Transfer DB pension

TransferDB

I was told by the pension helpline the transfer value would be OK for 3 months or for the transfer if it happened.  

Silvertabby

TransferDB said:

Silvertabby said:

Have you asked if your DB scheme will allow a transfer out once you are within 12 months of your NRA?  Some won't.

Well I contacted helpline a month ago and told them I wanted to transfer and they updated my transfer quote and posted all the forms to me...So I assume so

I would still ask the specific question.  Let's just say that it's not unknown for a pensions administrator to churn out a quote but miss the age/NRA rule - especially if working from home without the usual more  robust checking protocols.

TransferDB

Silvertabby said:

TransferDB said:

Silvertabby said:

Have you asked if your DB scheme will allow a transfer out once you are within 12 months of your NRA?  Some won't.

Well I contacted helpline a month ago and told them I wanted to transfer and they updated my transfer quote and posted all the forms to me...So I assume so

I would still ask the specific question.  Let's just say that it's not unknown for a pensions administrator to churn out a quote but miss the age/NRA rule - especially if working from home without the usual more  robust checking protocols.

Yes, I did mention the 1 year issue to the IFA but what is "NRA"? THANKS I will email the helpline contact and ask. 

Albermarle

NRA = Normal Retirement Age ( for that pension )

Also as Silver Tabby said it is not unknown for ( often inexperienced) pension administrators to make mistakes .

TransferDB

Silvertabby said:

TransferDB said:

Silvertabby said:

Have you asked if your DB scheme will allow a transfer out once you are within 12 months of your NRA?  Some won't.

Well I contacted helpline a month ago and told them I wanted to transfer and they updated my transfer quote and posted all the forms to me...So I assume so

I would still ask the specific question.  Let's just say that it's not unknown for a pensions administrator to churn out a quote but miss the age/NRA rule - especially if working from home without the usual more  robust checking protocols.

I have emailed them to check on this and confirm 

RedVulpine

Yes, the stress even now without actually starting the process is a nuisance because no IFA's seem to want to commit to an unequivocal "you can transfer" or "you can't transfer" with any definite reasons either way. In my mind that was the advice I wanted initially. The IFA I am talking to says I have 4 good reasons to transfer or for wanting to do so. And as you say, the cost if it achieves nothing or ends in stalemate is very high. I intend to take 25% tax free from every pot just to get it away from the pensions.

If you are talking about taking 25% from EVERY pot it is necessarily the right decision!

If some of the pots are DC pensions - like personal pensions - the whole fund can be passed to your loved ones on death and before age 75 they get to take it tax free.

TransferDB

RedVulpine said:

Yes, the stress even now without actually starting the process is a nuisance because no IFA's seem to want to commit to an unequivocal "you can transfer" or "you can't transfer" with any definite reasons either way. In my mind that was the advice I wanted initially. The IFA I am talking to says I have 4 good reasons to transfer or for wanting to do so. And as you say, the cost if it achieves nothing or ends in stalemate is very high. I intend to take 25% tax free from every pot just to get it away from the pensions.

If you are talking about taking 25% from EVERY pot it is necessarily the right decision!

If some of the pots are DC pensions - like personal pensions - the whole fund can be passed to your loved ones on death and before age 75 they get to take it tax free.

Yes that was the plan - Some are DC I think - but most of my others offer a designated named beneficiary on death. 

RedVulpine

TransferDB said:

RedVulpine said:

Yes, the stress even now without actually starting the process is a nuisance because no IFA's seem to want to commit to an unequivocal "you can transfer" or "you can't transfer" with any definite reasons either way. In my mind that was the advice I wanted initially. The IFA I am talking to says I have 4 good reasons to transfer or for wanting to do so. And as you say, the cost if it achieves nothing or ends in stalemate is very high. I intend to take 25% tax free from every pot just to get it away from the pensions.

If you are talking about taking 25% from EVERY pot it is necessarily the right decision!

If some of the pots are DC pensions - like personal pensions - the whole fund can be passed to your loved ones on death and before age 75 they get to take it tax free.

Yes that was the plan - Some are DC I think - but most of my others offer a designated named beneficiary on death. 

SORRY ...I meant to write NOT necessarily the right decision - I was saying it would be better to keep as much as possible in there.

The nominated beneficiaries could then use it as a tax free account

dunstonh

TransferDB said:

RedVulpine said:

Yes, the stress even now without actually starting the process is a nuisance because no IFA's seem to want to commit to an unequivocal "you can transfer" or "you can't transfer" with any definite reasons either way. In my mind that was the advice I wanted initially. The IFA I am talking to says I have 4 good reasons to transfer or for wanting to do so. And as you say, the cost if it achieves nothing or ends in stalemate is very high. I intend to take 25% tax free from every pot just to get it away from the pensions.

If you are talking about taking 25% from EVERY pot it is necessarily the right decision!

If some of the pots are DC pensions - like personal pensions - the whole fund can be passed to your loved ones on death and before age 75 they get to take it tax free.

Yes that was the plan - Some are DC I think - but most of my others offer a designated named beneficiary on death. 

Not all DC pensions have the same death benefit options.  i.e. not all offer beneficiary drawdown.   For a large pension value (especially one from  a DB pension), beneficiary drawdown is pretty much a necessity to avoid a large IHT bill on second death (death of spouse).

TransferDB

RedVulpine said:

TransferDB said:

RedVulpine said:

Yes, the stress even now without actually starting the process is a nuisance because no IFA's seem to want to commit to an unequivocal "you can transfer" or "you can't transfer" with any definite reasons either way. In my mind that was the advice I wanted initially. The IFA I am talking to says I have 4 good reasons to transfer or for wanting to do so. And as you say, the cost if it achieves nothing or ends in stalemate is very high. I intend to take 25% tax free from every pot just to get it away from the pensions.

If you are talking about taking 25% from EVERY pot it is necessarily the right decision!

If some of the pots are DC pensions - like personal pensions - the whole fund can be passed to your loved ones on death and before age 75 they get to take it tax free.

Yes that was the plan - Some are DC I think - but most of my others offer a designated named beneficiary on death. 

SORRY ...I meant to write NOT necessarily the right decision - I was saying it would be better to keep as much as possible in there.

The nominated beneficiaries could then use it as a tax free account

I am a bit confused now - If I took the 25% tax free cash it would release a quarter of the funds to either use or pass on and be less money locked in pensions.