Defined benefit woes

Neddyslad

Hello. Apologies if you've read this before but I posted it in the wrong section. 
I have a defined benefits pension worth 54k that I would like to transfer to a more flexible scheme. Unfortunately I am not going to live to a grand old age so would like to put it into something more flexible.
The problem is finding an adviser with sensible one off fees. So far I've been quoted almost 10% of the pot in fees or companies wanting to manage on a permanent basis.
There are always sharp intakes of breath and mention of specialist advisors etc.
Is it really that difficult?
Any ideas would be appreciated

Dazed_and_C0nfused

You may be able to find a cheaper option but the number of advisers who can do this and are willing to take on the risk are getting less and less.

There are lots of existing threads about DB transfers.

How confident are you that the IFA will recommend the transfer?  Finding a pension company willing to accept an insistent client is potentially harder than than finding an advisor in the first place.

Neddyslad

God only knows!
I would be happy with an annuity but because its a closed taken over scheme there is no enhancement for poor health .

coyrls

There is no annuity from a DB scheme.

Dazed_and_C0nfused

Neddyslad said:

God only knows!
I would be happy with an annuity but because its a closed taken over scheme there is no enhancement for poor health .

Why would you transfer it to buy an annuity?

How much is the DB pension going to pay at the normal retirement age?

How much is the annuity you think you could purchase for £54k and on what terms?  Single life, fixed term, inflation proofing etc etc.

xylophone

How old are you now?

This is a deferred DB pension?

If so, what did your statement of deferred benefits on leaving show?

What is normal scheme retirement age?

is there the prospect of taking benefits unreduced on grounds of ill health?