Finding a truly independent IFA for advice on Defined Benefit Pension transfers

GunJack

If you search for UK inflation figures they are published on gov.uk

xylophone

I assume RPI is used (not CPI)? 

What is said in the scheme rules?

The scheme administrator should be able to tell you if you do not have a copy.

The Administrator should also be able to give you the rate used for each year in deferment.

Example

https://epa.towerswatson.com/accounts/barclays/public/barclays-bank-ukrf-news-oct2022-pension-increases/

Pilkinn

Yes, the scheme says CPI is used before retirement and RPI afterwards. Tricky things these pensions!

Anyway, I've asked the scheme administrator to provide me with retirement illustrations for various scenarios. But you've all got me understanding things a lot better and I'll probably just keep the pension in the scheme rather than transferring - especially at the moment when the transfer illustration on anther scheme I have is a lot lower since just September.

Pablo7474

This is a textbook example of why financial advice is required! People always say they are not happy about having to take advice yet based on your understanding you would have transferred out assuming the scheme would only pay £2756 per year. 

OldBeanz

If only everyone got a £ every time this question was asked. I console myself with a beer bingo win instead

JoeCrystal

Pilkinn said:

Yes, the scheme says CPI is used before retirement and RPI afterwards. Tricky things these pensions!

Anyway, I've asked the scheme administrator to provide me with retirement illustrations for various scenarios. But you've all got me understanding things a lot better and I'll probably just keep the pension in the scheme rather than transferring - especially at the moment when the transfer illustration on anther scheme I have is a lot lower since just September.

Is it capped btw? Something to find out as well. Some schemes have a maximum index-linking as well.