Maybe a stupid question but.

Stewart_1234

Hi I have been a watcher for a while now.
My question or problem is.
I have a old final salary pension from a old employer. It is all I have.
My age is 59 my wife 58.
My wife is not in the best of health , disabled, no pension of her own.
I am now self employed, mainly to care / or help is perhaps a better word.
I have recently had three heart attacks myself in the last 18 months, minor ones.
My dilemma my pension pot is approx 130k
If I die she will get half my pension for life about £60 per week . I doubt very much she has 40plus years herself. It would then die with her.
How can I transfer the pot so she can inherit it, or at least my children .
I don't need the money to live just yet, but don't want to pay it all in tax by cashing it all in.
Is there any product I can put it into so still have growth and security.

Dazed_and_confused

I have a old final salary pension from a old employer. It is all I have.

My dilemma my pension pot is approx 130k

Final salary pensions don't have a pot so if this is all you have where is the £130k coming from?

And why aren't you going to get a State Pension in due course?

Stewart_1234

Thanks Dazed and confused.
I will have a state pension in due course.
I have a statement from aon who have the pension. That's what it says, and that's the transfer value if that helps.

lisyloo

You can transfer out of final salary schemes (as indicated by the transfer value).
I believe if it’s over £30k you would have to get financial advice.

There are upsides including flexibility e.g. flexible drawdown and leaving a pot.
The are downsides too e.g. for a healthy person the income might exceed the transfer value.
You would need to go through that with an independent financial advisor.

The advice will cost but I don’t think anyone will transfer it without you having received the advice.

Albermarle

Normally it is bad idea to transfer out of a final salary scheme , so there is legislation that you have to take detailed ( and expensive ) financial advice before being allowed to do so . It is to protect people from them selves and unscrupulous scammers.
However there are some circumstances where it can be a good idea to transfer, and ill health is one of them for the reasons you describe . However you still have to go via the financial advice process .
Firstly have a look at this for the pros and cons of transferring.
https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/five-good-reasons-good-with-your-money-guide-2018-edition.pdf

xylophone

And then remember that you will have to take advice from a Pension Transfer Specialist.

Make sure that you start with an adviser with the correct qualifications and that you ask the necessary questions before employing him.

https://forums.moneysavingexpert.com/discussion/6032686/dont-use-hargreaves-lansdown

Stewart_1234

Albermarle thank you. This is the sort of advice I am looking for . Very helpful.