Pension Transer advice please - Deferred final salary to transfer.

Clemmie12A

Good morning,
I am looking to realise my pension provision and after careful consideration want to have greater flexibility with my funds. I am therefore looking to speak to a pensions advisor to help with transferring out. Can anyone offer some guidance about how to select a regulated advisor using fund companies likely to have longeivity. Could someome also advise me what costs I would be looking at for advice and also the norm for managing a portfoilio once fun ds have been chosen. I'm not sure if it makes a difference but the sum is circa £800k.
Many thanks  

JoeCrystal

Many threads talk about Pension Transfer advice on this forum, so it is worth searching for the threads and read the posts. 

Albermarle

Yes it is a popular topic , so worth a search of the forum. In Summary 
You need to find an IFA who is a Pensions Transfer Specialist - their numbers are getting fewer, as they are scared of getting sued if the Transfer proves to be bad decision a few years down the line. I imagine the cost for a transfer of your size could be up to £10K + they will want to manage the investments going forward if it is a positive recommendation to transfer. If it is negative you can still transfer but most mainstream providers will not accept a transfer in on this basis ( again worried about potential lawsuits if things go wrong ) The DB scheme you want to transfer out of will not care if the recommendation is positive or negative, as they just want your liability off their books. 

Malthusian

Albermarle has assumed you are transferring a defined benefit pension but you haven't actually stated that. If it's a defined contribution pension the cost of advice will be significantly lower, though you will still need an IFA with pension transfer permissions.

Look for an independent financial adviser and avoid restricted (aka tied) ones. The best way to find an IFA is via a personal recommendation. If none of your friends / family can recommend a reputable one, use a directory (e.g. Unbiased) to identify two or three and then ring them up and ask about an introductory meeting. Not all IFAs advertise, especially the best ones.

Clemmie12A

Thank you all for your help. I'll have a look at Unbiased. 

Albermarle

Albermarle has assumed you are transferring a defined benefit pension but you haven't actually stated that

The thread title was 'Pension Transer advice please - Deferred final salary to transfer.'

xylophone

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

https://adviserbook.co.uk/      You would tick confirmed independent and pension transfer when the menu comes up.

Malthusian

I stand corrected, I only re-read the OP's post and forgot the title.

Mick70

what is the final salary pension value out of interest ?

cloud_dog

They indicated £800k, although that figure may include other sums.

Mick70

That’s the transfer value .
What would be the annual final salary pension , what age do you get it , does it rise with rpi , any lump sum also ?
then you can see if is it a good offer or not