decisions, decisions, decisions,,,,

GunJack

beetlebobby wrote: »

Thanks for everyone's input ive had a look at some of my past pension documents and its a DB pension
which when i retire i could buy an annuity with varying possibilities like fixed amount, indexed linked ,smokers etc etc this has been deferred since 2002.

That doesn't stack up....if it's a DB pension it should be paying you a proportion of final salary or career average per year, not giving you a "pot" to decide what to do with..

I think you need to clarify first what exactly this pension is and what it's due to pay you.

p00hsticks

Marcon wrote: »

OP, start by taking up the free advice offered. You don't have to follow it and it could be very educational! No adviser will compromise themselves by giving advice biased towards the employer just because the employer is paying.

I'd second this - I went through a similar experience a couple of years ago and although in the end I declined the offer to transfer (even though the Origen adviser said that my financial situation was such that it would be ok to do so) I found that going through the review process was a useful exercise.

xylophone

Thanks for everyone's input ive had a look at some of my past pension documents and its a DB pension
which when i retire i could buy an annuity with varying possibilities like fixed amount, indexed linked ,smokers etc etc this has been deferred since 2002.

Are you sure that this is a DB pension?

GunJack

xylophone wrote: »

Are you sure that this is a DB pension?

Hence my point in post #12

Thrugelmir

xylophone wrote: »

Are you sure that this is a DB pension?

If there's an enhanced transfer value then must be. Perhaps the OP is assuming that there's a pot of money to be accessed on retirement. That can be used as wished.

Thrugelmir

DairyQueen wrote: »

I have been through the process of receiving an enhanced CETV to transfer-out. Don't be dazzled by the big numbers. It costs plenty to provide the kind of benefits offered by a DB scheme.

With hindsight the IFA's advice (paid for by the sponsoring company) was sound. Don't let temptation cloud your judgement. Listen to what s/he says about risk and benefits.

It's likely that you will be advised not to transfer. That's the best advice for most peoples' circumstances. If that's the outcome for you then follow it.

Btw, I was one of the exceptional cases who received a recommendation to transfer. Initially I was doubtful but I have reduced life expectancy, a spouse who is well-pensioned, other assets, no dependents, the DB pension was only partly-indexed in payment, I was already a DIY-investor, I was willing and able to take-on the risk, etc. etc. The combination signalled that I should transfer.

How long ago was this? Been a significant change in the past 2 months following the FCA's review. That is still ongoing at an adviser level.

DairyQueen

Thrugelmir wrote: »

How long ago was this? Been a significant change in the past 2 months following the FCA's review. That is still ongoing at an adviser level.

2017. I have read that the FCA review has had an impact but don't know details of the current positive transfer triggers. Presumably, different criteria than previously.

I am comfortable that I received the right advice. OH didn't need the spouse's benefit. Flexible drawdown is much better for our income tax position and I am now able to leave something to my beneficiaries tax-efficiently (I have no children) regardless of when I die. Life expectancy of less than 80 and a x32 offer at age 58 suited me. Add in very limited indexation once the pension was in payment and for me it was the best decision. I sincerely hope that those few who, like me, could genuinely benefit are still able to transfer.

Thrugelmir

DairyQueen wrote: »

2017. I have read that the FCA review has had an impact but don't know details of the current positive transfer triggers. Presumably, different criteria than previously.

Some sizable active players have recently withdrawn from the marketplace following visits from the FCA. The latest update in June, said.

The FCA has repeatedly made clear its expectations of financial advisers as well as strengthening the rules around pension transfer advice. Despite this, too much advice the FCA has seen to date is still not of an acceptable standard.

The FCA is concerned that firms are recommending that large numbers of consumers transfer out of their defined benefit pension schemes despite the FCA’s stance that transfers are likely to be unsuitable for most clients.

The FCA will also be writing to all firms where the potential for harm has been identified in the data the firm has supplied. This will set out the FCA's expectations and the actions firms should take.

xylophone

I too would have thought DB but I cannot understand why the

past pension documents

to which the OP refers seem to offer DC type options - I suppose there might be some sort of AVC running alongside a DB pension?

beetlebobby

Its great everyone giving me info but i wish im a little bit more savy on pensions ,,,by the looks of it im probably better off staying put in the scheme judging what your all saying on average,, although if i took the extra money and stuck it on royal dutch or rio tinto i would get a nice divi from it,,,
Here is the link to what i received maybe that will answer a few of your questions rhm-pension-options.co.uk