Pension - reduced life expectancy

Albermarle

Just one more thought about the potential DB transfer. It might be difficult if you are within 12 months of the Normal Retirement date .
AFAIK it is not allowed so close to the retirement date, but there have been other posters on the forum who seem to have been able to do it, so still worth investigating.

biscan25

Albermarle said:

Just one more thought about the potential DB transfer. It might be difficult if you are within 12 months of the Normal Retirement date .
AFAIK it is not allowed so close to the retirement date, but there have been other posters on the forum who seem to have been able to do it, so still worth investigating.

It would be a non-statutory transfer value. This means that the rules regarding transfer values do not necessarily apply (no automatic right to a transfer value, no strict need to obtain advice etc (although in practice trustees make the requirements the same as a normal transfer value)).

As Albermarle suggests, many schemes allow these. For example 80%+ of my clients (all private sector) have made provision to allow these. A couple even offer an at retirement transfer option on retirement quotations.