Expected Cost of DB Transfer

Ret_Soon

First time post, but have followed forum posts for a couple of years. My post is covering things which have been mentioned many times before so apologies for this.
I have a frozen DB Pension which I have asked for a CETV value for the last four years, mainly to weigh up options. These have changed each year 21, 22, 26 and the most recent one of 35, which has peaked my interest to say the least. This is for the value at age 60 when I could take an unreduced pension, but against my Actuarial reduced pension this is more like 42.8. I am almost 56 and have always wanted the option to retire before 60, or to reduce hours. Transferring this would allow me to achieve this and also may be more beneficial due to the CETV value. I understand this is a debatable statement. In total the amount would be 878k plus my DC of approx. 90k as the DB element was stopped a few years back.
I have an appointment with Pension Wise next week, as this seems a good place to start to get independent advice, I will then be talking to IFA's and have seen the company Pensionhelp mentioned a few times as one which is a specialist in the complex current nature of this process. Ideally I would like to get a positive agreement for this, but understand that there are options if the advice is insistent client (e.g. AJ Bell for SIPP).
Some of the amounts mentioned for the advice, even if if this insistent client seem eye watering, especially as % based. 2.5% would be £22k! (as presume DC element is not part of this?) Would this be an expected charge, or have people been through this recently and if so, what sort of amounts were involved?
More background, as I know these questions are sometimes asked:

1. As mentioned I can take unreduced pension at 60 of £25k - this will increase based on salary or CPI until I reach 60. DC will have approx. £14k paid into it each year
2. I could take a reduced pension of 20.5k now, but this is not an option (have university costs to pay out for children a couple of years) 
3. Spouse Pension would be 50% on death. DB Pension mostly goes up by RPI, but some less (not sure if recent govt changes on not being RPI will change this)
4. I want to retire / reduce working before 60 - before current CETV I could not consider this until at least 2 to 3 years). 
5. I have 3 years more to pay into NI to get full state pension which I could do by part time working or paying the excess. The worst case scenario would be 2 years, as I would be working at least until late 2021.
6. I am undecided it I would go through IFA or self manage the fund - but this is something I am thinking about re the pros and cons

Looking forward to some good advice, but also please remember 1st post, so if I have missed anything let me know.

TBC15

In answerer to the title 1-3% if you are lucky.

Dazed_and_C0nfused

It's not really clear, to me at least, when you would prefer to take the DB pension (if not transferred).

As you are now in a DC scheme what is your employer's policy on allowing you to take the DB element and continue working reduced hours?

Ret_Soon

Dazed_and_C0nfused said:

It's not really clear, to me at least, when you would prefer to take the DB pension (if not transferred).

As you are now in a DC scheme what is your employer's policy on allowing you to take the DB element and continue working reduced hours?

If not transferred I would probably look to take a reduced pension in two to three years time (so would expect it to be between 6 and 9% reduced and my DC Pension to have approx. £28k to 40k more paid in.)
I don't think I could take the DB element and continue working part time - but I am not 100% sure about that, so could be something to check. 

Marcon

Ret_Soon said:

Dazed_and_C0nfused said:

It's not really clear, to me at least, when you would prefer to take the DB pension (if not transferred).

As you are now in a DC scheme what is your employer's policy on allowing you to take the DB element and continue working reduced hours?

If not transferred I would probably look to take a reduced pension in two to three years time (so would expect it to be between 6 and 9% reduced and my DC Pension to have approx. £28k to 40k more paid in.)
I don't think I could take the DB element and continue working part time - but I am not 100% sure about that, so could be something to check. 

'Could be'? Sounds pretty important.

Nobody here is going to give you any sort of advice, let alone 'good advice' - simply not enough information (and anyone who is authorised to give advice wouldn't dream of doing so without a full fact find).

Loads of threads on DB transfers, so have a trawl through those to give you some things to ponder.

Tealblue

I think sensible people here have wisely decided to give up on trying to comment on transfers from DB to DC schemes. If you're serious about considering it, get yourself proper advice and take it from there. As Marcon says, masses of posts on this, so really nothing new to say.

Albermarle

Have you asked if you could take a part of the DB pension as a CETV? I do not think it is common but it is possible if the scheme allows it . A way of hedging your bets.

Ret_Soon

Albermarle said:

Have you asked if you could take a part of the DB pension as a CETV? I do not think it is common but it is possible if the scheme allows it . A way of hedging your bets.

From the information received I am pretty sure this is not something which is allowed, but I can ask the question. 

Brynsam

Ret_Soon said:

Albermarle said:

Have you asked if you could take a part of the DB pension as a CETV? I do not think it is common but it is possible if the scheme allows it . A way of hedging your bets.

From the information received I am pretty sure this is not something which is allowed, but I can ask the question. 

Look at the information you've received and see if it says something along the lines of 'partial transfers are not permitted'. If it does, than you've got your answer. If you can't see anything to that effect, give the scheme administrators a call and ask.

xylophone

You speak of a DB element.

Do you mean that your employer has closed the DB Scheme (so that you are now a deferred member of that scheme) and now offers a DC pension scheme of which you are currently a member?
You mention children approaching (or in) university - presumable in the unfortunate event of your death before they finish education, your DB scheme would provide them  (as well as your widow) with a pension/support ?

Ret_Soon

xylophone said:

You speak of a DB element.

Do you mean that your employer has closed the DB Scheme (so that you are now a deferred member of that scheme) and now offers a DC pension scheme of which you are currently a member?
You mention children approaching (or in) university - presumable in the unfortunate event of your death before they finish education, your DB scheme would provide them  (as well as your widow) with a pension/support ?

Yes, it is now closed and I am now a member of their DC scheme. Yes, 50% widow pension from the DB scheme and currently have a 7x salary death benefit as well whilst working.