Defined pension

maddie65

I'm not an investor never had to do things like this before so it's all new I have bought into shares for years though 

Marcon

maddie65 said:

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

But your pension will continue to increase in 'deferment' - the period from now until you come to draw it. The pension will increase once in payment. 

xylophone

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

Is the normal pension age for your deferred pension also 67?

I would be surprised if it were.

Which years exactly were you in the scheme?

What does your scheme booklet say about increases in deferment and in payment?

Are you now in a DC scheme with the same employer as provided the DB Scheme?

What exactly does your state pension forecast say?

Are you planning to work up to state pension age?

If you had been able to  transfer your deferred pension to a SIPP/other personal pension, had you planned to take out the Pension Commencement Lump Sum immediately  with the balance left invested?

Or leave it all invested until you fully retire from work?

Or....?

maddie65

Is the normal pension age for your deferred pension also 67?

I would be surprised if it were.

Which years exactly were you in the scheme?

What does your scheme booklet say about increases in deferment and in payment?

Are you now in a DC scheme with the same employer as provided the DB Scheme?

What exactly does your state pension forecast say?

Are you planning to work up to state pension age?

If you had been able to  transfer your deferred pension to a SIPP/other personal pension, had you planned to take out the Pension Commencement Lump Sum immediately  with the balance left invested?

Or leave it all invested until you fully retire from work?

Or....?

I'm presuming it will. Be 67 same age as when I can retire 

I was in the scheme from 2001 until it closed in 2015 

I'll check my booklet and see

My state pension says I'll get £171 per week I'll. Also have a new  pension I pay into now 

Yes I will be working up until retirement age 

Yes I wanted the lump. Sum and invest the rest 

At least if I take the defined pension out I can say who I want the remaining money to go to as I have no spouse to leave it to 

Albermarle

Yes I will be working up until retirement age

Just for clarity, there is actually no such thing as a 'retirement age' .

The fact the state pension is not available until 67 is only relevant if you need that pension to live

You can actually retire when you want if you can afford it.

On the other hand if you want to keep working after 67 , then your employer can not force you to retire either .

maddie65

How do I reply to individual posts please I'm new on here 

Silvertabby

maddie65 said:

How do I reply to individual posts please I'm new on here 

Click in the 'Quote' button, which copies the post you are replying.  Then type in your comments.

maddie65

Silvertabby said:

maddie65 said:

How do I reply to individual posts please I'm new on here 

Click in the 'Quote' button, which copies the post you are replying.  Then type in your comments.

Thank you 

coyrls

In the abridged advice you received from your financial advisor, they must have stated reasons why they would not recommend a transfer, what reasons did they give and why do you disagree with them?

maddie65

The advisers said  about my income needs in retirement, how generous the transfer value is , plus my savings provisions. But I have another pension scheme running. I I wanted to take the transfer  to make my life comfortable now.with the lump sum tax free. as I stated I'm single/divorced with grown up  children that won't benefit if anything happened to me if it remained in the company I work for  with the lump sum