Defined Benifit Pension Scheme I Want to transfer.

WaggyUK

Hi, I have a defined benefit pension plan and I want to transfer it so that i can get access to more of my pension pot because the only options i have with the current provider is lump sum + monthly amount or a  higher monthly amount without a lump sum, any advice on pension plan providers that accept transfer from a defined benefit plan? 

Marcon

If the transfer is over £30K, you'll need to find someone prepared to give you the necessary advice, which won't be easy or cheap. Read some of the many threads on this site for more info.

Any stakeholder plan will accept it, or a SIPP with AJBell, whatever the financial adviser says - and you can assume now that the recommendation will be NOT to transfer, always assuming you can even find an IFA prepared to advise.

Dazed_and_C0nfused

Is this a joke post?

There are countless threads on this very subject.

But just to clear a few things up.

so that i can get access to more of my pension pot 

You don't have a pension "pot".

the only options i have with the current provider is lump sum + monthly amount or a higher monthly amount without a lump sum,

That is quite normal with a DB pension.

any advice on pension plan providers that accept transfer from a defined benefit plan?

Stakeholder pensions have to but the more important question is that have you identified an IFA who will do the necessary report and whose fee you are happy to pay?

WaggyUK

Hi D&C, no not a joke post i am just asking at the moment, i know i have to get an IFA but i have already got a transfer value from my provider and just wonder if there were many schemes that accept transferring from a defined benefit scheme, sorry i didnt know there were already lots of threads about this but its all new to me.

WaggyUK

Marcon said:

If the transfer is over £30K, you'll need to find someone prepared to give you the necessary advice, which won't be easy or cheap. Read some of the many threads on this site for more info.

Any stakeholder plan will accept it, or a SIPP with AJBell, whatever the financial adviser says - and you can assume now that the recommendation will be NOT to transfer, always assuming you can even find an IFA prepared to advise.

Hi Macron, Is this something that IFAs dont like dealing with then?

Mickey666

Dazed_and_C0nfused said:

Is this a joke post?

There are countless threads on this very subject.

But just to clear a few things up.

so that i can get access to more of my pension pot 

You don't have a pension "pot".

the only options i have with the current provider is lump sum + monthly amount or a higher monthly amount without a lump sum,

That is quite normal with a DB pension.

any advice on pension plan providers that accept transfer from a defined benefit plan?

Stakeholder pensions have to but the more important question is that have you identified an IFA who will do the necessary report and whose fee you are happy to pay?

That’s being pedantic.  As you well know, the OP will have (or could obtain) a transfer value that would become their ‘pension pot’ and is what I guess the OP is talking about.

Also, as I understand things, while it will (probably) be necessary to get an IFA to advise on the proposed transfer, it is only advice and as I understand things it is not binding- the intention being that people are ‘forced’ to be professionally advised about such things but not forced to actually abide by that advice.  Besides, without knowing all the OP’s personal and financial details how can anyone on here advise them for or against?

Dazed_and_C0nfused

WaggyUK said:

Marcon said:

If the transfer is over £30K, you'll need to find someone prepared to give you the necessary advice, which won't be easy or cheap. Read some of the many threads on this site for more info.

Any stakeholder plan will accept it, or a SIPP with AJBell, whatever the financial adviser says - and you can assume now that the recommendation will be NOT to transfer, always assuming you can even find an IFA prepared to advise.

Hi Macron, Is this something that IFAs dont like dealing with then?

It is the potential for you to return, having spent the money, and claim you badly advised that they don't like (and makes their insurance cover extremely expensive).

WaggyUK

The transfer value is £370k , and after transfering i want to release around £100k to purchase house and set up small business.
does anyone have roundabout figure for an IFA because scheme providers wont allow transfer without an IFAs approval.

Dazed_and_C0nfused

From the numerous posts on here finding one who will take it on seems to be getting more and more difficult.

But if you can find one I suspect you wouldn't see much change out of £5k, possibly more.

sandsy

WaggyUK said:

The transfer value is £370k , and after transfering i want to release around £100k to purchase house and set up small business.
does anyone have roundabout figure for an IFA because scheme providers wont allow transfer without an IFAs approval.

How would you fund your retirement if you used the pot that way?

WaggyUK

Hi sandsy, i would be working and with whats left in the pot that plus anything else i add to it would then fund my retirement.