Withdrawal of Defined Pension

Daisy61

Hi,
I have currently reached retirement age and am looking to withdraw my Defined Pension.
To be able to withdraw my pension I understand that you have to go through Financial Advisor. However, when doing so, none of the Financial Advisors I have been to (I have spoken to several) have been able to offer me anything at the moment and have declined me from being able to withdraw.
What I would like to do is withdraw my pension in its entirety, but none of the Financial Advisors will allow me to do this (the only reason I seem to be able to find why is because the companies are not able to obtain liability insurance).
I understand the risks that I am taking by withdrawing my pension, but I have calculated and mitigated my risks and I believe this is the best option for me (therefore, I am prepared to take any risk that is associated with withdrawing).
Please can someone provide some more information or support on how I would be able to withdraw my pension?
Regards.
Daisy

Dazed_and_C0nfused

Do you mean defined benefit?

Marcon

Use the search box at the top of this page to find the endless threads on this board about just this topic, including possible sources of advice if you wish to transfer out of your DB scheme.

Albermarle

You could start by scrolling through the forum as it is probably the most asked about topic . For example 
https://forums.moneysavingexpert.com/discussion/6238757/final-salary-pension-transfer-success/p1

xylophone

I have currently reached retirement age and am looking to withdraw my Defined Pension.

You have a defined benefit pension with your current employer and have reached Normal Pension Age for the scheme (or you have a deferred DB pension with a former employer and have reached NPA)?

Have you checked that a transfer out would be permitted by your particular scheme as  you have actually reached NPA?

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

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

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

Daisy61

Dazed_and_C0nfused said:

Do you mean defined benefit?

Hi,
Yes, sorry...I did mean Defined Benefit. Thanks

Daisy61

xylophone said:

I have currently reached retirement age and am looking to withdraw my Defined Pension.

You have a defined benefit pension with your current employer and have reached Normal Pension Age for the scheme (or you have a deferred DB pension with a former employer and have reached NPA)?

Have you checked that a transfer out would be permitted by your particular scheme as  you have actually reached NPA?

Hi,
It is a deferred Defined Benefits Pension with a former employer and have reached NPA.
Yes, I have checked if a transfer out would be permitted by the scheme and this is allowed. 
Thank you for the links, I understand the options that are available to me, I have just been unable to find a Financial Advisor that will assist.
The issues that I have had to date are that I am unable to find a Financial Advisor (I have tried several) that will provide me with a report. It is the report that I require to be able to withdraw the funds from the pension.
The Financial Advisors that I have seen have advised me that they cannot offer any service AT ALL towards my Defined Pension.
If there are any recommendations of Financial Advisors that will provide me with the report, they would be greatly appreciated.
Thanks, Daisy

Albermarle

You use the word 'withdraw' a few times .
Presume you are aware that you can only transfer a DB pension to another pension arrangement ? Although as Xylophone points out , if you have actually reached the normal pension age of the DB pension scheme, even that would presumably not be allowed.

rjmachin

You may have already tried this, but have you checked for any local pension transfer specialist financial advisors?
https://directory.moneyadviceservice.org.uk/en

The options on the left after entering your postcode include "Transferring a current or previous pension", and having a qualification of "Pension Transfer Gold Standard"

There is another website recommended on this forum that also allows you to specify an independent financial advisor, perhaps someone can dig it out?

Silvertabby

Daisy61 said:

xylophone said:

I have currently reached retirement age and am looking to withdraw my Defined Pension.

You have a defined benefit pension with your current employer and have reached Normal Pension Age for the scheme (or you have a deferred DB pension with a former employer and have reached NPA)?

Have you checked that a transfer out would be permitted by your particular scheme as  you have actually reached NPA?

Hi,
It is a deferred Defined Benefits Pension with a former employer and have reached NPA.
Yes, I have checked if a transfer out would be permitted by the scheme and this is allowed. 
Thank you for the links, I understand the options that are available to me, I have just been unable to find a Financial Advisor that will assist.
The issues that I have had to date are that I am unable to find a Financial Advisor (I have tried several) that will provide me with a report. It is the report that I require to be able to withdraw the funds from the pension.
The Financial Advisors that I have seen have advised me that they cannot offer any service AT ALL towards my Defined Pension.
If there are any recommendations of Financial Advisors that will provide me with the report, they would be greatly appreciated.
Thanks, Daisy

Before you go any further, I would double check that your scheme does indeed permit transfers out within 12 months of reaching/post NRA.

Let's just say that you wouldn't be the first to be told that 'yes, you can transfer out' by an inexperienced administator who didn't notice the caller's date of birth.

xylophone

As Silvertabby says above,  as you have reached NPA for the scheme, double check that a transfer out would still be permitted.

https://adviserbook.co.uk/ 
When the menu comes up tick "confirmed independent" and "pension transfer".

This will permit you to see if the firm in question has a "pension transfer specialist" - see links in my previous for qualifications required.