Final Salary Pension

Junction25

Hi 
would love some advise 
I have got a final salary pension which finished in 2007 (20 years ) I would get 9 k per year at 65 
the company have told me at 55 years old I can have tax free 30k plus pension 6K a year 

my dilemma is do I take the annuity at 55 ? Or could I get financial adviser to move my final salary pension to my private ( Sipp) pension 
I am currently 51 years old 
if we use the formula 35x £9 k - in theory the  final salary valuation of 300k approx 

so i would need a financial adviser ?
is it difficult to move it across ? 
I think you pay fees up front to move it ?
is they list of financial advisers who specialises in Final salary pension moves ? 

I have read that the financial advisers looks at my assets and other pensions / savings before making a decision if it correct decision for me to make to move it across 

AlanP_2

Do a search on here for CETV (Cash Equivalent Transfer Value), loads of discussion on the topic of transferring out of a DB scheme.

Why did it finish in 2007? You need to be a deferred member to transfer out of a DB scheme.

Why do you want to transfer out - what do you see as the advantages and disadvantages?

You will need an IFA with the appropriate permissions to analyse and advise on a DB transfer. There aren't many who do this as the risk they are assuming (against you coming back in 10-40 years and claiming it turned out badly I wnat compensation) is very high and their indemnity insurance premiums reflect that. Those still transacting in this space hence charge a hefty fee.

xylophone

Or could I get financial adviser to move my final salary pension to my private ( Sipp) pension 

Without a positive recommendation, your existing SIPP provider might not accept it.

In that case, you would have to transfer elsewhere first. 

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/transfer-pension-scheme/

However, although most schemes provide the right to transfer, not every scheme has to accept an incoming transfer.

A stakeholder pension scheme is currently the only type of scheme which must accept any transfer from another registered pension scheme.

In order to transfer out of your deferred DB pension, you need to obtain the advice of a Pension Transfer Specialist.

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

https://techzone.adviserzone.com/anon/public/pensions/tech-guide-db-to-dc-transfers

Brynsam

Junction25 said:

the company have told me at 55 years old I can have tax free 30k plus pension 6K a year 

I am currently 51 years old 
if we use the formula 35x £9 k - in theory the  final salary valuation of 300k approx 

Why that formula? Bears no relation to how a CETV is calculated by the scheme's actuary.