Can't find IFA who will take my DB case

Thrugelmir

fuzzynavel said:

grumiofoundation said:

fuzzynavel said:

Marcon said:

fuzzynavel said:

Dazed_and_C0nfused said:

fuzzynavel said:

QrizB said:

fuzzynavel 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?

What you're missing is the statutory requirement for your DB scheme to revalue in deferment - i.e. increase annually from the time you left  active membership in 2010 until you come to draw the benefits in 20 or so years. The £1,765 you are quoting was its value at the time you left active membership, and it will continue to increase each year - something your pension statement should make clear if you read on it (unless you've lost the 'accompanying notes' or whatever verbiage was provided!).

The pension provider has changed 3 times since I left the company...Even if it went up to £5k or £10k per year I am not really that interested...The actual value vs buying power should be much the same as today if it is index linked shouldn't it?

In regards to the IFA, being brutally honest, I actually have no interest in getting a positive result. I just want the IFA to do the bare minimum, give me a negative result to protect themselves from comeback and let me cover my legal duties for the transfer. The report is just a checkbox exercise to get the money moved to my SSAS and start investing it in cashflowing assets to allow me to manage and grow the pot so that I can turn it into £10k per month or more rather than £5k per year. I can make that £160k work hard for my fund for the next 20 years. With leverage, I could turn that into 5-10 properties per year if I buy sensibly.

Thanks to you all for your assistance so far

To clarify you believe that if you invest 160k now you will be paying yourself a minimum of 120k per year (in todays money?) in 20 years time (or maybe sooner?)?

The plan is to buy 5-10 properties per year starting with 160k?

160k => 100-200 properties in 2042

Why doesn't everyone do that?

I don't know why more people don't look at property as an investment vehicle.

Perhaps the idea isn't new. Leveraging with debt carries risk. 

sandsy

I wonder how trustees of DB schemes are applying the provisions of the new scam legislation when deciding whether to release DB funds to a SSAS investing in the way described, especially if a transfer isn't recommended.

Albermarle

sandsy said:

I wonder how trustees of DB schemes are applying the provisions of the new scam legislation when deciding whether to release DB funds to a SSAS investing in the way described, especially if a transfer isn't recommended.

Carefully, I would guess.

Marcon

sandsy said:

I wonder how trustees of DB schemes are applying the provisions of the new scam legislation when deciding whether to release DB funds to a SSAS investing in the way described, especially if a transfer isn't recommended.

With extreme caution. The days of setting up a SSAS and over the funds go became a great deal harder in November 2021, when administrators were required to make certain detailed enquiries if the proposed transfer raised any amber or red flags. SSASs in particular are now subject to much more stringent scrutiny; just having one set up won't do the trick.

Joey_Soap

This sounds more and more like a slow motion train wreck to me, the more that's posted. I doubt this story has a happy ending.