Can I force a transfer of DB against advice

Thrugelmir

Pablo7474 said:

I agree, but those that are furious and have plenty to say on here never seem to progress to the next step. 

Whatever the topic there's always people that will hold alternative views. Doesn't mean that Parliament has to debate every issue. If were to be the case. Nothing would every be achieved. 

Pablo7474

Thrugelmir said:

Pablo7474 said:

I agree, but those that are furious and have plenty to say on here never seem to progress to the next step. 

Whatever the topic there's always people that will hold alternative views. Doesn't mean that Parliament has to debate every issue. If were to be the case. Nothing would every be achieved. 

Yes, because that is exactly what I said….. 🤣🤣. 

[Deleted User]

jamesd said:

There's a further potentially helpful answer: if you were to transfer and buy a lifetime (not just term) annuity, would the lifetime annuity pay more than the DB pension? If yes, the answer is more likely to be in favour of transferring. Annuities take health conditions and lifestyle factors into account, DB pensions don't at an individual level.

You'll also be expected to compare with the DB income taken now, complete with any actuarial reductions for early payment.

I did a DB transfer last year, which actually got pushed down the queue due to a person with a life threatening illness pushed above me

I had a ok from the specialist IFA and everything transferred, however you need to do your homework. Why do you need the money (for me, retiring early and moving abroad where the TFLS would be classified as taxable, hence I needed to do it now and wait a year), do we have full state pensions in the future (and provide evidence), do we have experience of investing (provide evidence of D.C. pensions and ISAs), what are our plans for the portfolio  (provide evidence of the planned SIPP portfolio), what is our current health condition etc etc etc 

Malthusian

Pablo7474 said:

Despite so many being up in arms about this, I have never seen anyone raise it on the Government petition site? Plenty of people do about WASPI and triple lock etc. Strange. 

Potential support for WASPI: Most women born in the 1950s, or anyone financially linked to one, who were willing to compromise their morals in the hope of c. £30,000 free money from the taxpayer. Groundswell of popular sympathy from anyone willing to perceive the issue as impoverished elderly women vs heartless patriarchal government.

Potential support for dropping the advice requirement: Anyone who still has a DB pension, wants to transfer out, hasn't already done it (with or without advice) in the post-2015 chicken and chips bonanza, cannot now get a positive recommendation to do so, and still wants to do it against advice. Which is an increasingly small minority of a minority of a minority. The more of a "victim" someone is, the richer they are, and the more in hardship someone is, the less likely it is that letting them cash in their DB scheme against advice is a good idea. Popular sympathy = nil.

That's why fewer people are interested in trying to get the government to change the rules than are interested in trying to "save" the pub down the road from me that nobody went into.