (a DC style transfer) - without anyone being any the wiser.0
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