Transfer from previous to current

Dandytf

Is the reason I cannot transfer DB to Current DC because I froze my old pension.
Then thanks as that answers my original question.

xylophone

Is the reason I cannot transfer DB to Current DC because I froze my old pension.

No. See information in previous posts.

Your situation appears to be that you are a member of a scheme which only permits transfers to another Defined Benefit Scheme.

You are not permitted under legislation to transfer your final salary benefits to a scheme that will convert your benefits into money purchase benefits.

Is your old pension with an unfunded public service scheme?

Dandytf

Thanks mser's incl xylophone

Tel call rec' past few mins from pension admin.
As advised this old pension cannot be transferred to current dc plan.

Interestingly I asked if I could in a few years withdraw 25@% tax feee from 55.
Since been advised whilst I could take 25% tax free from 55 that I would also need to take rest as pension benefit- partial 25@% from total fund is not made available.

xylophone

What is the normal scheme retirement age?

If you took the pension from age 55, would there be an actuarial reduction?

Dandytf

xylophone wrote: »

What is the normal scheme retirement age?

If you took the pension from age 55, would there be an actuarial reduction?

Normal retirement from this fund is 60 years.

I didn;t think to ask if there is any deduction. From 55 -if I get to 50's I. Could call and ask or via their online portal which resulted to in todays callback.
The verbal answer was if I transferred 25%@55 then I would have to accept the full transfer balance.
Thanks

xylophone

Normal retirement from this fund is 60 years.

Then it is likely that there will be an actuarial reduction if taken at 55.

If you choose to take your pension then, you will receive the tax free pension commencement lump sum and then a monthly pension thereafter.

Dandytf

Thanks xylophone

25% lump sum + monthly pension benefit is what was advised on call.
I've a few years yet, though what I could ask online is what reduction is taken.
Not sure if that can be advised as % or sum or depends which year I claim the Pension.
With m.s. it could prove sensible to consider withdrawing from 55 Initially use 25% if required on home
The Monthly is worth very little, though maybe I could swipe that into isa or savings acc.

Thanks!