Defined Benifit Pension Scheme I Want to transfer.

Dazed_and_C0nfused

WaggyUK said:

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.

But as soon as you take 1p in taxable income you are immediately limited to contribution £4k (gross) per year from then on.

Marcon

sandsy said:

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?

That's not what OP wants to know. Why not stick to answering the question and then let them do their own research from there?

Brynsam

Marcon said:

sandsy said:

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?

That's not what OP wants to know. Why not stick to answering the question and then let them do their own research from there?

Quite. A newcomer to this forum doesn't have to explain themselves to anyone here.

hyubh

Brynsam said:

Marcon said:

sandsy said:

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?

That's not what OP wants to know. Why not stick to answering the question and then let them do their own research from there?

Quite. A newcomer to this forum doesn't have to explain themselves to anyone here.

From which the OP has been informed of the money purchase annual allowance, which they didn't seem to be aware of. Useful, no...?

Brynsam

hyubh said:

Brynsam said:

Marcon said:

sandsy said:

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?

That's not what OP wants to know. Why not stick to answering the question and then let them do their own research from there?

Quite. A newcomer to this forum doesn't have to explain themselves to anyone here.

From which the OP has been informed of the money purchase annual allowance, which they didn't seem to be aware of. Useful, no...?

Correct: no. I very much doubt they would have understood:

Dazed_and_C0nfused said:

But as soon as you take 1p in taxable income you are immediately limited to contribution £4k (gross) per year from then on.

But that's something their IFA would cover in the advice process, hopefully in a way OP will be able to follow.

hyubh

Brynsam said:

hyubh said:

From which the OP has been informed of the money purchase annual allowance, which they didn't seem to be aware of. Useful, no...?

Correct: no. I very much doubt they would have understood:

Dazed_and_C0nfused said:

But as soon as you take 1p in taxable income you are immediately limited to contribution £4k (gross) per year from then on.

But that's something their IFA would cover in the advice process, hopefully in a way OP will be able to follow.

Ha! Just as well not all responders on here take the view questioners should stay ignorant.

Joey_Soap

Perhaps the OP might care to consider that his DB pension is there to provide a secure income in retirement and not to provide other things in life? Perhaps the OP might take a step back and recognise that the likelihood is that the transfer as proposed would be a very bad idea? OP seems completely unaware they will trigger MPAA which fundamentally wrecks their plan?

Albermarle

The main point is that a db pension offering a guaranteed income for life ( usually increasing with inflation ) is a very valuable thing to have, and many people would give their right arm to have one . So you should think think VERY carefully about giving this up .
https://www.royallondon.com/media/press-releases/2018/may/five-good-reasons-to-transfer-and-five-good-reasons-not-to-royal-london/
https://forums.moneysavingexpert.com/discussion/6194005/whats-your-cetv-number-multiple#latest
https://forums.moneysavingexpert.com/discussion/6217351/ifa-fee-abridged-full-advice#latest
https://forums.moneysavingexpert.com/discussion/6038905/who-will-accept-a-db-to-sipp-transfer-from-insistent-client/p1
https://forums.moneysavingexpert.com/discussion/5883252/final-salary-pension-transfer#latest