Defined Benefit Transfer Block by IFA

p00hsticks

LindseyLula said:

I was told when I first started the whole process that I would be able to go down the insistent claimant route and still transfer, but now at the eleventh hour in the small print the IFA is saying that even on the insistent claimant route I still may not be able to go ahead with the transfer. this all seems like one big mess and swizz to me! I thought I had pension freedoms at 55!

Just to clarify this bit for you, as no-one seems to have answered it. If you take advice and it is not to transfer but still wish to do so, then you are an 'insistent client'. The IFA only has to certify that they have given you the advice and that in their view it is not recommended that you transfer. The problem you have then is that currently you won't find any SIPP providers who are willing to accept transfers in from insistent clients, which is why the IFA is not prepared to say they could arrange a transfer in those circumstances.

The usual recommendation for people wanting to retire early with both DC and DB pensions is to use the DC pension first to minimise the actuarial reduction for taking the DB one early and plug the gap unitl the DB and state pensions kick in.

Pension freedoms generally related to DC pensions, not DB ones. 

OldBeanz

You have not built a strong case for transferring your DB pension although someone gave some of the bona fide reasons on here a week or so ago (think poor health, other large reliable income, no dependants (and think at least 2 of those three)).
Given that it is unlikely you will not be able to transfer the DB you should be looking at your "number" i.e. the amount you will require to live a happy life when you retire.
You already have £10k at 65 and £9k at 67 (assuming your NI is paid up - always worth checking as you have had a DB pension) giving you a base of £19k which could be where you want to be in retirement. It is then a question of saving enough to reach your "number" earlier or using your DC pension to have a less stressful/fewer hours job until your DB kicks in.

LindseyLula

p00hsticks, thanks so much, really helpful info, much appreciated.

Audaxer

Marcon said:

Audaxer said:

LindseyLula said:

I guess that what they are risk assessing is, if I transfer my DB before my normal retirement age 65 (for my private pensions) and 67 for state pension and then i blow/lose it all what financial position will I be in?

You do know that you will be able access your DC pensions at 55, even although the normal retirement age for them may state 65?

There's normally no right to access a DB pension before the scheme's normal pension age, so 'will' may be overstating the case. Trustee consent is almost certainly going to be needed (and almost certainly going to be granted unless the scheme's funding position is very poor).

I said that the OP would be able to access her DC pensions at 55 as she previously said that she also had DC pensions.