DB Transfer

Albermarle

OP
There are numerous threads on this site on this subject. Here are two and in some of the answers there are links to others . Happy Reading !
Transfer final salary pension to new DC scheme — MoneySavingExpert Forum
DB Final Salary Transfer for insistent client — MoneySavingExpert Forum

Touchdown67

Thanks Albermarle, appreciated.

Marcon

Alfredi said:

Your DB providers should give you an option to take up to 25% of your DB pension as a lump sum on retirement and this can be better than transferring everything to a DC scheme, if I understand your Q. Similarly with several DB pensions (lucky you) you could surely retire now on one, or more of these, while continuing to work and contribute into your main DB scheme until full retirement.  Worth exploring.

The 25% applies to DC pensions. DB pensions are governed by rules which set out the maximum tax free cash someone can choose to take. A few DB schemes specifically say this maximum is 25%, but that is scheme specific, not a general entitlement for a DB scheme.

Other DB schemes already have 'built in' tax free cash, so 'options' don't enter into it; you get what the rules say.

xylophone

but have three previous DB schemes, 

From private schemes/funded public service schemes/ unfunded public service schemes?

Transfers from unfunded public service schemes to schemes providing flexible benefits are not permitted.

As other posters have commented, you could look into scheme rules on taking the pensions earlier that normal scheme pension age.

This may well be permitted but usually involves taking an actuarial reduction.

Scheme rules usually permit commutation of part of the pension so as to achieve a tax free pension commencement lump sum.

It is sometimes the case that the scheme offers an automatic tax free lump sum on drawing the pension and may also offer in addition commutation of part of the pension to increase the PCLS.

The pension income will be taxable, but you could consider saving the pension income into an ISA or regarding your pension income as a supplement to your salary which would enable you to increase contributions to your current scheme.

Touchdown67

Thanks xylophone, I’m going to explore this option.