Plan closed to further accrual

Albermarle

OK , I was not fully aware of what was possible, but presumably many stand alone private sector DB schemes would not be keen to take on any new liabilities, as generally they want to offload them when possible .

Marcon

Albermarle said:

OK , I was not fully aware of what was possible, but presumably many stand alone private sector DB schemes would not be keen to take on any new liabilities, as generally they want to offload them when possible .

There aren't too many stand alone private sector DB schemes which are open to future accrual, so that alone would limit how many would be willing to consider a transfer in.

LHW99

Could be useful to keep more than one DB sceme. They can have different actuarial reduction levels if you wanted to start taking money early, so you could maybe trigger one, with the reduction, to allow you to drop your hours down, and leave the others until later / scheme NRA

rugbyleaguesmate

Thanks again for the advice, I'm in a slightly odd position that I love my job! (work 3 * 12hr days a week at premium rates doing really interesting stuff!) so not keen to retire yet.......I have got one eye on one of my DB pension pots to cash in for a motorhome tho....

AlanP_2

rugbyleaguesmate said:

I've recently had a letter to say that one of my dormant DBS pensions will stop accruing March 31st. Its Total Cash Equivalent Transfer Value is £60,611.54 and I have 2 other pensions which, with all three values combined take me to about 85% of Life Time Allowance.

With guaranteed DB annual income of ~£42,500 accrued already retired life is looking rosy for you, well done.

I have got one eye on one of my DB pension pots to cash in for a motorhome tho....

That sounds like an expensive way to buy a motorhome considering you'll probably pay over £3k in fees for transfer advice.

Do any of your DB schemes offer a lump sum option?

rugbyleaguesmate

Thanks for this yes I feel i've been a very lucky chap having had a DB pension all my working life (and again I've been lucky never to have not worked). I think my opted out of Sips private pension pot should cover some of the motorhome without fees (will need to check).

TVAS

You received a letter from one of your previous DB arrangements. You have already left that scheme. So the fact that is is now closed to the current active members = future accrual. This does not affect your benefits as you already left. The.  letter you received was a FYI and a courtesy. 
 
Very unlikely that the other 2 schemes including the current one will accept DB transfer because most schemes do not want to taken on extra liability. By all means ask.