Consolidating into Civil Service Pension

MX5huggy

Recommend you also get quotes for the old DB’s. They may have earlier retirement dates, but you can take early from Civil service but with reductions, on the plus side they get CPI up rated each year whereas the old DB’s maybe have caps. Plus if they are private DB’s how stable are they? If they collapsed I think you get 90% from the rescue fund, the government backed pension is not going to collapse. 

Andersoncouncil

MX5huggy said:

Recommend you also get quotes for the old DB’s. 

Do I still need to go through an IFA to transfer these if their transfer value is £30k+?

ewaste

Andersoncouncil said:

MX5huggy said:

Recommend you also get quotes for the old DB’s. 

Do I still need to go through an IFA to transfer these if their transfer value is £30k+?

No, as it's a DB to DB transfer.

Although it may still be worthwhile, despite the cost, if you want reassurance and validation of any decision.

I'd guess from the username that one or more of your old DB pensions could actually be local authority/council (LGPS)?

Silvertabby

Andersoncouncil said:

MX5huggy said:

Recommend you also get quotes for the old DB’s. 

Do I still need to go through an IFA to transfer these if their transfer value is £30k+?

If these are also public sector then no, as the transfer would be under club scheme rules.

If private sector, then it depends on your current scheme rules and if you intend to transfer into Partnership (DC) or Alpha (DB).

Peter314

ewaste said:

I'd guess from the username that one or more of your old DB pensions could actually be local authority/council (LGPS)?

I'm guessing a Pink Floyd fan... 🙂