30k out of pocket

ste00

Just looked at the figures one of the pensions has a transfer value of just over 100k I want to take the pension now At 56 the pension is 1200 pa , so what firm can I transfer to to triple this please ??

AlanP_2

ste00 said:

Just looked at the figures one of the pensions has a transfer value of just over 100k I want to take the pension now At 56 the pension is 1200 pa , so what firm can I transfer to to triple this please ??

Is this a Defined Benefit or a Defined Contribution pension?

If it is a DB pension you will need to pay a suitably qualified pension adviser to analyse the scheme benefits, your situation and make a reccomendation on whether taking the transfer value is a good idea for you or whether it isn't. There will be a 4 figure fee for this, probably in the £3-5k range, and the process is likely to take 2-6 months.

If it is a DC pension why do you need to transfer it?

steampowered

Op, you have got yourself a bit confused and are making mistakes as a result. 

I think you are going to be better off going right back to the drawing board. You need to accept that you might be understanding things a bit wrong. Start again and educate yourself on the basics what a DB pension is, what a DC pension is, and how they work.

There is lots of information online to help you do that and dunstonh has give you accurate information. 

ste00

Yes I pay my FA he told me if transfer value under 30k Can do it myself , but just let him do it, He charges me under 1% , don’t know why I have to have his involvement at over 30k , perhaps another money spinner , would be a bit miffed if I had to spend like you said between 3 and 5 k for each transaction , 

AlanP_2

Again, I repeat my questions:

Is it a DB or DC pension?

If it is a DC pension - WHY DO YOU NEED TO TRANSFER IT

ste00

I hope not getting things wrong , took advice from some pension advice people think it’s government backed , they are the people that told me to leave the pensions were they were , never told me if a firm went bust I would lose the lot in one pot anyhow that’s my OP 30k out of pocket , I think I am doing the right thing as I want it in cash lump sums not someone giving me a few quid a week , did a tester small pension 37k this one is just over 100k as the best they could offer me was £20 a week , the bigger one we’ll leave till last , as you will know everybody is after a chunk of your pension , good advice costs , the Change the pension costs , and of course the tax Man wants his cut , 

ste00

I want all the pensions in one pot Allan , 

MallyGirl

Hi
you might find it easier to ask questions, with punctuation, rather than just to rant. Then you will get answers.
You say FA - is it really an FA or is it an IFA. This is an important distinction. An FA is tied to offering their own products where an IFA can offer whole of market.
If you have more than £30k CETV from a DB Pension and you want to transfer out then you are required to pay (£3-5k) for advice from a Pension Transfer Specialist. They will advise whether they think, taking into account all your circumstances, it is right to transfer or whether you are better staying in the DB pension and getting guaranteed income for life. If they recommend against transfer you still have to pay their fee and there seems to only be one mainstream SIPP that will accept the transfer in (AJ Bell). At that point you need to make educated decisions on how to invest the money to give you an income for life - do you have those skills?
Do you realise that once you take anything above the 25% tax free portion that you will be limited on all future contributions for the rest of your working life? Google MPAA.

dunstonh

I think I am doing the right thing as I want it in cash lump sums not someone giving me a few quid a week 

From the bits you have said, it appears that you are you doing the wrong thing.  You are making decisions on inaccurate information and incorrect assumptions.

did a tester small pension 37k this one is just over 100k as the best they could offer me was £20 a week 

A sensible drawdown rate would be around £20 a week.  Doesnt mean you have to take £20 a week.  You could do £30 a week or £100 a week.  You decide the amount you are going to draw.  The important thing is knowing that if there is £37k and its to last you 30 or so years then you need to take a sustainable draw.    Taking it out of the pension because of the reasons you have given is bonkers.   You have given no justification of why it would be sensible.  

good advice costs

Bad advice or acting on bad information costs more.  And that is exactly where you are heading at the moment.

ste00

, you say I am required to pay 3-5k what would I get for this service , I have paid nothing like that , and anybody reading this,,, if I recommend someone I get £100 cash back , sounds like more rip of merchants ,,,,,,,