Final salary pension

Dazed_and_confused

I think we’re going to wait as the mortgage adviser is away for a week as I know his wealth management company also deal with pensions

Double check they IFA's not FA's.

The term "wealth management" is a bit of a red flag that they aren't necessarily working wholly in your best interests.

MallyGirl

You do not want to be dealing with a wealth management company - you really need an IFA with certification as a pension transfer specialist. If you get the transfer advice and it is negative then you will need to find a pension that will accept an 'insistent client' transfer in. Most won't. The advice is likely to cost around £5k.

Molliemoo2014

Yeah I paid in for about seven years and left in 1995

p00hsticks

Molliemoo2014 wrote: »

By the way this schemes age is 58 so that’s why I’ve got a letter now as I’m fifty eight in May

Someone may correct me but I was under the impression that if you are within a year of the scheme's normal retirement age then they're under no obligation to offer you a transfer value - you may have to go with whatever the scheme offers..

Albermarle

Someone may correct me but I was under the impression that if you are within a year of the scheme's normal retirement age then they're under no obligation to offer you a transfer value - you may have to go with whatever the scheme offers..

Good point , the previous posts/debate may have been a waste of time....

mark55man

good to know - and my initial googling seems to confirm this

Molliemoo2014

But JLT have already given me the transfer value or am I missing something?

hyubh

Molliemoo2014 wrote: »

But JLT have already given me the transfer value or am I missing something?

The statutory right to a CETV goes up to a year before NRA. That doesn't mean a scheme can't give a CETV beyond that point, just that it doesn't have to.

In addition, 58 might not be NRA as such, but the minimum age you can draw the pension without an actuarial reduction (for example).

Molliemoo2014

No my Mum won’t help we have tried asking her for a small lump sum and we have also asked to live with in a bigger house
We won’t just have our old age pensions we will have my husbands and my present pensions plus the mortgage will be paid off before my husband retires if we go it over a twelve year term

mark55man

hyubh wrote: »

The statutory right to a CETV goes up to a year before NRA. That doesn't mean a scheme can't give a CETV beyond that point, just that it doesn't have to.

In addition, 58 might not be NRA as such, but the minimum age you can draw the pension without an actuarial reduction (for example).

That's interesting. I think you definitely can't take the CETV once you have started regular payments, so you need to make sure the approval process finishes in time, so that you can initiate actions with the scheme