Defined Benefit / Final Salary Pension

[Deleted User]

Marcon said:

JohnWinder said:

Marcon said:

You mean like doctors, dentists, lawyers, auditors...or should it be a free for all regardless of ability, PI cover and qualifications?

It's not just customers who have a choice (albeit very limited when it comes to DB transfers - blame the FCA for that) - service providers do too!

Indeed, for two people to conduct their business both need to agree to do it. But the forum hears repeatedly of people having difficulty getting this aspect of business done. I know this is not the forum for it, but are there so many complaints about doctors or dentists not treating their patients in particular circumstances, or auditors reticent to check the books or lawyers to take on a case?  And let's ignore publicly funded services; I was thinking about ones for which private payment is being offered. Have the policy makers really got this aspect of financial services regulation/control as good as the public might expect it to be? It doesn't sound like it from the posts we read.

Completely agree that things have gone OTT. I'm waiting for the first complaint about a member being advised NOT to transfer (and following that advice) when transferring was clearly in their best interests! I think I'll have a long wait....

I would have done it already if I had been dumb enough to take a negative recommendation at face value, rather than the self-interested piece of work it was.. But, of course, the complaint wouldn't have been upheld because the subsequent loss to me could only have been vouchsafed by me saying "this is what I would have done." Which doesn't alter the fact that I would have been worse off £250,000 on the advice.

Mistral001

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Albermarle

You could try here 
https://www.fidelity.co.uk/fidelity-retirement-service/?intcmp=enhancedlist_multiple_retireadvice_may_2019

Silvertabby

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Note that some DB schemes don't allow transfers out once you are within 12 months of your scheme normal retirement date - which could still be 65.

xylophone

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Do you have the answers to

https://forums.moneysavingexpert.com/discussion/comment/78362279/#Comment_78362279

Mistral001

xylophone said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Do you have the answers to

https://forums.moneysavingexpert.com/discussion/comment/78362279/#Comment_78362279

Have you obtained a State Pension Forecast?  Yes

https://www.gov.uk/check-state-pension

Have you now reached Scheme Normal Retirement Age for this deferred pension? Yes reached it at 60 - I am now 64

Given when you were a member, there will be a Guaranteed Minimum Pension. 

Were you given a statement of deferred benefits on leaving showing the GMP and excess?  I have the pension documents I got when I left the employment over 39 years ago.  They do not mention GMP but say that the basic annual amount payable at age 60 will be  a certain amount (just slightly over £100)

Do you know how the GMP revalued in deferment (Fixed Rate/Full Rate/Limited Rate)?   I cannot find any mention of this in any documents. The terminology might have been a bit different in the early 1980's

Are you male or female?  Male.

Mistral001

Silvertabby said:

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Note that some DB schemes don't allow transfers out once you are within 12 months of your scheme normal retirement date - which could still be 65.

I have been told by the pension provider that I can still transfer out.  However, they insist on me getting a financial advisor and whatever the financial advisor proposes is approved by them before they let me transfer it.  

xylophone

You say that you had a  Defined Benefit Final Salary Pension and that you left in the early eighties.
This would almost certainly have been "contracted out". 

The GMP was certainly the term used in the 1980s.
See under 

Revaluation of Guaranteed Minimum Pension 

https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/

They do not mention GMP but say that the basic annual amount payable at age 60 will be  a certain amount (just slightly over £100)

Has the Scheme Administrator provided details of benefits you would receive if you claim the pension now?

Have you ever been a member of any other contracted out pension scheme?
What is shown on your State Pension Forecast regarding a COPE?

Marcon

Mistral001 said:

Silvertabby said:

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Note that some DB schemes don't allow transfers out once you are within 12 months of your scheme normal retirement date - which could still be 65.

I have been told by the pension provider that I can still transfer out.  However, they insist on me getting a financial advisor and whatever the financial advisor proposes is approved by them before they let me transfer it.  

That won't have been what they said. If the transfer value is over £30K and it is a DB pension, getting advice from an appropriately authorised individual is mandatory. The pension provider will check that you have received advice and that the person giving it had the necessary FCA permissions, but they certainly won't be 'approving' the advice - doing so would be tantamount to the provider giving advice on your transfer when they are in no position to do so. 

Albermarle

Mistral001 said:

Silvertabby said:

Mistral001 said:

Just an update.  I talked to an FA firm who said that they do DB pensions transfers but they have a six week waiting list.  I might decide to wait that long, but in the meantime I am still looking.   

Note that some DB schemes don't allow transfers out once you are within 12 months of your scheme normal retirement date - which could still be 65.

I have been told by the pension provider that I can still transfer out.  However, they insist on me getting a financial advisor and whatever the financial advisor proposes is approved by them before they let me transfer it.  

Normally the pension provider only needs proof that you have received the relevant advice. Even if it is negative they will still let the transfer go ahead ( most are keen for people to transfer out ) .
However with a negative recommendation many providers will not accept the transfer, but a few will.