Defined pension

xylophone

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

I suggest that you check the scheme booklet for the Normal Retirement Age for your scheme.

This is the age at which you can draw your pension without actuarial reduction.

It is not necessarily age 67. It could be as early as age 60.

You became a member of the Scheme post 1997 so do not have a GMP.

When the Scheme closed in 2015, in effect all members became "early leavers" with deferred pensions.

The benefits accrued in the scheme should revalue in deferment and are almost certainly index linked once in payment.

Your scheme booklet should give the details - the statutory minimum is set out here

https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/

My state pension says I'll get £171 per week

What was the date of this forecast?

What exactly does it say? See below - how does yours compare with this?

https://www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-forecast-explained-a24r12y9jt41

Prism

maddie65 said:

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 

Your advisor said that you were unsuitable for a transfer so I would forget about it for the time being and focus on what you can change. 

Malthusian

maddie65 said:

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 

Have you looked at using some or all of the income from the DB pension to buy guaranteed premium whole of life insurance?

maddie65

xylophone said:

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?

Hi yes I have had an abridged advice but never went to full advice 

Kim1965

Was the abridged advice to transfer? If not full advice will probably cost 3k with no result. Can you afford to lose 3k? 

maddie65

Kim1965 said:

Was the abridged advice to transfer? If not full advice will probably cost 3k with no result. Can you afford to lose 3k? 

It abridged report and was unsuitable it would have cost my 2500 if it came back as unclear and was highly likely that I'd have got it.but I had no knowledge of investing so I think that went against me 

maddie65

coyrls said:

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?

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 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

xylophone

https://forums.moneysavingexpert.com/discussion/comment/78900328/#Comment_78900328

Deadly D's thread may be of interest.

maddie65

Flugelhorn said:

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

It's a defined benefit pension 

maddie65

xylophone said:

https://forums.moneysavingexpert.com/discussion/comment/78900328/#Comment_78900328

Deadly D's thread may be of interest.

xylophone said:

https://forums.moneysavingexpert.com/discussion/comment/78900328/#Comment_78900328

Deadly D's thread may be of interest

Thank you I wil keep an eye on this one