Need IFA who has authorisation to sign off transfer out of defined benefit scheme

penners324

You might be better changing the title of the post.

As has said, it's dc scheme with safeguarded benefits. 

Completely different than a defined benefit scheme 

Dazed_and_C0nfused

Barney683 said:

Marcon said:

How did you get on with your previous endeavours in terms of managing your own pensions? See https://forums.moneysavingexpert.com/discussion/6088289/sipp-without-sipp-provider#latest

The rest of my pension funds are being managed in a SIPP. And I'm still somewhat annoyed that I have to pay a fortune in monthly charges to the SIPP provider for doing nothing at all, but that's apparently the only option if you want to manage your own funds.

If you were that bothered you could avoid paying a fortune by shopping around and getting the best value SIPP for your personal circumstances.

There are different charging structures available including fixed fee or % of the pot, just needs a bit of research.

And I'm sure someone more knowledgeable will comment on the "doing nothing at all" suggestion 🤣

xylophone

Have a look at this.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

1. Safeguarded benefits are defined in legislation as pension benefits which are not money purchase or cash balance benefits. In practice, safeguarded benefits are any benefits which include some form of guarantee or promise during the accumulation phase about the rate of secure pension income that the member (or their survivors) will receive

It seems to be the case that what you have is a DC pension with a safeguarded benefit valued at over £30,000?

See

https://adviser.royallondon.com/technical-central/pensions/transfers/safeguarded-benefits/


It might be worth having a look here

https://adviserbook.co.uk/

Tick "confirmed independent" and "pension transfers" when the menu comes up.

You could ring round and explain that you appear to have a DC pension with a particular safeguarded benefit or what appears to be a safeguarded benefit (not GAR) and see what the advisers have to say?

Pablo7474

Barney683 said:

Pablo7474 said:

I don’t think a euro pension will make any difference. There are lots of threads on here about DB pensions. 

Out of interest, why isn’t this pension suitable for you? 

Mostly because I want to manage the funds myself. The fact that the unused benefit is obviously being funded out of something also indicates to me I'm likely to be getting a raw deal on my own payments.

You’ll never find an IFA to sign off on wanting to manage the funds yourself!

Marcon

Barney683 said:

Hi

I have two pensions with defined benefits and in both cases the so called "benefit" is of zero value to me. In both cases there is a guaranteed payment of pension to a spouse in the event of my death. I am unmarried and have no need of such a benefit. Neither scheme is in any way a "final salary" scheme; the sole defined benefit is the spousal one mentioned.
 
I tried to exit the schemes a couple of years ago, but had real trouble finding an IFA who had authorisation to signoff exit from a defined benefit scheme. In the end, two advisors who thought they may be able to help were in the end unable to (due to company policy), and by the time this was determined my window for exiting the schemes closed (being open only for a fixed time after making an initial application per withdrawal, permitted once per annum).

This doesn't sounds like a normal DC scheme. OP, do the words 'underpin' appear anywhere on any of the paperwork?

xylophone

This is from Eire but does give a good description of possible hybrid arrangements.

https://www.pensionsauthority.ie/en/lifecycle/private_pensions/hybrid_pension_schemes/

Is there a publicly accessible web site with details of your scheme/schemes?

robatwork

This thread is a bit all over the place because your scant details aren't helping people help you.

Please name the schemes and providers, then at least someone can start by saying exactly what your scheme is. Seems highly unlikely it is a DB pension.

Brie

I would suggest you get a quote for having a pension paid to you - like as if you want to put it into payment at 1st Jan 23 or your next birthday or something with the next 6 months.  That way you will end up with some definitive information that might actually help you out.  In my experience annual statements are much too vague.