DB Preserved Pension Transfer Value

Dasa

xylophone wrote: »

Your deferred DB pension is a "safeguarded benefit" - the value is greater than £30,000.

See

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

You will need to take advice from a Pension Transfer Specialist before you can transfer to a DC Scheme.

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

Pension transfer specialists

Currently a pension transfer specialist must have CF30 (customer function) and hold a qualification from:

G60 or AF3 (CII)
Pensions paper of Professional Investment Certificate (IFS)
Fellow/Associate of Pensions Management Institute
Fellow/Associate of Faculty of Actuaries
By October 2020 FCA will require PTSs also hold the level 4 RDR qualification for advising on investments (or equivalent by other existing qualifications and gap-fill exercises) before they can advise on or check pension transfer advice.

https://adviserbook.co.uk/

You could look at the above - you would tick "confirmed independent" and "pension transfer".

The advice is unlikely to be cheap.

Yeah that's what I was thinking.is it worth the aggravation of trying to find one who will do it and will it be worth the cost. Someone said the tv was high but then again it's still a small amount.

Brynsam

Dasa wrote: »

Yeah that's what I was thinking.is it worth the aggravation of trying to find one who will do it and will it be worth the cost. Someone said the tv was high but then again it's still a small amount.

Only you can decide that. Depends how much you want the ability to flexibly access your benefits.

woolly_wombat

Dasa wrote: »

Spouse pension 2/3 of pension at date of death
Pension increases in payment by 5% pa.

Lucky you.

I wish I had one of those.

How much is it increasing in deferment?
What will the pension pa amount be at date of retirement?
Are you close to the retirement date?

Based on experience of a long-ago deferred pension that turned out to be worth more than expected, I suggest that you don't take the figures you have been given at face value.
.

Dasa

woolly_wombat wrote: »

Lucky you.

I wish I had one of those.

How much is it increasing in deferment?
What will the pension pa amount be at date of retirement?
Are you close to the retirement date?

Based on experience of a long-ago deferred pension that turned out to be worth more than expected, I suggest that you don't take the figures you have been given at face value.
.

I might think that if it wasn't only £876 per year
Retirement date is passed it is increasing 8% pa in deferment and those are the figures if I take it now.

woolly_wombat

Hmm. They do seem keen to pay you off and 40k does look tempting...

Dasa

woolly_wombat wrote: »

Hmm. They do seem keen to pay you off and 40k does look tempting...

Yeah,even with the 5% increase how many years would I have to live to get that?Especially as no one in my family has lived past their mid 70s. But it seems almost impossible to get it out.

Dasa

I've been researching Pensions Advisors in my area and most state a minimum pension of £100,000. The lowest I could find was £50,000.