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Can't find IFA who will take my DB case

Hello,
I have a Project Consulting business and a BTL property business and have used my consulting business to set up a SSAS pension with a view to consolidating my pensions in one location.

I have a SIPP worth £60k and another pension which is worth around £1.5k per year after 65.

The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k. Because of this I need to get an IFA to give me advice and I can't find one. Most are wary due to my age as I am "only" 43...All I want is the report. From my understanding if it advises against the idea, which nullifies any come back on the IFA, then I can ignore it and proceed anyway.

I will probably regret saying that £1.5k per year isn't exactly going to be the difference between a miserable and a comfortable retirement.

That annual £1.5k could be turned into £1k per month without any stretching of imaginations in one property purchase and then recycled multiple times over the coming years. That 1k+ per month would be paid directly into the pension which would grow the pot even further alongside my regular monthly contributions. If I lent part of the pot to my property business then I would pay interest + the capital back into the pension pot....I would say that this is a pretty solid pension plan.

How do I find a DB specialist IFA who can assist me?

I did look through the various DB pension threads but couldn't locate anyone with a similar issue.

Thanks in advance for any assistance.
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Comments

  • xylophone
    xylophone Posts: 45,736 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k. 

    Are you sure that the £1500 pa was not the pension at Date of Leaving rather than the projected pension at Normal Scheme Pension Age?

  • fuzzynavel
    fuzzynavel Posts: 28 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    QrizB said:
    The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
    Are you absolutely certain about those numbers? A multiplier of 106 is ... uncommon.

    The exact numbers are  £1,765.43 annual pension calculated at the date of leaving. Guaranteed cash equivalent £160,031.85 
  • fuzzynavel
    fuzzynavel Posts: 28 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    edited 26 April 2022 at 6:17PM
    xylophone said:
    The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k. 

    Are you sure that the £1500 pa was not the pension at Date of Leaving rather than the projected pension at Normal Scheme Pension Age?

    Yes, it is pension calculated at date of leaving...am I missing something? It also says that it is payable from normal retirement date in bold above it.
  • QrizB said:
    The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
    Are you absolutely certain about those numbers? A multiplier of 106 is ... uncommon.

    The exact numbers are  £1,765.43 annual pension calculated at the date of leaving. Guaranteed cash equivalent £160,031.85 
    And the date of leaving was........
  • fuzzynavel
    fuzzynavel Posts: 28 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    QrizB said:
    The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
    Are you absolutely certain about those numbers? A multiplier of 106 is ... uncommon.

    The exact numbers are  £1,765.43 annual pension calculated at the date of leaving. Guaranteed cash equivalent £160,031.85 
    And the date of leaving was........
    November 2010...Why do I get the feeling that I am missing something important here?
  • JoeCrystal
    JoeCrystal Posts: 3,381 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    So basically worth £2,400 per year then. Based on CPI index linked. Is it fully indexed? I mean, it is still 66x after all, still very uncommon.
  • QrizB said:
    The problem is this £1.5k per year pension is actually a DB pension with a transfer pot of £160k.
    Are you absolutely certain about those numbers? A multiplier of 106 is ... uncommon.

    The exact numbers are  £1,765.43 annual pension calculated at the date of leaving. Guaranteed cash equivalent £160,031.85 
    And the date of leaving was........
    November 2010...Why do I get the feeling that I am missing something important here?
    Most DB pensions accrue value each year, so your pension will pay more per annum now than the figure quoted on the paperwork you got in 2010. 

    I left my old DB scheme in Nov 2015 & was told the estimated income was £3200pa. When i got a new valuation about a year ago it was £3600pa. It is index linked, meaning it goes up with inflation (most of it at RPI up to 5%pa). 

    By the time I get to age 65 it’ll be worth a lot more & from age 68 it’ll form the basis of my income when added to state pension, so I can comfortably retire a bit early & spend a bit more knowing I’ll have a guaranteed income in my proper elderly years & will never run out of money. 
    This is why DB income is so valued & requires advice. 
  • xylophone
    xylophone Posts: 45,736 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You are an "early leaver" from your DB Scheme.

    Do you have a copy of the Scheme Guide for your deferred pension?

    What does it have to say concerning revaluation in deferment?

    Statutory minimum here.

    https://www.barnett-waddingham.co.uk/comment-insight/blog/revaluation-for-early-leavers/
  • Albermarle
    Albermarle Posts: 28,872 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I did look through the various DB pension threads but couldn't locate anyone with a similar issue.

    Buy you must have seen how difficult it is to get a positive recommendation, and that if you get a negative recommendation , then it is still difficult to transfer, even though you are legally allowed to?

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