Defined pension

maddie65

Yes I had abridged advice not full advice 

AlanP_2

maddie65 said:

I have 71000 in there 

Technically you don't, the £71k is what the scheme estimates as the proportion of their total assets that would notionally be invested to generate the monthly pension you are entitled to for x number of years from retirement.

That value goes up and down as market investments change in value, interest rates and inflation change (both actual and anticipated).

As said earlier in thread there is currently no SIPP provider accepting DB transfers from clients who don't have a POSITIVE recommendation once the suitably qualified IFA has given advice.

maddie65

The abridged report is free but if I still wanted to go to full advice that is when it would cost but if my report had come back unclear it was highly likely I could have transferred.

xylophone

There is a long discussion here

https://forums.moneysavingexpert.com/discussion/comment/78686195#Comment_78686195

which might be of interest.

QrizB

You've said your CETV is £71000. What is the pewnsion that you're being offered by the scheme? Is there a lump sum plus a certain amount every year? Does the annual payment increase with inflation?

maddie65

The £71000 is what a financial advisor was quoted if I transfer then I would be out of my defined  pension scheme.with my work place. but my work place offered £9500 to date plus 1400 a year  for the rest of my life. Which yeas I could do thst but I really would like to enjoy a bit of freedom with my pension now and would have to live a long long time to match what I could have got coming out also I have another pension running to that would help in my retirement I hope I'm explaining it better

xylophone

How old are you now? What is the Normal Pension Age for your deferred pension?

Does your statement of deferred benefits show any GMP?

Have you obtained a state pension forecast?

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

Pablo7474

Are you a confident investor? Do you have lots of experience to know you can provide your own income? 

Albermarle

If you want to transfer out of this type of scheme and the financial advice is not to transfer , then you are classed as an insistent client ( as in you insist on transferring against the negative advice given ). At the moment it seems no pension provider will accept a transfer from an insistent client as they have decided it is too risky for their business.

The basic reason is that both the advisor and any company accepting the transfer , are anxious that the client will make a mess of it, and then try and sue them for not blocking the transfer , unless there are special circumstances .

If you have some spare time you can read this .
Who will accept a DB to SIPP transfer from "insistent client" — MoneySavingExpert Forum

maddie65

I'm 56 my retirement age. Is 67 yro I have had a state pension forecast