Pension Transfer value below reference test

Harry1812

I would appreciate some help please. Want to transfer an old pension pot where the transfer value is £15k below the Reference Test amount, thereby giving it Defined Benefit status.  FCA default position for IFA’s giving advice Is to tell me to stay in the scheme, but I want to access the cash and cannot do so without getting the advice declaration form signed by any IFA but they all refuse to sign the required form! How can I get the cash out? Know any reputable companies who could help or routes to take? Thanks in advance for any help! Harry

xylophone

Want to transfer an old pension pot where the transfer value is £15k below the Reference Test amount, thereby giving it Defined Benefit status. 

Can you explain exactly what you mean? Is this a question of S9 (2B) rights?

See

https://techzone.abrdn.com/anon/public/pensions/Tech-guide-section-92b-rights

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

biscan25

EDIT

Actually, sorry, seems like this might be a Money purchase arrangement with a reference scheme test underpin, which bites, making the benefit a safeguarded one?

xylophone

Actually, sorry, seems like this might be a Money purchase arrangement with a reference scheme test underpin, which bites, making the benefit a safeguarded one?

If so, this explains the OP's post.

See

https://forums.moneysavingexpert.com/discussion/6073589/reference-scheme-test

Harry1812

Yes, that’s it in a nutshell. Thanks for the link, am starting to understand the limitations of it etc now. Thank you for answering!

Harry1812

Thank you for responding. Yes it seems I have a biter, which is causing me all sorts of problems! My intention was to cash it in as I have 2 other pensions to fund retirement but am horrified at paying the extortionate £6000 IFA fee for them to basically Insist I keep the biter! Sounds and feels like I’ve been taken for a ride