Defined pension

maddie65

Hi am looking for some advice I had an advice report from my defined pension  that came back as unsuitable can I do anything else to get my defined pension out any advice would be great thanks you 

Flugelhorn

Is this a defined contribution pension or a defined benefit pension?

maddie65

I'm not sure how to find that out I paid so much and my employee paid too it was closed in 2015 

p00hsticks

maddie65 said:

I'm not sure how to find that out I paid so much and my employee paid too it was closed in 2015 

Is your employers scheme guaranteeing you a monthly sum when you retire (a defined benefit scheme) or is it just a pot of that you can do with as you wish (defined contribution) ? If you're still not aware of which you have even after having obtained an 'advice report' then personally I wouldn't be putting a lot of store on the advice given....

maddie65

Hi sorry yes it's a monthly amount  when I retire. 

JoeCrystal

How big is the CETV then?

maddie65

But they are offering me 25% tax free but if I transfer out I can get double of what my employees offered so this is why I'd like to transfer out and re invest elsewhere

p00hsticks

maddie65 said:

But they are offering me 25% tax free but if I transfer out I can get double of what my employees offered so this is why I'd like to transfer out and re invest elsewhere

Assuming the CETV is over £30k,
If you've paid for advice and the advice is not to transfer then it's going to be pretty well impossible to transfer it - as far as I'm aware there are no longer any pension companies accepting 'insistent clients' which is what you would be - there are masses of other threads on this topic on this board.

maddie65

I have 71000 in there 

xylophone

Are you saying that you have a deferred defined benefit pension  from an occupational  scheme which closed in 2015?

You have received a Cash Equivalent Transfer Value from the Administrators of the Scheme?

The value of your benefits was in excess of £30,000?

You wished to transfer out and so approached a Pension Transfer Specialist?

 If so, have you received abridged advice or full advice?

Malthusian

Your post is not entirely clear on what has happened so far, but if you have received a formal recommendation not to transfer, your options are either to follow the advice or transfer to a pension scheme that will accept "insistent clients".

There are currently no known pension providers that accept "insistent clients" and the only other option is to run your own pension scheme, which is a complex and expensive process.

Or you can ask a different adviser for a second opinion, but the chances are very high that you would pay several thousand pounds out of your own pocket just to get the same advice. You have not stated any reasons why it makes sense to transfer out. Being able to get a higher tax free lump sum from the CETV is not in itself a reason to cash in a DB scheme because of how valuable the rest of the DB benefits are.

The above assumes you do not currently have a stakeholder pension open.